🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 68 (from laksa167)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa068.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical, ml_categories_json AS ml_categories_json, ml_types_json AS ml_types_json, ml_intent_types_json AS ml_intent_types_json, meta_language AS meta_language, attrs_author AS attrs_author, ifNull(toUnixTimestamp(attrs_publish_time), 0) AS attrs_publish_time, ifNull(toUnixTimestamp(attrs_original_publish_time), 0) AS attrs_original_publish_time, ifNull(attrs_is_republished, 0) AS attrs_is_republished, ifNull(attrs_nr_words, 0) AS attrs_nr_words, ifNull(attrs_boilerpipe_nr_words, 0) AS attrs_boilerpipe_nr_words, ifNull(body_ext_links_number, 0) AS body_ext_links_number, ifNull(body_int_links_number, 0) AS body_int_links_number, ifNull(meta_nofollow, 0) AS meta_nofollow, ifNull(meta_noarchive, 0) AS meta_noarchive, ifNull(props_was_rendered, 0) AS props_was_rendered, ifNull(src_redirect, \'\') AS src_redirect, ifNull(download_time_msec, 0) AS download_time_msec, ifNull(download_ttfb_msec, 0) AS download_ttfb_msec, ifNull(download_size, 0) AS download_size FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://corporatefinanceinstitute.com/resources/economics/2008-2009-global-financial-crisis/\')), getAhrefsUnparsedNoserviceFromURL(\'https://corporatefinanceinstitute.com/resources/economics/2008-2009-global-financial-crisis/\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/corporatefinanceinstitute.com\/resources\/economics\/2008-2009-global-financial-crisis\/","crawl_time":1776327716,"first_indexed_time":1667691109,"http_code":200,"src_unparsed":"com,corporatefinanceinstitute!\/resources\/economics\/2008-2009-global-financial-crisis\/ s443","src_root_hash":"407738686562150068","history_drop_reason":null,"meta_title":"2008-2009 Global Financial Crisis - Overview, Market Bubble, Aftermath","meta_descriptions":["The Global Financial Crisis of 2008-2009 refers to the massive financial crisis the world faced from 2008 to 2009. The financial crisis took its toll on individuals"],"attrs_boilerpipe_text":"\"The Great Recession\"\nPublished\nJanuary 11, 2020\nRead Time\n3\n                                                      minutes\nOver 2.8 million + professionals use CFI to learn accounting, financial analysis, modeling and more. Unlock the essentials of corporate finance with our free resources and get an exclusive sneak peek at the first module of each course.\nStart Free\nWhat is the Global Financial Crisis of 2008-2009?\nThe Global Financial Crisis of 2008-2009 refers to the massive financial crisis the world faced from 2008 to 2009. The financial crisis took its toll on individuals and institutions around the globe, with millions of American being deeply impacted. Financial institutions started to sink, many were absorbed by larger entities, and the US Government was forced to offer bailouts to keep many institutions afloat.\nThe crisis, often referred to as “The Great Recession,” didn’t happen overnight. There were many factors present leading up to the crisis, and their effects linger to this day. Let’s take a look at a brief outline of the Global Financial Crisis of 2009-2009.\nSummary\nThe Global Financial Crisis of 2008-2009 is widely referred to as “The Great Recession.”\nIt began with the housing market bubble, created by an overwhelming load of mortgage-backed securities that bundled high-risk loans.\nReckless lending led to unprecedented numbers of loans in default; bundled together, the losses led many financial institutions to fail and require a governmental bailout.\nEfforts to revive the economy were made through the American Recovering and Reinvestment Act of 2009.\nThe Housing Market Bubble\nThe foundation of the global financial crisis was built on the back of the housing market bubble that began to form in 2007. Banks and lending institutions offered low interest rates on mortgages and encouraged many homeowners to take out loans that they couldn’t afford.\nWith all the mortgages flooding in, lenders created new financial instruments called\nmortgage-backed securities (MBS)\n, which were essentially mortgages bundled together that could then be sold as securities with minimal risk load due to the fact that they were backed by\ncredit default swaps (CDS)\n. Lenders could then easily pass along the mortgages – and all the risk.\nOutdated regulations that weren’t rigorously enforced allowed lenders to get sloppy with\nunderwriting\n, meaning the actual value of the securities couldn’t be established or guaranteed.