The 27 scariest moments of the financial crisis (BKX, XLF, BAC, JPM, SPX, SPY, DIA)

Eight years ago, the US economy went into recession, the US housing market crashed, and credit markets seized, bringing the banking industry to its knees.

Businesses went down. Workers lost jobs. And Americans were losing hope, which only made things worse.

For many, the critical low moment Lehman Brothers bankruptcy on September 15, 2008. But the memory of critical events before and after that day is slowly fading.

Business Insider 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.

FEB. 8, 2007: HSBC says its bad debt provisions exploded because of a slump in the US housing market. Regular people begin to pay attention to what subprime is.

Flickr/Michael Fleshman (fleshmanpix)

Source: BBC

APRIL 2, 2007: New Century files for bankruptcy. It was the largest subprime lender in the United States.

Joshua Lott/Reuters

Source: SEC Filing

JUNE 21, 2007: Merrill Lynch sells off assets in two Bear Stearns hedge funds as the funds hemorrhage billions of dollars on bad subprime bets.

REUTERS/Chip East

Source: Reuters

See the rest of the story at Business Insider