The Great Recession of 2008 was a severe worldwide economic crisis that took place from late 2007 to mid-2009. It was the most serious financial crisis since the Great Depression (1929).
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Subprime Mortgage Crisis: This refers to the sharp increase and subsequent collapse of housing prices that contributed to the recession. Banks were giving out risky loans, which led to many people defaulting on their mortgages.
Financial Crisis of 2007–08: This term refers specifically to the events in the financial markets related to banking during this period, which were part of what led into the broader Great Recession.
Economic Stimulus Act of 2008: This was an act passed by Congress in response to the recession. It included tax rebates for individuals and incentives for businesses in order to stimulate spending and boost the economy.