\nThe Bubble Bursts\nBanks began to lend recklessly to families and individuals without true means to follow through on the mortgages they’d been granted. Such high-risk (subprime) loans were then inevitably bundled together and passed down the line.\nAs the subprime mortgage bundles grew in number to an overwhelming degree, with a large percentage moving into default, lending institutions began to face financial difficulties. It led to the dismal financial conditions around the world during the 2008-2009 period and continued for years to come.\nThe Aftermath of the Global Financial Crisis of 2008-2009\nMany who took out subprime mortgages eventually defaulted. When they could not pay, financial institutions took major hits. The government, however, stepped in to bail out banks.\nThe housing market was deeply impacted by the crisis. Evictions and\nforeclosures\nbegan within months. The stock market, in response, began to plummet and major businesses worldwide began to fail, losing millions. This, of course, resulted in widespread layoffs and extended periods of unemployment worldwide. Declining credit availability and failing confidence in financial stability led to fewer and more cautious investments, and international trade slowed to a crawl.\nEventually, the United States responded to the crisis by passing the\nAmerican Recovery and Reinvestment Act of 2009\n, which used an expansionary monetary policy, facilitated bank bailouts and mergers, and worked towards stimulating economic growth.\nAdditional Resources\nThank you for reading CFI’s guide to the Global Financial Crisis 2008-2009. To keep learning and advancing your career, the following CFI resources will be helpful:\nEconomic Depression\nQuantitative Easing\nSecurities and Exchange Commission (SEC)\nTop Accounting Scandals\nSee all economics resources\nSee all capital markets resources","attrs_markdown":"[Corporate Finance Institute](https:\/\/corporatefinanceinstitute.com\/)\n\nMenu\n\n- [Certifications](https:\/\/corporatefinanceinstitute.com\/certifications\/)\n- [Courses](https:\/\/corporatefinanceinstitute.com\/collections\/)\n- [Resources](https:\/\/corporatefinanceinstitute.com\/resources\/)\n- [About](https:\/\/corporatefinanceinstitute.com\/about-cfi\/)\n- [Pricing](https:\/\/corporatefinanceinstitute.com\/pricing\/)\n- [Teams](https:\/\/corporatefinanceinstitute.com\/cfi-for-teams\/)\n\n[My Dashboard](https:\/\/learn.corporatefinanceinstitute.com\/dashboard)\n\n[Log In](https:\/\/learn.corporatefinanceinstitute.com\/auth\/login)\n\n[Start Free](https:\/\/learn.corporatefinanceinstitute.com\/auth\/registration)\n\n- [Certifications](https:\/\/corporatefinanceinstitute.com\/certifications\/)\n- [Courses](https:\/\/corporatefinanceinstitute.com\/collections\/)\n- [About CFI](https:\/\/corporatefinanceinstitute.com\/about-cfi\/)\n- [Pricing](https:\/\/corporatefinanceinstitute.com\/pricing\/)\n- [CFI For Teams](https:\/\/corporatefinanceinstitute.com\/cfi-for-teams\/)\n- [Resources](https:\/\/corporatefinanceinstitute.com\/resources\/)\n\n[My Dashboard](https:\/\/learn.corporatefinanceinstitute.com\/dashboard)\n\n[Log In](https:\/\/learn.corporatefinanceinstitute.com\/auth\/login)\n\n[Start Free](https:\/\/learn.corporatefinanceinstitute.com\/auth\/registration)\n\n[Home](https:\/\/corporatefinanceinstitute.com\/ \"Go to Corporate Finance Institute.\")\n\n›\n\n[Resources](https:\/\/corporatefinanceinstitute.com\/resources\/ \"Go to Resources.\")\n\n›\n\n[Economics](https:\/\/corporatefinanceinstitute.com\/topic\/economics\/ \"Go to the Economics Resource Type archives.\")\n\n›\n\n2008-2009 Global Financial Crisis\n\n# 2008-2009 Global Financial Crisis\n\"The Great Recession\"\n\nWritten by  [Andrew Loo](https:\/\/corporatefinanceinstitute.com\/author\/andrew-loo\/)\n\nPublished January 11, 2020\n\nRead Time  3 minutes\n\nOver 2.8 million + professionals use CFI to learn accounting, financial analysis, modeling and more. Unlock the essentials of corporate finance with our free resources and get an exclusive sneak peek at the first module of each course.    [Start Free](https:\/\/learn.corporatefinanceinstitute.com\/auth\/registration)\n## What is the Global Financial Crisis of 2008-2009?\nThe Global Financial Crisis of 2008-2009 refers to the massive financial crisis the world faced from 2008 to 2009. The financial crisis took its toll on individuals and institutions around the globe, with millions of American being deeply impacted. Financial institutions started to sink, many were absorbed by larger entities, and the US Government was forced to offer bailouts to keep many institutions afloat.\n\nThe crisis, often referred to as “The Great Recession,” didn’t happen overnight. There were many factors present leading up to the crisis, and their effects linger to this day. Let’s take a look at a brief outline of the Global Financial Crisis of 2009-2009.