The Big Crash: It started with the US sub-prime mortgages, which became worthless when the home owners defaulted on their loans. The housing market promptly collapsed, wiping out Wall Street's revered investment banks and pulling companies, stock markets and the economies around the world down with it. In the US, more than US$1 trillion was lost in a single day when the Dow posted its biggest loss in history of September 29, falling 777.68 points.
Recovery: Nowhere in sight yet.
Why it's Important: Expert say this is the closest the world has come to rivalling the Great Depression. And it's nowhere near over yet, with the complex finanical system still unwinding by the day.
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