In 2008, the Beijing Olympic Games were held. Which economic crisis was unfolding?

The story behind the answer

In 2008, the worldwide credit crunch that began with U.S. subprime mortgages intensified dramatically. After years of easy credit and a housing bubble, mortgage-backed securities soured, major banks faced insolvency, and Lehman Brothers’ collapse in September froze global lending. Economies slid into deep recession just weeks after the Beijing Games.

It reshaped finance and policy: governments rescued banks, launched stimulus (TARP in the U.S., a major package in China), central banks slashed rates, and regulations like Dodd‑Frank followed. For context, the Asian crisis was 1997–98, the dot‑com bust 2000–02, and Europe’s debt turmoil from 2010—highlighting that 2008 marked a uniquely global systemic shock.