Crash of 2008/Timelines: Difference between revisions
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'''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]. | '''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''' [https://www.clevelandfed.org/research/Commentary/1995/0901.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] | '''Savings and Loans crisis''' - Failure of 296 US "''Savings and Loans''" mortgage lenders [http://www.fdic.gov/bank/analytical/banking/2000dec/brv13n2_2.pdf] | ||
Revision as of 14:03, 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 [5].
Savings and Loans crisis - Failure of 296 US "Savings and Loans" mortgage lenders [6]
1987 stock market crash [7]
The 1990s
Failure of a further 451 US "Savings and Loans" mortgage lenders.
Asian banking crisis [8].
'Basel I' recommended banking regulations published [9].
The year 2007 (summary)
US Subprime mortgage crisis [10].
US house prices fall throughout 2007 (fall 8% below 2006 peak) [11].
Large bank writedowns and losses at Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Citigroup and HSBC.
2007
August
American Home Mortgage bankrupt [12].
Collapse of interbank markets
September
UK Northern Rock bank run [13]
2008
January
'Basel II' banking regulation recommendations take effect [14]
US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% [15].
February
British government nationalises Northern Rock bank [16].
June
US house prices 20% below 2006 peak [17].
July
US Housing and Economic Recovery Act [18].
August
US Government's Fannie Mae and Freddie Mac rescue [19].
September
7 Fannie Mae and Freddie Mac nationalised [20].
12 Lehman Brothers seek bankruptcy protection [21]
15 US Federal Reserve Bank rescues Bear Stearns bank [22].
17 US government nationalises American Insurance Group [23].
- Russian stockmarket meltdown [24]
- UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB [25].
18 US Treasury and Federal Reserve Bank propose a scheme to take "toxic assets" out of the US banking system [26]
- UK temporary ban on short selling [27].
23 US Federal Reserve Bank protects Goldman Sachs and Morgan Stanley banks[28].
- FBI to investigate possibility of fraud at Fannie Mae, Freddie Mac, Lehman Bros and AIG [29].
25 US President's warning: "major sectors of America’s financial system are at risk of shutting down” leading to "long and painful recession" [30].
26 Washington Mutual closed by regulator. Assets sold to JPMorgan Chase [31].
- Central Banks offer extra loans to banks. Coordinated action by US, UK, European and Swiss central banks [32].