As the Federal Reserve maintained low interest rates to favor economic growth, a housing bubble began to appear in the United States. In 2007, the rise in interest rates and the collapse of the housing market caused a wave of loan payment failures in the . The subsequent mortgage crisis caused a global financial crisis , because the subprime mortgages had been securitized and sold to international banks and investment funds. Despite the extensive intervention of central banks, including partial and total nationalization of major European banks,   the crisis of sovereign debt became particularly acute, first in Iceland , though as events of the early 2010s would show, it was not an isolated European example. Economic activity was severely affected around the world in 2008 and 2009,  with disastrous consequences for carmakers . 
On the strength of singles such as " Nuthin' but a 'G' Thang ", " Let Me Ride ", and " Fuck wit Dre Day (and Everybody's Celebratin') " (known as "Dre Day" for radio and television play), all of which featured Snoop Dogg as guest vocalist, The Chronic became a cultural phenomenon, its G-funk sound dominating much of hip hop music for the early 1990s.  In 1993 the Recording Industry Association of America (RIAA) certified the album triple platinum,  and Dr. Dre also won the Grammy Award for Best Rap Solo Performance for his performance on "Let Me Ride".  For that year, Billboard magazine also ranked Dr. Dre as the eighth best-selling musical artist, The Chronic as the sixth best-selling album, and "Nuthin' but a 'G' Thang" as the 11th best-selling single.