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But while financial Armageddon was avoided, the crisis spread around the globe, toppling banks across Europe and driving countries from Iceland to Pakistan to seek emergency aid from the International Monetary Fund. A vicious circle of tightening credit, reduced demand and rapid job cuts took hold, and the world fell into recession.

In 2009, a number of countries moved to stimulate their economies. In the United States, Democrats in Congress passed a $787 billion economic stimulus measure requested by President Obama. China undertook a stimulus plan described as roughly $500 billion. Central banks across the globe followed the Fed's lead in cutting interest rates to close to nothing; and the Fed took other extraordinary measures, including buying up over a trillion dollars in mortgage-backed securities. The Obama administration forced General Motors and Chrysler into bankruptcy to save them, investing more than $60 billion and cutting thousands of jobs