Financial crisis of 2007–08 | Definition, Causes, Effects, & Facts | Britannica Money
The financial crisis of 2007–08 was a severe contraction of liquidity in global financial markets that originated in the United States as a result of the collapse of the U.S. housing market. It precipitated the Great Recession (2007–09), the worst economic downturn in the United States since the Great Depression.| www.britannica.com
