World map showing real GDP growth rates for 2009; countries in brown were in a recession.
Jan Brueghel the Younger's A Satire of Tulip Mania (ca. 1640)
A bank run at a branch of the Northern Rock bank in Brighton, England, on September 14, 2007, amid speculation of problems, prior to its 2008 nationalisation.
A card from the South Sea Bubble
U.S. residential and non-residential investment fell relative to GDP during the crisis
CAPE based on data from economist Robert Shiller's website, as of 8/4/2015. The 26.45 measure was 93rd percentile, meaning 93% of the time investors paid less for stocks overall relative to earnings.
U.S. households and financial businesses significantly increased borrowing (leverage) in the years leading up to the crisis
Bitcoin price gain/loss 2011,2013
US household debt relative to disposable income and GDP.
U.S. Changes in Household Debt as a percentage of GDP for 1989–2016. Homeowners paying down debt for 2009–2012 was a headwind to the recovery. Economist Carmen Reinhart explained that this behavior tends to slow recoveries from financial crises relative to typical recessions.
Housing price appreciation in selected countries, 2002–2008
Securitization markets were impaired during the crisis.
Several major U.S. economic variables had recovered from the 2007–2009 Subprime mortgage crisis and Great Recession by the 2013–2014 time period.
U.S. Real GDP – Contributions to Percent Change by Component 2007–2009
Public Debt to GDP Ratio for Selected European Countries – 2008 to 2011. Source Data: Eurostat
Relationship between fiscal tightening (austerity) in Eurozone countries with their GDP growth rate, 2008–2012
Slovenian anarchist anti-fascist protest due to the great recession.
Sydney's financial district at night. Throughout the Great Recession, the Australian economy remained resilient and stable.
The anti-austerity movement in Spain, May 2011
Federal Reserve Holdings of Treasury and Mortgage-Backed Securities
Bank bailouts in the United Kingdom and in the United States in proportion to their GDPs.

Examples include the Roaring Twenties stock market bubble (which caused the Great Depression) and the United States housing bubble (which caused the Great Recession).

- Economic bubble

5) Wealthy and middle-class house flippers with mid-to-good credit scores created a speculative bubble in house prices, and then wrecked local housing markets and financial institutions after they defaulted on their debt en masse.

- Great Recession
World map showing real GDP growth rates for 2009; countries in brown were in a recession.

1 related topic

Alpha

Fig. 1: Robert Shiller's plot of U.S. home prices, population, building costs, and bond yields, from Irrational Exuberance, 2nd ed. Shiller shows that inflation-adjusted U.S. home prices increased 0.4% per year from 1890 to 2004 and 0.7% per year from 1940 to 2004, whereas U.S. census data from 1940 to 2004 shows that the self-assessed value increased 2% per year.

2000s United States housing bubble

Real estate bubble affecting over half of the U.S. states.

Real estate bubble affecting over half of the U.S. states.

Fig. 1: Robert Shiller's plot of U.S. home prices, population, building costs, and bond yields, from Irrational Exuberance, 2nd ed. Shiller shows that inflation-adjusted U.S. home prices increased 0.4% per year from 1890 to 2004 and 0.7% per year from 1940 to 2004, whereas U.S. census data from 1940 to 2004 shows that the self-assessed value increased 2% per year.
A graph showing the median and average sales prices of new homes sold in the United States between 1963 and 2010.
Inflation-adjusted housing prices in the United States by state, 1998–2006.
Bank run on the U.K.'s Northern Rock Bank by customers queuing to withdraw savings in a panic related to the U.S. subprime crisis.

Factors include tax policy (exemption of housing from capital gains), historically low interest rates, lax lending standards, failure of regulators to intervene, and speculative fever.

Because of these remarks, as well as his encouragement of the use of adjustable-rate mortgages, Greenspan has been criticized for his role in the rise of the housing bubble and the subsequent problems in the mortgage industry that triggered the economic crisis of 2008.