\n\n![Global Financial Crisis 2008-2009 - Image with headlines about the financial collapse]()\n\n### **Summary**\n- **The Global Financial Crisis of 2008-2009 is widely referred to as “The Great Recession.”**\n- **It began with the housing market bubble, created by an overwhelming load of mortgage-backed securities that bundled high-risk loans.**\n- **Reckless lending led to unprecedented numbers of loans in default; bundled together, the losses led many financial institutions to fail and require a governmental bailout.**\n- **Efforts to revive the economy were made through the American Recovering and Reinvestment Act of 2009.**\n### The Housing Market Bubble\nThe foundation of the global financial crisis was built on the back of the housing market bubble that began to form in 2007. Banks and lending institutions offered low interest rates on mortgages and encouraged many homeowners to take out loans that they couldn’t afford.\n\nWith all the mortgages flooding in, lenders created new financial instruments called [mortgage-backed securities (MBS)](https:\/\/corporatefinanceinstitute.com\/resources\/fixed-income\/mortgage-backed-security-mbs\/), which were essentially mortgages bundled together that could then be sold as securities with minimal risk load due to the fact that they were backed by [credit default swaps (CDS)](https:\/\/corporatefinanceinstitute.com\/resources\/derivatives\/credit-default-swap-cds\/). Lenders could then easily pass along the mortgages – and all the risk.\n\nOutdated regulations that weren’t rigorously enforced allowed lenders to get sloppy with [underwriting](https:\/\/corporatefinanceinstitute.com\/resources\/career-map\/sell-side\/capital-markets\/underwriting-overview\/), meaning the actual value of the securities couldn’t be established or guaranteed.\n\n### The Bubble Bursts\nBanks began to lend recklessly to families and individuals without true means to follow through on the mortgages they’d been granted. Such high-risk (subprime) loans were then inevitably bundled together and passed down the line.\n\nAs the subprime mortgage bundles grew in number to an overwhelming degree, with a large percentage moving into default, lending institutions began to face financial difficulties. It led to the dismal financial conditions around the world during the 2008-2009 period and continued for years to come.\n\n### The Aftermath of the Global Financial Crisis of 2008-2009\nMany who took out subprime mortgages eventually defaulted. When they could not pay, financial institutions took major hits. The government, however, stepped in to bail out banks.\n\nThe housing market was deeply impacted by the crisis. Evictions and [foreclosures](https:\/\/corporatefinanceinstitute.com\/resources\/commercial-real-estate\/foreclosure\/) began within months. The stock market, in response, began to plummet and major businesses worldwide began to fail, losing millions. This, of course, resulted in widespread layoffs and extended periods of unemployment worldwide. Declining credit availability and failing confidence in financial stability led to fewer and more cautious investments, and international trade slowed to a crawl.\n\nEventually, the United States responded to the crisis by passing the [American Recovery and Reinvestment Act of 2009](https:\/\/www.congress.gov\/bill\/111th-congress\/house-bill\/1\/text), which used an expansionary monetary policy, facilitated bank bailouts and mergers, and worked towards stimulating economic growth.\n\n### Additional Resources\nThank you for reading CFI’s guide to the Global Financial Crisis 2008-2009. To keep learning and advancing your career, the following CFI resources will be helpful:\n\n- [Economic Depression](https:\/\/corporatefinanceinstitute.com\/resources\/economics\/economic-depression\/)\n- [Quantitative Easing](https:\/\/corporatefinanceinstitute.com\/resources\/economics\/quantitative-easing\/)\n- [Securities and Exchange Commission (SEC)](https:\/\/corporatefinanceinstitute.com\/resources\/career-map\/sell-side\/capital-markets\/securities-and-exchange-commission-sec\/)\n- [Top Accounting Scandals](https:\/\/corporatefinanceinstitute.com\/resources\/accounting\/top-accounting-scandals\/)\n- **[See all economics resources](https:\/\/corporatefinanceinstitute.com\/topic\/economics\/)**\n- **[See all capital markets resources](https:\/\/corporatefinanceinstitute.com\/topic\/capital-markets\/)**\n\nGet Certified for Capital Markets (CMSA®)\n\nFrom equities and fixed income to derivatives, the CMSA certification bridges the gap from where you are now to where you want to be — a world-class capital markets analyst.