The crisis sparked the Great Recession, which, at the time, was the most severe global recession since the Great Depression. It was also followed by the European debt crisis, which began with a deficit in

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Timeline
Following is a timeline of major events during the financial crisis, including government responses, and the subsequent economic

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While the causes of the bubble are disputed, the precipitating factor for the Financial Crisis of 2007–2008 was the bursting of the United States housing bubble and the subsequent subprime mortgage crisis, which occurred due to a high default rate and

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Economists, particularly followers of mainstream economics, mostly failed to predict the crisis. The Wharton School of the University of Pennsylvania's online business journal examined

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• In 2006, Peter Schiff authored a book titled Crash Proof: How to Profit From the Coming Economic Collapse, which was published in February 2007 by Wiley. The book describes various

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• Banking (Special Provisions) Act 2008 (United Kingdom)
• List of bank failures in the United States (2008–present)
• 2008–2009 Keynesian resurgence
• 2010 United States foreclosure crisis

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The first visible institution to run into trouble in the United States was the Southern California–based IndyMac, a spin-off of Countrywide Financial. Before its failure, IndyMac Bank was the largest savings and loan association in the Los Angelesmarket

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