Great Recession/Timelines: Difference between revisions
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{{subpages}} | |||
==The 1980s== | |||
* 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] | |||
==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== | |||
* 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== | |||
===June=== | |||
*25 Two of the ''Bear Stearns'' Bank's suffer losses from mortgage defaults [http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=aYDTeHYnV3ms]. | |||
===August=== | |||
* 6 The ''American Home Mortgage Corporation''goes bankrupt [http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2208983.ece]. | |||
* 9 The French bank ''BNP Paribas'' freezes its funds because it is unable to value their mortgage-backed assets. [http://invest.bnpparibas.com/en/news/default.asp?Code=LPOI-75W9PV] | |||
* 13 BBC's Robert Peston reports that the ''Northern Rock'' bank was seeking help from the Bank of England.<br> | |||
The ''Northern Rock'' bank suffers a [[Run (banking)| bank run]] [http://news.bbc.co.uk/1/hi/business/6996136.stm] | |||
==2008== | |||
===January=== | |||
* The US mortgage lender ''Countrywide'' is sold to ''Bank of America'' after its share price drops by 48% [http://news.bbc.co.uk/1/hi/business/7183221.stm]. | |||
===February=== | |||
* The British ''Northern Rock'' bank is "nationalised'' [http://news.bbc.co.uk/1/hi/business/7249575.stm]. | |||
===March=== | |||
*The US ''Bear Stearns'' bank is rescued following losses relating to mortgage-related assets by its hedge funds. [http://www.reuters.com/article/topNews/idUSN1438968020080315] | |||
===April=== | |||
* Bank of England announces its ''Special Liquidity Scheme'' to allow banks to swap some of their [[Liquidity|illiquid]] assets for liquid Treasury [[Bills]] for up to three years [http://www.bankofengland.co.uk/markets/sls/sls-information.pdf]. | |||
===June=== | |||
* US house prices fall to 20% below their 2006 peak [http://www2.standardandpoors.com/portal/site/sp/en/us/page.topic/indices_csmahp/0,0,0,0,0,0,0,0,0,2,1,0,0,0,0,0.html]. | |||
===August=== | |||
*The government-sponsored mortgage lenders ''Fannie Mae'' and ''Freddie Mac'' are rescued [http://nreionline.com/property/multifamily/real_estate_senate_okays_fannie/]. | |||
===September=== | |||
*7 ''Fannie Mae'' and ''Freddie Mac'' are nationalised [http://www.foxbusiness.com/story/markets/government-seied-fannie-mae-freddie-mac/]. | |||
*12 The ''Lehman Brothers'' [[investment bank]]goes bankrupt[http://www.lehman.com/press/pdf_2008/091508_lbhi_chapter11_announce.pdf] with losses of up to $160 billion to holders of its unsecured bonds prompting a sudden loss of confidence in [[Money market]] funds and the onset of a [[credit crunch]]. | |||
===October=== | |||
* 3 The (modified) $700 billion [[Paulson Plan]] (to purchase toxic assets) approved by Congress [http://news.bbc.co.uk/1/hi/world/americas/7651761.stm]. | |||
* The Dutch ''Fortis'' and ''ABN Amro'' banks are "nationalised" [http://www.ft.com/cms/s/0/f93a9b08-91ad-11dd-b5cd-0000779fd18c.html]. The German ''Hypo Real Estate'' bank is rescued [http://www.dw-world.de/dw/article/0,2144,3692522,00.html]. | |||
* Iceland suffers an economic crisis [http://news.bbc.co.uk/1/hi/business/7653750.stm]. | |||
* 6 The US ''Wachovia Corporation'' is to be rescued by a takeover by the ''Wells Fargo'' bank [http://www.dw-world.de/dw/article/0,2144,3692522,00.html]. | |||
* 7 More European bank rescues [http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4894402.ece]. | |||
* 8 UK Chancellor of the Exchequer Gordon Brown announces a £500 billion ''UK rescue plan'' to inject capital or take equity in banks and to guarantee interbank lending) [http://news.bbc.co.uk/1/hi/business/7658307.stm] [http://news.bbc.co.uk/1/hi/business/7658277.stm]. | |||
* A coordinated [[discount rate]] cut of half per cent by the [[central bank]]s of the United States, Europe, China, Britain, Canada, Sweden and Switzerland [http://news.bbc.co.uk/1/hi/business/7658958.stm]. | |||
* 10 [[LIBOR]]-[[OIS]] [[spread]]s reach over 350 [[basis point]]s (compared with August 2007 rates of around 10 points)[http://research.stlouisfed.org/publications/es/08/ES0825.pdf]. | |||
