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economics
Revolutionary
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Lehman Brothers Collapse: The Day the Financial World Stood Still
How the fall of a 158-year-old investment bank triggered the worst financial crisis since the Great Depression
On September 15, 2008, Lehman Brothers filed for bankruptcy, marking the largest bankruptcy in U.S. history and triggering a global financial crisis that would reshape the world economy. This single event exposed the fragility of the financial system and led to unprecedented government intervention to prevent total economic collapse.
Quick Facts
Timeline
February 2007
Subprime mortgage crisis begins as housing prices peak
March 2008
Bear Stearns collapses, acquired by JPMorgan Chase with Fed assistance
July 2008
IndyMac Bank fails, largest bank failure since 1990s
7 September 2008
Fannie Mae and Freddie Mac placed into government conservatorship
15 September 2008
Lehman Brothers files for bankruptcy, largest in U.S. history
16 September 2008
AIG receives $85 billion bailout from Federal Reserve
25 September 2008
Washington Mutual becomes largest bank failure in U.S. history
3 October 2008
TARP (Troubled Asset Relief Program) signed into law
February 2009
American Recovery and Reinvestment Act passed
July 2010
Dodd-Frank Wall Street Reform Act signed into law
Sources & References
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https://www.federalreservehistory.org/essays/financial-crisis-2008
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https://www.history.com/topics/21st-century/lehman-brothers-collapse
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https://www.treasury.gov/initiatives/financial-stability/TARP-Programs/Pages/default.aspx
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Britannica: 2008 Financial Crisis
Encyclopedia
https://www.britannica.com/event/2008-financial-crisis