The Bear market started with the Sub-prime lending market problems in Sept. 2007, the longest profit slump in six years, the first nationwide decrease in home prices since the Great Depression, record oil prices and fears of a recession resulted in a 26% market decline in 2008.
- January: International market drops (some in reaction to US problems) and fears of a recession result in a 9% loss in the first three weeks of the year.
- June: Rises in oil prices and Fannie Mae - Freddie Mac problems with bad mortgages as the housing market worsened.
  June 6 posted a 3.1% loss, and June 26-27 a 3.9% loss.
Sept - Oct, 2008 crash:
- Aug. 15 problems with financial institutions produced the largest single day point loss since 9/11 with a 504 pt. (4.4%) loss (see Sept. chart below).

Over the weekend and on Monday, Sept. 15, 2008 Merrill Lynch, one of the biggest and best-known brokerage firms in the world, was sold to Bank of America for $50 billion due to financial difficulties stemming from problems in the mortgage markets. Lehman Brothers, unable to find a buyer, filed for bankruptcy . On Wed. the US Federal Reserve struck a deal to take control of AIG in return for an $85bn loan to stave off a collapse of the giant.

On Monday, Sept. 29 the congress rejected a "bail-out" bill to authorize $700 Billion for the government to buy up bad loans; the Dow dropped 777 points or 7%, the S&P dropped 8.8% and the Nasdaq dropped 9.1%.
The bail-out was passed on Fri. Oct. 3 but financial lending continued to be forzen.

The week of Oct. 6-10 was the worst week in history point wise when the Dow dropped 1,874 points or 18.2% 2nd worst percent loss since the 1929 depression.

On Monday Oct. 13 the market had it's largest single day gain of 936 points on the Dow or 11.1%

The Chicago Board of Options Exchange (CBOE) Volatility (Fear) Index (VIX) hit a record of 80.9 on Nov. 20, 2008
See: VIX FAQs at the CBOE

It took almost 5 1/2 years to recover.

See long term chart.

• Families in the middle to uppermiddle parts (between the 40th and 90th percentiles) of the income distribution saw little change in average real incomes between 2010 and 2013 and thus have failed to recover the losses experienced between 2007 and 2010.
• Only families at the very top of the income distribution saw widespread income gains between 2010 and 2013, although mean and median incomes were still below 2007 levels.

Source: Median Household Incomes by Age Bracket: 1967-2015 - dshort - Advisor Perspectives

Net Worth took a even bigger hit

Source: Survey of Consumer Finances (SCF) FederalReserve.gov

Percentage of families holding specific types of assets:

Age	Stock holdings, direct or indirect		Vehicles		Primary residence		Other residential property
	2007	2013	2007	2013	2007	2013	2007	2013
35-44	55.9%	53.9%	87.5%	85.5%	66.1%	52.9%	12.2%	5.8%
45-54	63.1%	54.9%	90.3%	92.5%	77.3%	63.7%	15.7%	10.1%
55-64	60.8%	57.2%	92.2%	95.6%	81.0%	80.6%	20.8%	16.1%
65-74	53.1%	49.2%	90.6%	96.4%	85.5%	88.6%	18.5%	25.2%

Source: Behind the Numbers: The dismal state of consumer finances in 2013| Deloitte University Press