* 12 European Union leaders agree to adopt the ''UK rescue plan''[http://www.latimes.com/business/la-fg-euecon13-2008oct13,1,7737780.story]. | |||
* 14 US President Bush announces new plans to inject capital, take equity in banks and guarantee interbank lending [http://www.whitehouse.gov/news/releases/2008/10/20081014.html]. | |||
* 19 A German bank rescue package is agreed [http://www.spiegel.de/international/business/0,1518,585156,00.html]. | |||
* 21 The US Federal Reserve Bank offers $540 billion loan support to [[money market]] mutual funds [http://www.bloomberg.com/apps/news?pid=20601087&sid=ajw94.nC0a5w&refer=home]. | |||
* 25 Denmark's ''Roskilde'' is bank to be taken over by its central bank [http://www.newsvine.com/_news/2008/08/25/1782809-danish-central-bank-rescues-nations-no-10-bank]. | |||
===November=== | |||
* 23 The US ''Citigroup'' bank is rescued (the US government makes $20 billion cash injection and guarantees against loss on $306 billion of illiquid assets [http://www.nytimes.com/2008/11/24/business/24citibank.html?_r=1&scp=2&sq=Citigroup%20rescue&st=cse] [http://www.ustreas.gov/press/releases/hp1287.htm] [http://www.ustreas.gov/press/releases/reports/cititermsheet_112308.pdf][http://online.wsj.com/article/SB122747680752551447.html?mod=special_page_campaign2008_mostpop] | |||
* The US Federal Reserve Bank promises to buy up to $500 billion worth of mortgage-backed securities guarantee by [[Fannie Mae]] and [[Freddie Mac]] and up to $100billion worth of their direct debt [http://www.economist.com/finance/displaystory.cfm?story_id=12689745]. | |||
===December=== | |||
* 16 The US Federal Reserve Bank begins [[credit easing]] - [[open market operations]] raise the amount of [[base money]] from $0.9 trillion to $2.2 trillion [http://online.wsj.com/article/SB122948091644013041.html] | |||
==2009== | |||
===1st quarter=== | |||
====World==== | |||
* The value of world trade by the G7 countries is 23% below that of Q1 2008, and the vale of OECD trade in goods has fallen by 30%[http://www.oecd.org/dataoecd/15/2/43319682.pdf]. Trade protection grows - World Bank reports 47 trade restrictions by 17 G20 countries [http://www.economist.com/finance/displaystory.cfm?story_id=13355727]. Developing countries lose exports [http://siteresources.worldbank.org/NEWS/Resources/swimmingagainstthetide-march2009.pdf]. | |||
====United States==== | |||
* The ''American Recovery and Reinvestment Act''(H.R. 1) (a $839 billion stimulus package [http://www.recovery.gov/]). The ''Financial Stability Plan'' (mandatory stress tests for major banks - financial assistance to households and businesses [http://www.financialstability.gov/docs/fact-sheet.pdf]). The ''Term Asset-backed Loan Facility (TALF)''[http://www.federalreserve.gov/monetarypolicy/20090303a.htm]. The ''Public-Private Partnership Investment Program'' [http://www.ustreas.gov/press/releases/tg65.htm] (for the purchase of $1 trillion worth of toxic assets from banks). | |||
====Europe==== | |||
* The European Central Bank cuts MRO rate to 2% [http://www.ecb.int/stats/monetary/rates/html/index.en.html#data] | |||
* The UK announces a fiscal stimulus (including a temporary reduction of the rate of value-added tax from 17.5% to 15%, a bringing forward of £3 billion of capital investment, and a range of minor tax reductions). The Bank of England starts [[quantitative easing ]][http://www.hm-treasury.gov.uk/d/ck_letter_boe290109.pdf] and asset protection [http://www.hm-treasury.gov.uk/press_07_09.htm][http://www.bankofengland.co.uk/publications/quarterlybulletin/mo09feb.pdf]. The Bank of England cuts discount rate from 2% to 1.5% [http://www.bankofengland.co.uk/publications/news/2009/001.htm]. UK banks arelent £185 bn under the ''Special Liquidity Scheme'' [http://news.bbc.co.uk/2/hi/business/7867355.stm] | |||
* Germany introduces a major fiscal stimulus package [http://www.economist.com/displayStory.cfm?story_id=12947570] | |||
===2009, 2nd quarter=== | |||
====World==== | |||
: Oil price rises - to over $70 per barrel | |||
====United States==== | |||
* 10 banks repay Treasury loans' - received under the Troubled Asset Relief Program. The [[mark to market]] accounting rule is eased for inactive markets (to what an asset could fetch in an "orderly" transaction [http://www.reuters.com/article/newsOne/idUSN0235590020090402] | |||
