Many believe the failure of the investment bank Lehman Brothers in Septemeber of 2008 marked the start of the world financial crisis.

The October 1st deadline has brought attention to the budget battle in Congress. But this week also offers a chance to look back at hard economic times. Monday was the fifth anniversary of the collapse of a huge investment bank, Lehman Brothers. Many people consider the bankruptcy of Lehman Brothers the beginning of the world financial crisis.

Late Sunday, the Obama administration released a report on the crisis. It presented the administration’s steps to answer the collapse of financial markets and institutions. At one time, job losses reached a monthly average of 800,000. And, at the worst point of the crisis, the economy was shrinking at a yearly rate of over eight percent.

Congress passed the American Recovery and Reinvestment Act of 2009 during President Obama’s first 30 days in office. That law offered almost $800 billion dollars in loans and aid to businesses and individuals.

The government also moved to offer emergency loans to major banks and two of the three major American carmakers: General Motors and Chrysler.

Yet, the effects of the financial crisis remain. The administration’s report notes that the value of Americans’ property and investments fell by $19 trillion during the recession after the crisis. It says 91 percent of that has been regained.