September 2008 marked the beginning of an acute phase of the financial crisis. An important event that should be included in the timeline for that month is the crash of the stock market on September 29. It caused a significant impact on the financial industry and economy as a whole, which makes this event worth mentioning.
As stated by Amadeo, “until the stock market crash of March 2020 at the start of the COVID-19 pandemic, it was the largest point drop in history”. Lehman Brothers, the Dow Jones Industrial Average, and the American International Group struggled to keep their businesses running. As a result, credit markets were in a panic, and significant job losses occurred.
The stock market crash of 2008 belongs in the timeline because it caused high unemployment rates and mortgage defaults. The industry had not recovered until 2013, contributing to the ongoing economic crisis. Therefore, the suggested event is significant in the context of the financial crisis due to its long-term effects on financial markets.