Crash of 2008/Timelines: Difference between revisions
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23 US Federal Reserve Bank protects '''Goldman Sachs''' and '''Morgan Stanley ''' banks[http://www.ft.com/cms/s/0/3119223e-8906-11dd-a179-0000779fd18c.html]. | 23 US Federal Reserve Bank protects '''Goldman Sachs''' and '''Morgan Stanley ''' banks[http://www.ft.com/cms/s/0/3119223e-8906-11dd-a179-0000779fd18c.html]. | ||
:FBI to investigate possibility of fraud at Fannie Mae, Freddie Mac, Lehman Bros and AIG [http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4821157.ece]. | |||
25 '''US President's warning''': "major sectors of America’s financial system are at risk of shutting down” leading to "long and painful recession" [http://www.whitehouse.gov/news/releases/2008/09/20080924-10.html]. | 25 '''US President's warning''': "major sectors of America’s financial system are at risk of shutting down” leading to "long and painful recession" [http://www.whitehouse.gov/news/releases/2008/09/20080924-10.html]. | ||
Revision as of 12:24, 26 September 2008
For definitions of the terms shown in italics, see the related articles subpage of the main article.
The 1980s
Financial deregulation In the USA [1], [2], the UK [3].
First CMO issued
Savings and Loans crisis - Failure of 296 US "Savings and Loans" mortgage lenders [4]
1987 stock market crash [5]
The 1990s
Failure of a further 451 US "Savings and Loans" mortgage lenders.
Asian banking crisis [6].
'Basel I' recommended banking regulations published [7].
The year 2007 (summary)
US Subprime mortgage crisis [8].
US house prices fall throughout 2007 [9].
Large bank writedowns and losses at Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Citigroup and HSBC.
2007
August
American Home Mortgage bankrupt [10].
Collapse of interbank markets
September
UK Northern Rock bank run [11]
The year 2008 (summary)
2008
January
'Basel II' banking regulation recommendations take effect [12]
US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% [13].
February
British government nationalises Northern Rock bank [14].
August
US Government's Fannie Mae and Freddie Mac rescue [15].
September
7 Fannie Mae and Freddie Mac nationalised [16].
12 Lehman Brothers seek bankruptcy protection [17]
15 US Federal Reserve Bank rescues Bear Stearns bank [18].
17 US government nationalises American Insurance Group [19].
- Russian stockmarket meltdown [20]
- UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB [21].
18 US Treasury and Federal Reserve Bank propose a scheme to take "toxic assets" out of the US banking system [22]
- UK temporary ban on short selling [23].
23 US Federal Reserve Bank protects Goldman Sachs and Morgan Stanley banks[24].
- FBI to investigate possibility of fraud at Fannie Mae, Freddie Mac, Lehman Bros and AIG [25].
25 US President's warning: "major sectors of America’s financial system are at risk of shutting down” leading to "long and painful recession" [26].
26 Washington Mutual closed by regulator. Assets sold to JPMorgan Chase [27].
- Central Banks offer extra loans to banks. Coordinated action by US, UK, European and Swiss central banks [28].