The 2008 Global Financial Crisis was the most severe worldwide economic downturn since the Great Depression. It was triggered by the collapse of the U.S. housing bubble and the subsequent failure of 'subprime' mortgage-backed securities. On September 15, 2008, the investment bank Lehman Brothers filed for bankruptcy, sending shockwaves through the global financial system. Banks stopped lending, stock markets crashed, and major economies entered a deep recession. The crisis led to massive government bailouts of financial institutions, known as 'Too Big to Fail,' and the implementation of stricter financial regulations like the Dodd-Frank Act. The long-term effects included high unemployment, a sovereign debt crisis in Europe, and a rise in political populism as public trust in financial and political institutions plummeted.