\n\n[Learn More](https:\/\/corporatefinanceinstitute.com\/certifications\/capital-markets-securities-analyst-cmsa\/)\n\n- Share this article\n- [![Share on LinkedIn]()](http:\/\/www.linkedin.com\/shareArticle?mini=true&url=https%3A%2F%2Fcorporatefinanceinstitute.com%2Fresources%2Feconomics%2F2008-2009-global-financial-crisis%2F&summary=2008-2009+Global+Financial+Crisis \"Share on LinkedIn\")\n- [![Share on Facebook]()](https:\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Fcorporatefinanceinstitute.com%2Fresources%2Feconomics%2F2008-2009-global-financial-crisis%2F \"Share on Facebook\")\n- [![Share on Twitter]()](https:\/\/twitter.com\/intent\/tweet?text=2008-2009+Global+Financial+Crisis&url=https%3A%2F%2Fcorporatefinanceinstitute.com%2Fresources%2Feconomics%2F2008-2009-global-financial-crisis%2F \"Share on Twitter\")\n- [![Share on WhatsApp]()](https:\/\/wa.me\/?text=https%3A%2F%2Fcorporatefinanceinstitute.com%2Fresources%2Feconomics%2F2008-2009-global-financial-crisis%2F&summary=2008-2009+Global+Financial+Crisis \"Share on WhatsApp\")\n- [![Copy link]()](https:\/\/corporatefinanceinstitute.com\/resources\/economics\/2008-2009-global-financial-crisis\/ \"Copy link\")\n\n- [About CFI](https:\/\/corporatefinanceinstitute.com\/about-cfi\/)\n  - 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[Log in](https:\/\/corporatefinanceinstitute.com\/resources\/economics\/2008-2009-global-financial-crisis\/)\n\n×\n\n### Supercharge your skills with Premium Templates\nTake your learning and productivity to the next level with our Premium Templates.\n\nUpgrading to a paid membership gives you access to our extensive collection of plug-and-play Templates designed to power your performance—as well as CFI's full course catalog and accredited Certification Programs.\n\n[Discover Paid Memberships](https:\/\/corporatefinanceinstitute.com\/pricing\/)\n\nAlready have a Self-Study or Full-Immersion membership? 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[Start Free](https:\/\/learn.corporatefinanceinstitute.com\/auth\/registration)\n## What is the Global Financial Crisis of 2008-2009?\nThe Global Financial Crisis of 2008-2009 refers to the massive financial crisis the world faced from 2008 to 2009. The financial crisis took its toll on individuals and institutions around the globe, with millions of American being deeply impacted. Financial institutions started to sink, many were absorbed by larger entities, and the US Government was forced to offer bailouts to keep many institutions afloat.\n\nThe crisis, often referred to as “The Great Recession,” didn’t happen overnight. There were many factors present leading up to the crisis, and their effects linger to this day. Let’s take a look at a brief outline of the Global Financial Crisis of 2009-2009.\n\n![Global Financial Crisis 2008-2009 - Image with headlines about the financial collapse](https:\/\/cdn.corporatefinanceinstitute.com\/assets\/global-financial-crisis-2008-2009-1024x683.jpeg)\n\n### **Summary**\n- **The Global Financial Crisis of 2008-2009 is widely referred to as “The Great Recession.”**\n- **It began with the housing market bubble, created by an overwhelming load of mortgage-backed securities that bundled high-risk loans.**\n- **Reckless lending led to unprecedented numbers of loans in default; bundled together, the losses led many financial institutions to fail and require a governmental bailout.**\n- **Efforts to revive the economy were made through the American Recovering and Reinvestment Act of 2009.**\n### The Housing Market Bubble\nThe foundation of the global financial crisis was built on the back of the housing market bubble that began to form in 2007. Banks and lending institutions offered low interest rates on mortgages and encouraged many homeowners to take out loans that they couldn’t afford.\n\nWith all the mortgages flooding in, lenders created new financial instruments called [mortgage-backed securities (MBS)](https:\/\/corporatefinanceinstitute.com\/resources\/fixed-income\/mortgage-backed-security-mbs\/), which were essentially mortgages bundled together that could then be sold as securities with minimal risk load due to the fact that they were backed by [credit default swaps (CDS)](https:\/\/corporatefinanceinstitute.com\/resources\/derivatives\/credit-default-swap-cds\/). Lenders could then easily pass along the mortgages – and all the risk.\n\nOutdated regulations that weren’t rigorously enforced allowed lenders to get sloppy with [underwriting](https:\/\/corporatefinanceinstitute.com\/resources\/career-map\/sell-side\/capital-markets\/underwriting-overview\/), meaning the actual value of the securities couldn’t be established or guaranteed.