What was a consequence of the subprime mortgage crisis during the Bush administration?

The subprime mortgage crisis, which peaked around 2007-2008, led to significant turmoil in the financial markets, causing widespread failures among banks and financial institutions. As a direct consequence, the government intervened with multiple bailouts aimed at stabilizing the economy and preventing a complete collapse of the financial system. This included significant bailouts for major institutions such as banks and insurance companies, which were critical to the functioning of the financial system. The aim of these bailouts was to restore confidence in financial markets and to ensure that credit continued to flow through the economy, as a failure to act could have resulted in a deeper recession or even a depression. Thus, the government's response through these bailouts is closely associated with the consequences of the subprime mortgage crisis during that administration.