imported>Nick Gardner |
imported>Nick Gardner |
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| {{TOC|right}}
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| A timeline that provides links to news reports, for each of seven aspects of the Great Recession.<br>
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| For a consecutive sequence of the main events of the recession see the timelines of [[subprime mortgage crisis/Timelines|the subprime mortgage crisis]], [[crash of 2008/Timelines|the crash of 2008]], and [[recession of 2009/Timelines|the recession of 2009]]; and for an account of events in selected regions and countries see the [[Great Recession/Addendum|addendum to this article]]
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| ==2000-2007 US housing boom and bust ==
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| * The average price of a US house increased by about 70% between 2000 and 2006 [http://www2.standardandpoors.com/spf/pdf/index/CSHomePrice_Release_112766.pdf] and then fell to 6.5% below the 2006 peak by July 2007[http://money.cnn.com/2007/05/14/real_estate/first_quarter_NAR_prices/index.htm].
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| * The [[subprime mortgage crisis]]
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| * [[Crash of 2008/Timelines#Prelude to the Crash (2001 - June 2007)|Prelude to the Crash (2001 - June 2007)]]
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| ==2007-2008 International financial panic==
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| * [[crash of 2008/Timelines#The Crash stage 1 (June - July 2007)|The Crash stage 1 (June - July 2007)]]
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| * [[crash of 2008/Timelines#The Crash stage 2 (August 2007 - September 2008)|The Crash stage 2 (August 2007 - September 2008)]]
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| * [[crash of 2008/Timelines#The Crash stage 3 (September - December 2008)|The Crash stage 3 (September - December 2008)]]
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| <small>
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| [[Great Recession/Timelines#2000-2007 US housing boom and bust|'''(RETURN TO TOP)''']]
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| </small>
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| ==2008-2009 The policy response==
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| ===Financial policy===
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| * The UK offered unlimited support to all UK banks by capital support, equity purchase and lending guarantees [http://news.bbc.co.uk/1/hi/business/7658307.stm] [http://news.bbc.co.uk/1/hi/business/7658277.stm], and similar action was agreed by European Union leaders [http://www.latimes.com/business/la-fg-euecon13-2008oct13,1,7737780.story], the Bank of Japan[http://www.boj.or.jp/en/type/exp/seisaku_cfc/index.htm#0101] and the US President [http://www.nytimes.com/2008/10/12/business/12imf.html], and there are rescues of individual banks in Europe [http://www.ft.com/cms/s/0/f93a9b08-91ad-11dd-b5cd-0000779fd18c.html][http://www.dw-world.de/dw/article/0,2144,3692522,00.html] [http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4894402.ece][http://www.newsvine.com/_news/2008/08/25/1782809-danish-central-bank-rescues-nations-no-10-bank] [http://www.dw-world.de/dw/article/0,2144,3692522,00.html].
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| ::::::{|class="wikitable"
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| !Rescue measure
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| ! US
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| ! Japan
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| ! UK
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| !Germany
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| ! France
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| ! Italy
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| |-
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| |Increase deposit insurance
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| |align="center"|x
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| |align="center"|
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| |align="center"|x
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| |align="center"|x
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| |align="center"|<ref>Already high</ref>
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| |align="center"|x
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| |-
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| |Guarantee or buy bad debts
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| |align="center"|x
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| |align="center"|x
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| |align="center"|x
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| |align="center"|x
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| |align="center"|x
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| |align="center"|
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| |-
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| |Inject capital
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| |align="center"|x
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| |align="center"|x
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| |align="center"|x
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| |align="center"|x
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| |align="center"|
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| |align="center"|x
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| |-
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| |Nationalise
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| |align="center"|x
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| |align="center"|
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| |align="center"|x
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| |align="center"|
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| |align="center"|
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| |align="center"|
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| |-
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| |Ring fence bad assets
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| |align="center"|x
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| |align="center"|
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| |align="center"|x
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| |align="center"|
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| |align="center"|
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| |align="center"|
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| |-
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| |Plan to purchase toxic assets
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| |align="center"|x
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| |align="center"|
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| |align="center"|
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| |align="center"|x
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| |align="center"|
