What was one major consequence of the 2008 financial crisis?

The major consequence of the 2008 financial crisis was a severe global recession and significant reforms in financial regulation. The crisis, which was triggered by the collapse of the housing market and the associated financial instruments linked to mortgage-backed securities, led to a widespread loss of confidence in financial institutions. As a result, economies around the world experienced sharp declines in consumer spending, increased unemployment, and a downturn in economic activity.

In response to this crisis, governments and regulatory bodies implemented a series of reforms designed to stabilize the financial sector and prevent future crises. These reforms included stricter regulations on banks and financial institutions, such as the Dodd-Frank Act in the United States, which aimed to enhance risk management and increase oversight of the financial industry.

Furthermore, the crisis underlined the interconnectedness of the global economy, leading to international cooperation in financial regulation and more stringent measures to address systemic risks. This combination of economic downturn and regulatory overhaul makes the answer reflect an accurate understanding of the significant impact that the 2008 financial crisis had on economies worldwide.