\n\n### The Bubble Bursts\nBanks began to lend recklessly to families and individuals without true means to follow through on the mortgages they’d been granted. Such high-risk (subprime) loans were then inevitably bundled together and passed down the line.\n\nAs the subprime mortgage bundles grew in number to an overwhelming degree, with a large percentage moving into default, lending institutions began to face financial difficulties. It led to the dismal financial conditions around the world during the 2008-2009 period and continued for years to come.\n\n### The Aftermath of the Global Financial Crisis of 2008-2009\nMany who took out subprime mortgages eventually defaulted. When they could not pay, financial institutions took major hits. The government, however, stepped in to bail out banks.\n\nThe housing market was deeply impacted by the crisis. Evictions and [foreclosures](https:\/\/corporatefinanceinstitute.com\/resources\/commercial-real-estate\/foreclosure\/) began within months. The stock market, in response, began to plummet and major businesses worldwide began to fail, losing millions. This, of course, resulted in widespread layoffs and extended periods of unemployment worldwide. Declining credit availability and failing confidence in financial stability led to fewer and more cautious investments, and international trade slowed to a crawl.\n\nEventually, the United States responded to the crisis by passing the [American Recovery and Reinvestment Act of 2009](https:\/\/www.congress.gov\/bill\/111th-congress\/house-bill\/1\/text), which used an expansionary monetary policy, facilitated bank bailouts and mergers, and worked towards stimulating economic growth.\n\n### Additional Resources\nThank you for reading CFI’s guide to the Global Financial Crisis 2008-2009. To keep learning and advancing your career, the following CFI resources will be helpful:\n\n- [Economic Depression](https:\/\/corporatefinanceinstitute.com\/resources\/economics\/economic-depression\/)\n- [Quantitative Easing](https:\/\/corporatefinanceinstitute.com\/resources\/economics\/quantitative-easing\/)\n- [Securities and Exchange Commission (SEC)](https:\/\/corporatefinanceinstitute.com\/resources\/career-map\/sell-side\/capital-markets\/securities-and-exchange-commission-sec\/)\n- [Top Accounting Scandals](https:\/\/corporatefinanceinstitute.com\/resources\/accounting\/top-accounting-scandals\/)\n- **[See all economics resources](https:\/\/corporatefinanceinstitute.com\/topic\/economics\/)**\n- **[See all capital markets resources](https:\/\/corporatefinanceinstitute.com\/topic\/capital-markets\/)**","meta_canonical":null,"ml_categories_json":"{\"\/Finance\":983,\"\/Finance\/Financial_Planning_and_Management\":703,\"\/Finance\/Financial_Planning_and_Management\/Asset_and_Portfolio_Management\":421}","ml_types_json":"{\"\/Article\":997,\"\/Article\/News_Update\":405}","ml_intent_types_json":"{\"Informational\":999}","meta_language":"en-us","attrs_author":"Andrew Loo","attrs_publish_time":1700676436,"attrs_original_publish_time":1667691109,"attrs_is_republished":1,"attrs_nr_words":"1278","attrs_boilerpipe_nr_words":"650","body_ext_links_number":13,"body_int_links_number":80,"meta_nofollow":0,"meta_noarchive":0,"props_was_rendered":0,"src_redirect":"","download_time_msec":802,"download_ttfb_msec":743,"download_size":53219}

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"The Great Recession" Published January 11, 2020 Read Time 3 minutes Over 2.8 million + professionals use CFI to learn accounting, financial analysis, modeling and more. Unlock the essentials of corporate finance with our free resources and get an exclusive sneak peek at the first module of each course. Start Free What is the Global Financial Crisis of 2008-2009? The Global Financial Crisis of 2008-2009 refers to the massive financial crisis the world faced from 2008 to 2009. The financial crisis took its toll on individuals and institutions around the globe, with millions of American being deeply impacted. Financial institutions started to sink, many were absorbed by larger entities, and the US Government was forced to offer bailouts to keep many institutions afloat. The crisis, often referred to as “The Great Recession,” didn’t happen overnight. There were many factors present leading up to the crisis, and their effects linger to this day. Let’s take a look at a brief outline of the Global Financial Crisis of 2009-2009. Summary The Global Financial Crisis of 2008-2009 is widely referred to as “The Great Recession.” It began with the housing market bubble, created by an overwhelming load of mortgage-backed securities that bundled high-risk loans. Reckless lending led