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| |align="center"|
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| |}
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| ::::::::<references/>
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| ::Source: OECD Economic Outlook March 2009 Table 1.4 [http://browse.oecdbookshop.org/oecd/pdfs/browseit/1208051E.PDF]
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|
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| <small>
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| [[Great Recession/Timelines#2000-2007 US housing boom and bust|'''(RETURN TO TOP)''']]
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| </small>
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|
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| ===Monetary policy===
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| * Coordinated [[monetary policy]] in the form of a [[discount rate]] cut of a half per cent was taken 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](in October) followed by progressive reductions to reach 1/4 per cent in the United States[http://www.federalreserve.gov/newsevents/press/monetary/20081216b.htm]. (December), 1/2 per cent in the United Kingdom [http://www.bankofengland.co.uk/publications/minutes/mpc/pdf/2009/mpc0903.pdf.] (March) and 1 per cent in the [[Eurozone]][http://www.ecb.int/press/pr/date/2009/html/pr090507.en.html] (May)
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| * [[Quantitative easing]] (or "[[credit easing]]" in the case of the United States) was introduced by the [[central bank]]s of the United States[http://www.federalreserve.gov/newsevents/press/monetary/20081216b.htm][http://online.wsj.com/article/SB122948091644013041.html][http://www.federalreserve.gov/newsevents/speech/bernanke20090113a.htm] (in December), the United Kingdom[http://www.hm-treasury.gov.uk/d/ck_letter_boe290109.pdf] (in January) and the [[Eurozone]][http://www.ecb.int/press/pressconf/2009/html/is090507.en.html] (in May).
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| ===Fiscal policy===
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| * The first [[G20 summit]] of leaders of the [[Group of Twenty]] countries agreed to adopt expansionary [[fiscal policy|fiscal policies]] (November 2008)
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| * Fiscal stimulus packages ranging from 1.3 per cent of GDP (France) to 4.8 per cent of GDP (United States) were launched in 2008 and early 2009 by the [[G7 countries]] and China.
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| :::::{|class = "wikitable"
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| ! % of GDP
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| !align="center"| 2008
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| !align="center"| 2009
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| !align="center"| 2010
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| !align="center"| Total
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| |-
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| |align="center"|United States
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| |align="center"|1.1
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| |align="center"|2.0
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| |align="center"|1.8
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| |align="center"|4.8
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| |-
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| |align="center"|United Kingdom
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| |align="center"|0.2
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| |align="center"|1.4
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| |align="center"|-0.1
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| |align="center"|1.5
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| |-
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| |align="center"|Germany
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| |align="center"|0.0
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| |align="center"|1.5
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| |align="center"|2.0
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| |align="center"|3.4
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| |-
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| |align="center"|France
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| |align="center"|0.0
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| |align="center"|0.7
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| |align="center"|0.7
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| |align="center"|1.3
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| |-
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| |align="center"|Japan
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| |align="center"|0.4
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| |align="center"|1.4
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| |align="center"|0.4
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| |align="center"|2.2
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| |-
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| |align="center"|Canada
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| |align="center"|0.0
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| |align="center"|1.5
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| |align="center"|1.3
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| |align="center"|2.7
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| |-
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| |align="center"|China
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| |align="center"|0.4
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| |align="center"|2.0
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| |align="center"|2.0
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| |align="center"|4.4
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| |}
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|
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| ::(Source: IMF estimates February 2009 [http://www.imf.org/external/np/pp/eng/2009/020109.pdf])
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| <small>
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| [[Great Recession/Timelines#2000-2007 US housing boom and bust|'''(RETURN TO TOP)''']]
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| </small>
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| ==2007 - 2009 Global downturn ==
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| * [[Recession of 2009/Timelines#2009, 1st quarter|The recession of 2009]]
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| ==2010 Recovery==
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| * [[Recession of 2009/Timelines#2010| A hesitant recovery]]
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| <small>
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| [[Great Recession/Timelines#2000-2007 US housing boom and bust|'''(RETURN TO TOP)''']]
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| </small>
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