What year was the financial crisis and what year was the last financial crisis?

The financial crisis mainly refers to the global financial crisis triggered by the subprime mortgage crisis in the United States in 2008.

In August 2008, the stock prices of Fannie Mae and Freddie Mac, the two major mortgage giants in the United States, were in large losses. A series of sudden "changes" such as Lehman Brothers' filing for bankruptcy protection, Merrill Lynch's "commitment" to Bank of America, and AIG's emergency caused countries around the world to be shocked by the crisis. Wall Street's "misuse" of financial derivatives and underestimation of the subprime mortgage crisis have led to bitter consequences.

Extended Material: The Global Impact of the Financial Crisis

The U.S. subprime mortgage crisis was a storm caused by the bankruptcy of subprime mortgage lenders and the forced closure of investments, which led to a crisis of illiquidity in major global financial markets. The subprime mortgage crisis in the United States began to emerge in the spring of 2006 and swept through the world's major financial markets such as the United States, the European Union and Japan in August 2007.

The U.S. subprime mortgage market typically uses a combination of fixed and variable rate repayments, where homebuyers repay their loans at a fixed rate for the first few years after home purchase, and then at a variable rate thereafter. As the U.S. housing market cools, especially short-term interest rates rise, subprime mortgage repayment rates have also risen sharply, and the repayment burden on homebuyers has increased significantly. This situation directly led to the failure of borrowers of large batches of mortgage loans to repay their loans on time, which in turn led to the "subprime mortgage crisis".

As the world's only superpower, the outbreak of the subprime mortgage crisis in the United States instantly affected the world's financial centers and some neighboring countries, and its scope was far from being limited to the subprime mortgage crisis, but spread to the entire financial industry. Although the current account deficit in the United States has been declining, it still accounts for about 6% of GDP, and because the United States consumes far more products than it produces, Americans are still one of the largest demands** in the rest of the world, and the sharp decline in demand has greatly affected the economies of other regions, causing panic in countries around the world. (Information ** in Encyclopedia).

The U.S. financial crisis.

The global financial crisis was 2008.

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The most recent economic crisis should have been the financial crisis that erupted on 15 September 2008 and triggered the global economic crisis.

1. Cause: U.S. financial institutions blindly issue mortgages to subprime credit buyers. As interest rates** and house prices fell, subprime defaults continued to rise, culminating in the subprime mortgage crisis in the summer of 2007.

The crisis has led to the collapse of companies and institutions that have overinvested in subprime derivatives and triggered a severe credit crunch around the world.

2. Outbreak: The subprime mortgage crisis in the United States eventually triggered a global financial crisis. In September 2008, the bankruptcy of Lehman Brothers and the takeover of Merrill Lynch marked the beginning of a full-blown financial crisis.

3. Big events.

On September 15, 2008, Lehman filed for the largest bankruptcy protection debt in U.S. history, exceeding $613 billion.

On September 16, 2008, Bank of America acquired Merrill Lynch, the third-largest investment bank in the United States with a history of 94 years, for about $44 billion, and the price was only 30% of the peak price of Merrill Lynch.

On September 17, 2008, less than two days after Lehman Brothers filed for bankruptcy protection, the Federal Reserve of the United States took over the group by announcing an emergency loan of $85 billion to the ailing American International Group (AIG).