when was the global financial crisis

The global financial crisis began in mid-2007 and extended through early 2009. It was triggered by a downturn in the U.S. housing market starting around 2005, leading to the burst of the housing bubble. Key events marking the crisis include major financial strains in 2007, such as hedge fund losses linked to subprime mortgages, and the collapse or bailout of several major financial institutions in 2008. The crisis peaked globally around late 2008, with many banks suffering large losses and economies entering deep recessions. The U.S. economy officially entered recession in December 2007, lasting until June 2009. This crisis is also known as the Great Recession and was the worst financial disaster since the Great Depression in the 1930s.