to unprecedented numbers of loans in default; bundled together, the losses led many financial institutions to fail and require a governmental bailout. Efforts to revive the economy were made through the American Recovering and Reinvestment Act of 2009. The Housing Market Bubble The foundation of the global financial crisis was built on the back of the housing market bubble that began to form in 2007. Banks and lending institutions offered low interest rates on mortgages and encouraged many homeowners to take out loans that they couldn’t afford. With all the mortgages flooding in, lenders created new financial instruments called mortgage-backed securities (MBS) , which were essentially mortgages bundled together that could then be sold as securities with minimal risk load due to the fact that they were backed by credit default swaps (CDS) . Lenders could then easily pass along the mortgages – and all the risk. Outdated regulations that weren’t rigorously enforced allowed lenders to get sloppy with underwriting , meaning the actual value of the securities couldn’t be established or guaranteed. The Bubble Bursts Banks began to lend recklessly to families and individuals without true means to follow through on the mortgages they’d been granted. Such high-risk (subprime) loans were then inevitably bundled together and passed down the line. As the subprime mortgage bundles grew in number to an overwhelming degree, with a large percentage moving into default, lending institutions began to face financial difficulties. It led to the dismal financial conditions around the world during the 2008-2009 period and continued for years to come. The Aftermath of the Global Financial Crisis of 2008-2009 Many who took out subprime mortgages eventually defaulted. When they could not pay, financial institutions took major hits. The government, however, stepped in to bail out banks. The housing market was deeply impacted by the crisis. Evictions and foreclosures began within months. The stock market, in response, began to plummet and major businesses worldwide began to fail, losing millions. This, of course, resulted in widespread layoffs and extended periods of unemployment worldwide. Declining credit availability and failing confidence in financial stability led to fewer and more cautious investments, and international trade slowed to a crawl. Eventually, the United States responded to the crisis by passing the American Recovery and Reinvestment Act of 2009 , which used an expansionary monetary policy, facilitated bank bailouts and mergers, and worked towards stimulating economic growth. Additional Resources Thank you for reading CFI’s guide to the Global Financial Crisis 2008-2009. To keep learning and advancing your career, the following CFI resources will be helpful: Economic Depression Quantitative Easing Securities and Exchange Commission (SEC) Top Accounting Scandals See all economics resources See all capital markets resources

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Unlock the essentials of corporate finance with our free resources and get an exclusive sneak peek at the first module of each course. [Start Free](https://learn.corporatefinanceinstitute.com/auth/registration) ## What is the Global Financial Crisis of 2008-2009? The Global Financial Crisis of 2008-2009 refers to the massive financial crisis the world faced from 2008 to 2009. The financial crisis took its toll on individuals and institutions around the globe, with millions of American being deeply impacted. Financial institutions started to sink, many were absorbed by larger entities, and the US Government was forced to offer bailouts to keep many institutions afloat. The crisis, often referred to as “The Great Recession,” didn’t happen overnight. There were many factors present leading up to the crisis, and their effects linger to this day. Let’s take a look at a brief outline of the Global Financial Crisis of 2009-2009. ![Global Financial Crisis 2008-2009 - Image with headlines about the financial collapse]() ### **Summary** - **The Global Financial Crisis of 2008-2009 is widely referred to as “The Great Recession.”** - **It began with the housing market bubble, created by an overwhelming load of mortgage-backed securities that bundled high-risk loans.** - **Reckless lending led to unprecedented numbers of loans in default; bundled together, the losses led many financial institutions to fail and require a governmental bailout.** - **Efforts to revive the economy were made through the American Recovering and Reinvestment Act of 2009.