The Great Recession of 2008 was a severe worldwide economic crisis considered the most significant downturn since the Great Depression of the 1930s. It began with the collapse of the United States housing market in late 2007, which triggered a global financial crisis. The crisis was fueled by a combination of factors, including the widespread use of complex financial products tied to housing loans, excessive risk-taking by banks, and inadequate regulatory oversight. At the heart of the crisis were subprime mortgages—high-risk loans made to borrowers with poor credit histories. When the housing bubble burst, home prices plummeted, and many homeowners defaulted on their loans. Financial institutions, heavily invested in mortgage-backed securities and derivatives, faced massive losses. Lehman Brothers, one of the largest investment banks in the world, filed for bankruptcy in September 2008, marking a peak in the financial panic. The contagion quickly spread to global financial markets, causing a credit crunch as banks became wary of lending. Stock markets worldwide plunged, and major financial institutions required government bailouts to stay afloat. In the U.S., the Federal Reserve and the Treasury Department intervened with emergency measures, including the Troubled Asset Relief Program (TARP), which injected capital into banks and aimed to stabilize the financial system. The economic impact was profound. Unemployment rates soared as businesses closed or scaled back operations. In the U.S., the unemployment rate peaked at 10% in October 2009. Global trade declined sharply, and many countries entered recessions, leading to widespread economic hardship and increased poverty. Governments around the world implemented various fiscal and monetary policies to combat the recession. Central banks lowered interest rates and increased money supply, while governments introduced stimulus packages to boost demand and create jobs. The recovery was slow and uneven, with some economies rebounding quicker than others. The Great Recession highlighted the interconnectedness of global financial systems and underscored the need for stronger regulatory frameworks. In response, many countries overhauled their financial regulations to prevent a similar crisis in the future. The Dodd-Frank Wall Street Reform and Consumer Protection Act in the U.S. was one such measure, aiming to increase transparency and reduce risks in the financial system. The legacy of the Great Recession includes heightened awareness of financial stability's importance, more robust regulatory standards, and a recognition of the significant social and economic costs of financial crises【23†source】 .