====Europe==== | |||
* The ECB discount rate is cut to 1 percent - the interest rate on the main refinancing operations of the Eurosystem be decreased by 25 basis points to 1.00%, from 13/05/09[http://www.ecb.int/press/pr/date/2009/html/pr090507.en.html]. ECB quantitative easing starts - with plans to buy €60bn worth of bonds. [http://www.ecb.int/press/pressconf/2009/html/is090507.en.html] ECB balance sheet total reaches €2,000 billion [http://www.imf.org/external/pubs/ft/gfsr/2009/02/pdf/text.pdf]. | |||
* Ireland's supplementary budget - a number of tax increases and public expenditure cuts designed to reduce the deficit to 10.75 per cent of GDP for 2009 [http://www.budget.gov.ie/2009SupApril09/FinancialStatement.html]. | |||
* The Bank of England discount rate is to reduced to0.5% and announces £75 billion asset purchase under its Asset Purchase Scheme [http://www.bankofengland.co.uk/markets/apf/] The Bank of England's balance sheet total reaches £227 billion [http://www.imf.org/external/pubs/ft/gfsr/2009/02/pdf/text.pdf] | |||
====Asia==== | |||
: The Bank of Japan's balance sheet total reaches Y110,000 billion [http://www.imf.org/external/pubs/ft/gfsr/2009/02/pdf/text.pdf]. | |||
{{subpages}} | {{subpages}} | ||
==The 1980s== | ==The 1980s== | ||
Line 95: | Line 176: | ||
====Asia==== | ====Asia==== | ||
Japan's consumer prices down 2.2% in September compared with the previous September. | Japan's consumer prices down 2.2% in September compared with the previous September. | ||
===2009 4th quarter=== | |||
====World==== | |||
====United States==== | |||
:The unemployment rate tops 10% in October. | |||
:Federal Reserve expects to keep its discount rate near zero until the end of Q1 2010, subject to stated circumstances [http://www.federalreserve.gov/newsevents/press/monetary/20091104a.htm] | |||
====Europe==== | |||
: Germany plans further fiscal stimulus - by tax cuts of about 1% of GDP#[http://www.upi.com/Top_News/International/2009/10/24/Merkel-36B-tax-cut-in-coalition-deal/UPI-42851256386989/] | |||
: Bank of England increases asset purchase programme by £25 billion to £200 billion[http://www.bankofengland.co.uk/publications/news/2009/081.htm] | |||
====Asia==== | |||
==Aftermath== | |||
<references/> | |||
===2009 4th quarter=== | ===2009 4th quarter=== |
Revision as of 12:19, 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 lenders 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 prompting a sudden loss of confidence in Money market funds and the onset of a credit crunch.
October
- 3 The (modified) $700 billion Paulson Plan (to purchase toxic assets) approved by Congress [18].
- The Dutch Fortis and ABN Amro banks are "nationalised" [19]. The German Hypo Real Estate bank is rescued [20].
- Iceland suffers an economic crisis [21].
- 6 The US Wachovia Corporation is to be rescued by a takeover by the Wells Fargo bank [22].
- 7 More European bank rescues [23].
- 8 UK Chancellor of the Exchequer Gordon Brown announces a £500 billion UK rescue plan to inject capital or take equity in banks and to guarantee interbank lending) [24] [25].
- A coordinated discount rate cut of half per cent by the central banks of the United States, Europe, China, Britain, Canada, Sweden and Switzerland [26].
- 10 LIBOR-OIS spreads reach over 350 basis points (compared with August 2007 rates of around 10 points)[27].
- 12 European Union leaders agree to adopt the UK rescue plan[28].
- 14 US President Bush announces new plans to inject capital, take equity in banks and guarantee interbank lending [29].
- 19 A German bank rescue package is agreed [30].
- 21 The US Federal Reserve Bank offers $540 billion loan support to money market mutual funds [31].
- 25 Denmark's Roskilde is bank to be taken over by its central bank [32].
November
- 23 The US Citigroup bank is rescued (the US government makes $20 billion cash injection and guarantees against loss on $306 billion of illiquid assets [33] [34] [35][36]
- The US Federal Reserve Bank promises to buy up to $500 billion worth of mortgage-backed securities guarantee by Fannie Mae and Freddie Mac and up to $100billion worth of their direct debt [37].