** ### The Housing Market Bubble The foundation of the global financial crisis was built on the back of the housing market bubble that began to form in 2007. Banks and lending institutions offered low interest rates on mortgages and encouraged many homeowners to take out loans that they couldn’t afford. With all the mortgages flooding in, lenders created new financial instruments called [mortgage-backed securities (MBS)](https://corporatefinanceinstitute.com/resources/fixed-income/mortgage-backed-security-mbs/), which were essentially mortgages bundled together that could then be sold as securities with minimal risk load due to the fact that they were backed by [credit default swaps (CDS)](https://corporatefinanceinstitute.com/resources/derivatives/credit-default-swap-cds/). Lenders could then easily pass along the mortgages – and all the risk. Outdated regulations that weren’t rigorously enforced allowed lenders to get sloppy with [underwriting](https://corporatefinanceinstitute.com/resources/career-map/sell-side/capital-markets/underwriting-overview/), meaning the actual value of the securities couldn’t be established or guaranteed. ### The Bubble Bursts Banks began to lend recklessly to families and individuals without true means to follow through on the mortgages they’d been granted. Such high-risk (subprime) loans were then inevitably bundled together and passed down the line. As the subprime mortgage bundles grew in number to an overwhelming degree, with a large percentage moving into default, lending institutions began to face financial difficulties. It led to the dismal financial conditions around the world during the 2008-2009 period and continued for years to come. ### The Aftermath of the Global Financial Crisis of 2008-2009 Many who took out subprime mortgages eventually defaulted. When they could not pay, financial institutions took major hits. The government, however, stepped in to bail out banks. The housing market was deeply impacted by the crisis. Evictions and [foreclosures](https://corporatefinanceinstitute.com/resources/commercial-real-estate/foreclosure/) began within months. The stock market, in response, began to plummet and major businesses worldwide began to fail, losing millions. This, of course, resulted in widespread layoffs and extended periods of unemployment worldwide. Declining credit availability and failing confidence in financial stability led to fewer and more cautious investments, and international trade slowed to a crawl. Eventually, the United States responded to the crisis by passing the [American Recovery and Reinvestment Act of 2009](https://www.congress.gov/bill/111th-congress/house-bill/1/text), which used an expansionary monetary policy, facilitated bank bailouts and mergers, and worked towards stimulating economic growth. ### Additional Resources Thank you for reading CFI’s guide to the Global Financial Crisis 2008-2009. To keep learning and advancing your career, the following CFI resources will be helpful: - [Economic Depression](https://corporatefinanceinstitute.com/resources/economics/economic-depression/) - [Quantitative Easing](https://corporatefinanceinstitute.com/resources/economics/quantitative-easing/) - [Securities and Exchange Commission (SEC)](https://corporatefinanceinstitute.com/resources/career-map/sell-side/capital-markets/securities-and-exchange-commission-sec/) - [Top Accounting Scandals](https://corporatefinanceinstitute.com/resources/accounting/top-accounting-scandals/) - **[See all economics resources](https://corporatefinanceinstitute.com/topic/economics/)** - **[See all capital markets resources](https://corporatefinanceinstitute.com/topic/capital-markets/)** Get Certified for Capital Markets (CMSA®) From equities and fixed income to derivatives, the CMSA certification bridges the gap from where you are now to where you want to be — a world-class capital markets analyst. 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Readable Markdown

"The Great Recession" Published January 11, 2020 Read Time 3 minutes Over 2.8 million + professionals use CFI to learn accounting, financial analysis, modeling and more. Unlock the essentials of corporate finance with our free resources and get an exclusive sneak peek at the first module of each course. [Start Free](https://learn.corporatefinanceinstitute.com/auth/registration) ## What is the Global Financial Crisis of 2008-2009? The Global Financial Crisis of 2008-2009 refers to the massive financial crisis the world faced from 2008 to 2009. The financial crisis took its toll on individuals and institutions around the globe, with millions of American being deeply impacted. Financial institutions started to sink, many were absorbed by larger entities, and the US Government was forced to offer bailouts to keep many institutions afloat. The crisis, often referred to as “The Great Recession,” didn’t happen overnight. There were many factors present leading up to the crisis, and their effects linger to this day. Let’s take a look at a brief outline of the Global Financial Crisis of 2009-2009. ![Global Financial Crisis 2008-2009 - Image with headlines about the financial collapse](https://cdn.corporatefinanceinstitute.com/assets/global-financial-crisis-2008-2009-1024x683.jpeg) ### **Summary** - **The Global Financial Crisis of 2008-2009 is widely referred to as “The Great Recession.”