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The 27 scariest moments of the financial crisis

Elena HolodnySep 15, 2015, 18:59 IST

Then Treasury Secretary Henry Paulson looks over at his colleagues including then Fed Chair Ben Bernanke and then NY Fed President Tim Geithner.

Seven years ago, the US economy went into recession, the US housing market crashed, and credit markets seized bringing the banking industry to its knees. It was a global financial crisis.

Businesses went down and workers lost jobs. Americans were losing hoping, which only made things work.

For many, the low critical moment was when Lehman Brothers went bankrupt on September 15, 2008. But the memory of critical events before and after that fateful day is slowly fading. Hearings, lawsuits, bailouts - it all gets muddled together.

Business Insider has outlined the major moments from 2007 to 2009. From the initial reports of subprime defaults to the collapse of Lehman Brothers to AIG's second bailout, here are the 27 scariest moments of the financial crisis.

Note: Former Business Insider reporter Steven Perlberg contributed to this feature.