December
- 16 The US Federal Reserve Bank begins credit easing - open market operations raise the amount of base money from $0.9 trillion to $2.2 trillion [38]
2009
1st quarter
World
- The value of world trade by the G7 countries is 23% below that of Q1 2008, and the vale of OECD trade in goods has fallen by 30%[39]. Trade protection grows - World Bank reports 47 trade restrictions by 17 G20 countries [40]. Developing countries lose exports [41].
United States
- The American Recovery and Reinvestment Act(H.R. 1) (a $839 billion stimulus package [42]). The Financial Stability Plan (mandatory stress tests for major banks - financial assistance to households and businesses [43]). The Term Asset-backed Loan Facility (TALF)[44]. The Public-Private Partnership Investment Program [45] (for the purchase of $1 trillion worth of toxic assets from banks).
Europe
- The European Central Bank cuts MRO rate to 2% [46]
- The UK announces a fiscal stimulus (including a temporary reduction of the rate of value-added tax from 17.5% to 15%, a bringing forward of £3 billion of capital investment, and a range of minor tax reductions). The Bank of England starts quantitative easing [47] and asset protection [48][49]. The Bank of England cuts discount rate from 2% to 1.5% [50]. UK banks arelent £185 bn under the Special Liquidity Scheme [51]
- Germany introduces a major fiscal stimulus package [52]
2009, 2nd quarter
World
- Oil price rises - to over $70 per barrel
United States
- 10 banks repay Treasury loans' - received under the Troubled Asset Relief Program. The mark to market accounting rule is eased for inactive markets (to what an asset could fetch in an "orderly" transaction [53]
Europe
- The ECB discount rate is cut to 1 percent - the interest rate on the main refinancing operations of the Eurosystem be decreased by 25 basis points to 1.00%, from 13/05/09[54]. ECB quantitative easing starts - with plans to buy €60bn worth of bonds. [55] ECB balance sheet total reaches €2,000 billion [56].
- Ireland's supplementary budget - a number of tax increases and public expenditure cuts designed to reduce the deficit to 10.75 per cent of GDP for 2009 [57].
- The Bank of England discount rate is to reduced to0.5% and announces £75 billion asset purchase under its Asset Purchase Scheme [58] The Bank of England's balance sheet total reaches £227 billion [59]
Asia
- The Bank of Japan's balance sheet total reaches Y110,000 billion [60].
The 1980s
- Financial deregulation [61], [62].
- The US Savings and Loans crisis - failure of 296 US "Savings and Loans" mortgage lenders [63]
1990 - 2003
- Progressive discount rate cuts by Federal Reserve Bank (from 7% in 1990 t0 0.75% in 2003 [64].
- 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 [65] (Average 2006 house price about 70% above 2000 level)
2007
June
- 25 Two of the Bear Stearns Bank's suffer losses from mortgage defaults [66].
August
- 6 The American Home Mortgage Corporationgoes bankrupt [67].
- 9 The French bank BNP Paribas freezes its funds because it is unable to value their mortgage-backed assets. [68]
- 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 [69]
2008
January
- The US mortgage lender Countrywide is sold to Bank of America after its share price drops by 48% [70].
February
- The British Northern Rock bank is "nationalised [71].
March
- The US Bear Stearns bank is rescued following losses relating to mortgage-related assets by its hedge funds. [72]
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 [73].
June
- US house prices fall to 20% below their 2006 peak [74].
August
- The government-sponsored mortgage lenders Fannie Mae and Freddie Mac are rescued [75].
September
- 7 Fannie Mae and Freddie Mac are nationalised [76].
- 12 The Lehman Brothers investment bankgoes bankrupt[77] with losses of up to $160 billion to holders of its unsecured bonds prompting a sudden loss of confidence in Money market funds and the onset of a credit crunch.
October
- 3 The (modified) $700 billion Paulson Plan (to purchase toxic assets) approved by Congress [78].
- The Dutch Fortis and ABN Amro banks are "nationalised" [79]. The German Hypo Real Estate bank is rescued [80].
- Iceland suffers an economic crisis [81].
- 6 The US Wachovia Corporation is to be rescued by a takeover by the Wells Fargo bank [82].
- 7 More European bank rescues [83].
- 8 UK Chancellor of the Exchequer Gordon Brown announces a £500 billion UK rescue plan to inject capital or take equity in banks and to guarantee interbank lending) [84] [85].
