Crash of 2008/Timelines: Difference between revisions
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==The 1980s== | ==The 1980s== | ||
'''Financial deregulation''' In the USA [http://landru.i-link-2.net/monques/dereg80.html], [http://www.fdic.gov/regulations/laws/rules/8000-4100.html], the UK [http://www.legislation.gov.uk/RevisedStatutes/Acts/ukpga/1986/cukpga_19860053_en_1]. | '''Financial deregulation''' In the USA [http://landru.i-link-2.net/monques/dereg80.html], [http://www.fdic.gov/regulations/laws/rules/8000-4100.html], the UK [http://www.legislation.gov.uk/RevisedStatutes/Acts/ukpga/1986/cukpga_19860053_en_1] and elsewhere [http://www.bis.org/publ/econ43.pdf?noframes=1]. | ||
'''First ''CMO'' issued''' | '''First ''CMO'' issued''' | ||
Revision as of 13:57, 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] and elsewhere [4].
First CMO issued
Savings and Loans crisis - Failure of 296 US "Savings and Loans" mortgage lenders [5]
1987 stock market crash [6]
The 1990s
Failure of a further 451 US "Savings and Loans" mortgage lenders.
Asian banking crisis [7].
'Basel I' recommended banking regulations published [8].
The year 2007 (summary)
US Subprime mortgage crisis [9].
US house prices fall throughout 2007 (fall 8% below 2006 peak) [10].
Large bank writedowns and losses at Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Citigroup and HSBC.
2007
August
American Home Mortgage bankrupt [11].
Collapse of interbank markets
September
UK Northern Rock bank run [12]
2008
January
'Basel II' banking regulation recommendations take effect [13]
US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% [14].
February
British government nationalises Northern Rock bank [15].
June
US house prices 20% below 2006 peak [16].
July
US Housing and Economic Recovery Act [17].
August
US Government's Fannie Mae and Freddie Mac rescue [18].
September
7 Fannie Mae and Freddie Mac nationalised [19].
12 Lehman Brothers seek bankruptcy protection [20]
15 US Federal Reserve Bank rescues Bear Stearns bank [21].
17 US government nationalises American Insurance Group [22].
- Russian stockmarket meltdown [23]
- UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB [24].
18 US Treasury and Federal Reserve Bank propose a scheme to take "toxic assets" out of the US banking system [25]
- UK temporary ban on short selling [26].
23 US Federal Reserve Bank protects Goldman Sachs and Morgan Stanley banks[27].
- FBI to investigate possibility of fraud at Fannie Mae, Freddie Mac, Lehman Bros and AIG [28].
25 US President's warning: "major sectors of America’s financial system are at risk of shutting down” leading to "long and painful recession" [29].
26 Washington Mutual closed by regulator. Assets sold to JPMorgan Chase [30].
- Central Banks offer extra loans to banks. Coordinated action by US, UK, European and Swiss central banks [31].