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Global financial crisis of 2008–2009
The global financial crisis of 2007–08 is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s. It threatened the collapse of large financial institutions, which was prevented by the bailout of banks by national governments, but stock markets still dropped worldwide. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment. The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of U.S. dollars, and a downturn in economic activity leading to the Great Recession of 2008–2012 and contributing to the European sovereign-debt crisis.
Many aspects of crisis, its causes, and how it was handled has been criticized. More generally it has been used to criticize fundamental aspects of the global financial system. It has also been cited in criticisms of the relationship between Jews and finance such as the large Jewish influence in finance.