** - **It began with the housing market bubble, created by an overwhelming load of mortgage-backed securities that bundled high-risk loans.** - **Reckless lending led to unprecedented numbers of loans in default; bundled together, the losses led many financial institutions to fail and require a governmental bailout.** - **Efforts to revive the economy were made through the American Recovering and Reinvestment Act of 2009.** ### The Housing Market Bubble The foundation of the global financial crisis was built on the back of the housing market bubble that began to form in 2007. Banks and lending institutions offered low interest rates on mortgages and encouraged many homeowners to take out loans that they couldn’t afford. With all the mortgages flooding in, lenders created new financial instruments called [mortgage-backed securities (MBS)](https://corporatefinanceinstitute.com/resources/fixed-income/mortgage-backed-security-mbs/), which were essentially mortgages bundled together that could then be sold as securities with minimal risk load due to the fact that they were backed by [credit default swaps (CDS)](https://corporatefinanceinstitute.com/resources/derivatives/credit-default-swap-cds/). Lenders could then easily pass along the mortgages – and all the risk. Outdated regulations that weren’t rigorously enforced allowed lenders to get sloppy with [underwriting](https://corporatefinanceinstitute.com/resources/career-map/sell-side/capital-markets/underwriting-overview/), meaning the actual value of the securities couldn’t be established or guaranteed. ### The Bubble Bursts Banks began to lend recklessly to families and individuals without true means to follow through on the mortgages they’d been granted. Such high-risk (subprime) loans were then inevitably bundled together and passed down the line. As the subprime mortgage bundles grew in number to an overwhelming degree, with a large percentage moving into default, lending institutions began to face financial difficulties. It led to the dismal financial conditions around the world during the 2008-2009 period and continued for years to come. ### The Aftermath of the Global Financial Crisis of 2008-2009 Many who took out subprime mortgages eventually defaulted. When they could not pay, financial institutions took major hits. The government, however, stepped in to bail out banks. The housing market was deeply impacted by the crisis. Evictions and [foreclosures](https://corporatefinanceinstitute.com/resources/commercial-real-estate/foreclosure/) began within months. The stock market, in response, began to plummet and major businesses worldwide began to fail, losing millions. This, of course, resulted in widespread layoffs and extended periods of unemployment worldwide. Declining credit availability and failing confidence in financial stability led to fewer and more cautious investments, and international trade slowed to a crawl. Eventually, the United States responded to the crisis by passing the [American Recovery and Reinvestment Act of 2009](https://www.congress.gov/bill/111th-congress/house-bill/1/text), which used an expansionary monetary policy, facilitated bank bailouts and mergers, and worked towards stimulating economic growth. ### Additional Resources Thank you for reading CFI’s guide to the Global Financial Crisis 2008-2009. To keep learning and advancing your career, the following CFI resources will be helpful: - [Economic Depression](https://corporatefinanceinstitute.com/resources/economics/economic-depression/) - [Quantitative Easing](https://corporatefinanceinstitute.com/resources/economics/quantitative-easing/) - [Securities and Exchange Commission (SEC)](https://corporatefinanceinstitute.com/resources/career-map/sell-side/capital-markets/securities-and-exchange-commission-sec/) - [Top Accounting Scandals](https://corporatefinanceinstitute.com/resources/accounting/top-accounting-scandals/) - **[See all economics resources](https://corporatefinanceinstitute.com/topic/economics/)** - **[See all capital markets resources](https://corporatefinanceinstitute.com/topic/capital-markets/)**

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