Great Recession/Timelines: Difference between revisions
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==The 1980s== | ==The 1980s== | ||
Financial deregulation [http://landru.i-link-2.net/monques/dereg80.html], [http://www.fdic.gov/regulations/laws/rules/8000-4100.html]. | * Financial deregulation [http://landru.i-link-2.net/monques/dereg80.html], [http://www.fdic.gov/regulations/laws/rules/8000-4100.html]. | ||
* The US ''Savings and Loans'' crisis - failure of 296 US "''Savings and Loans''" mortgage lenders [http://www.fdic.gov/bank/analytical/banking/2000dec/brv13n2_2.pdf] | |||
Savings and Loans crisis - failure of 296 US "''Savings and Loans''" mortgage lenders [http://www.fdic.gov/bank/analytical/banking/2000dec/brv13n2_2.pdf] | |||
==1990 - 2003== | ==1990 - 2003== | ||
* Progressive discount rate cuts by Federal Reserve Bank (from 7% in 1990 t0 0.75% in 2003 [http://www.the-privateer.com/rates.html]. | |||
* The United States housing boom begins (prices rise by 8% between 2002 and 2003) | |||
== 2003 - 2006== | == 2003 - 2006== | ||
* The Federal Reserve Bank makes a series of discount rate increases (from 0.75% to 6.25% in 2006). | |||
* The US housing boom continues [http://www2.standardandpoors.com/spf/pdf/index/CSHomePrice_Release_112766.pdf] (Average 2006 house price about 70% above 2000 level) | |||
==2007== | ==2007== | ||
===June=== | ===June=== | ||
Revision as of 10:29, 8 March 2010
The 1980s
- Financial deregulation [1], [2].
- The US Savings and Loans crisis - failure of 296 US "Savings and Loans" mortgage lenders [3]
1990 - 2003
- Progressive discount rate cuts by Federal Reserve Bank (from 7% in 1990 t0 0.75% in 2003 [4].
- The United States housing boom begins (prices rise by 8% between 2002 and 2003)
2003 - 2006
- The Federal Reserve Bank makes a series of discount rate increases (from 0.75% to 6.25% in 2006).
- The US housing boom continues [5] (Average 2006 house price about 70% above 2000 level)
2007
June
- 25 Two of the Bear Stearns Bank's suffer losses from mortgage defaults [6].
August
- 6 The American Home Mortgage Corporationgoes bankrupt [7].
- 9 The French bank BNP Paribas freezes its funds because it is unable to value their mortgage-backed assets. [8]
- 13 BBC's Robert Peston reports that the Northern Rock bank was seeking help from the Bank of England.
The Northern Rock bank suffers a bank run [9]
2008
January
- The US mortgage lender Countrywide is sold to Bank of America after its share price drops by 48% [10].
February
- The British Northern Rock bank is "nationalised [11].
March
- The US Bear Stearns bank is rescued following losses relating to mortgage-related assets by its hedge funds. [12]
April
- Bank of England announces its Special Liquidity Scheme to allow banks to swap some of their illiquid assets for liquid Treasury Bills for up to three years [13].
June
- US house prices fall to 20% below their 2006 peak [14].
August
- The government-sponsored mortgage lender Fannie Mae and Freddie Mac are rescued [15].
September
- 7 Fannie Mae and Freddie Mac are nationalised [16].
- 12 The Lehman Brothers investment bankgoes bankrupt[17] with losses of up to $160 billion to holders of its unsecured bonds.