- A coordinated discount rate cut of half per cent by the central banks of the United States, Europe, China, Britain, Canada, Sweden and Switzerland [86].
- 10 LIBOR-OIS spreads reach over 350 basis points (compared with August 2007 rates of around 10 points)[87].
- 12 European Union leaders agree to adopt the UK rescue plan[88].
- 14 US President Bush announces new plans to inject capital, take equity in banks and guarantee interbank lending [89].
- 19 A German bank rescue package is agreed [90].
- 21 The US Federal Reserve Bank offers $540 billion loan support to money market mutual funds [91].
- 25 Denmark's Roskilde is bank to be taken over by its central bank [92].
November
- 23 The US Citigroup bank is rescued (the US government makes $20 billion cash injection and guarantees against loss on $306 billion of illiquid assets [93] [94] [95][96]
- The US Federal Reserve Bank promises to buy up to $500 billion worth of mortgage-backed securities guarantee by Fannie Mae and Freddie Mac and up to $100billion worth of their direct debt [97].
December
- 16 The US Federal Reserve Bank begins credit easing - open market operations raise the amount of base money from $0.9 trillion to $2.2 trillion [98]
2009
1st quarter
World
- The value of world trade by the G7 countries is 23% below that of Q1 2008, and the vale of OECD trade in goods has fallen by 30%[99]. Trade protection grows - World Bank reports 47 trade restrictions by 17 G20 countries [100]. Developing countries lose exports [101].
United States
- The American Recovery and Reinvestment Act(H.R. 1) (a $839 billion stimulus package [102]). The Financial Stability Plan (mandatory stress tests for major banks - financial assistance to households and businesses [103]). The Term Asset-backed Loan Facility (TALF)[104]. The Public-Private Partnership Investment Program [105] (for the purchase of $1 trillion worth of toxic assets from banks).
Europe
- The European Central Bank cuts MRO rate to 2% [106]
- The UK announces a fiscal stimulus (including a temporary reduction of the rate of value-added tax from 17.5% to 15%, a bringing forward of £3 billion of capital investment, and a range of minor tax reductions). The Bank of England starts quantitative easing [107] and asset protection [108][109]. The Bank of England cuts discount rate from 2% to 1.5% [110]. UK banks arelent £185 bn under the Special Liquidity Scheme [111]
- Germany introduces a major fiscal stimulus package [112]
2009, 2nd quarter
World
- Oil price rises - to over $70 per barrel
United States
- 10 banks repay Treasury loans' - received under the Troubled Asset Relief Program. The mark to market accounting rule is eased for inactive markets (to what an asset could fetch in an "orderly" transaction [113]
Europe
- The ECB discount rate is cut to 1 percent - the interest rate on the main refinancing operations of the Eurosystem be decreased by 25 basis points to 1.00%, from 13/05/09[114]. ECB quantitative easing starts - with plans to buy €60bn worth of bonds. [115] ECB balance sheet total reaches €2,000 billion [116].
- Ireland's supplementary budget - a number of tax increases and public expenditure cuts designed to reduce the deficit to 10.75 per cent of GDP for 2009 [117].
- The Bank of England discount rate is to reduced to0.5% and announces £75 billion asset purchase under its Asset Purchase Scheme [118] The Bank of England's balance sheet total reaches £227 billion [119]
Asia
- The Bank of Japan's balance sheet total reaches Y110,000 billion [120].
2009 3rd quarter
World
- Money market confidence improves: LIBOR-OIS spreads fall to about 25 basis points (from a Q4 2008 peak of over 200, and compared with pre-crisis levels of around 10)[121].
United States
Europe
- UK GDP down 0.4% on Q2
- UK index of industrial production (August) 10.9% down on a August 2008.
Asia
Japan's consumer prices down 2.2% in September compared with the previous September.
2009 4th quarter
World
United States
- The unemployment rate tops 10% in October.
- Federal Reserve expects to keep its discount rate near zero until the end of Q1 2010, subject to stated circumstances [122]
Europe
- Germany plans further fiscal stimulus - by tax cuts of about 1% of GDP#[123]
- Bank of England increases asset purchase programme by £25 billion to £200 billion[124]
Asia
Aftermath
2009 4th quarter
World
United States
- The unemployment rate tops 10% in October.
- Federal Reserve expects to keep its discount rate near zero until the end of Q1 2010, subject to stated circumstances [125]
Europe
- Germany plans further fiscal stimulus - by tax cuts of about 1% of GDP#[126]
- Bank of England increases asset purchase programme by £25 billion to £200 billion[127]