<P> On September 16 , 2008 , failures of massive financial institutions in the United States , due primarily to exposure to packaged subprime loans and credit default swaps issued to insure these loans and their issuers , rapidly devolved into a global crisis . This resulted in a number of bank failures in Europe and sharp reductions in the value of stocks and commodities worldwide . The failure of banks in Iceland resulted in a devaluation of the Icelandic króna and threatened the government with bankruptcy . Iceland obtained an emergency loan from the International Monetary Fund in November . In the United States , 15 banks failed in 2008 , while several others were rescued through government intervention or acquisitions by other banks . On October 11 , 2008 , the head of the International Monetary Fund ( IMF ) warned that the world financial system was teetering on the `` brink of systemic meltdown '' . </P>
<P> On September 16 , 2008 , failures of massive financial institutions in the United States , due primarily to exposure to packaged subprime loans and credit default swaps issued to insure these loans and their issuers , rapidly devolved into a global crisis . This resulted in a number of bank failures in Europe and sharp reductions in the value of stocks and commodities worldwide . The failure of banks in Iceland resulted in a devaluation of the Icelandic króna and threatened the government with bankruptcy . Iceland obtained an emergency loan from the International Monetary Fund in November . In the United States , 15 banks failed in 2008 , while several others were rescued through government intervention or acquisitions by other banks . On October 11 , 2008 , the head of the International Monetary Fund ( IMF ) warned that the world financial system was teetering on the `` brink of systemic meltdown '' . </P>
when did the stock market crash in 2008
when did the stock market crash in 2008
On September 16 , 2008
On September 16 , 2008