Great Recession/Timelines: Difference between revisions

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===January.===
* 19 UK Fiscal and monetary stimulus [http://www.hm-treasury.gov.uk/press_05_09.htm]
* 19 UK '' Asset Protection Scheme'' [http://www.hm-treasury.gov.uk/press_07_09.htm] protection against credit losses in return for a fee.


===February.===
* 9  The US ''Financial Stability Plan''[http://www.financialstability.gov/docs/fact-sheet.pdf] - including [[stress test (banking)|stress tests]] and capital assistance for major banks, a $500-1000 billion ''Public-Private Investment Fund''[http://www.ustreas.gov/press/releases/tg65.htm], consumer and business lending and housing support.
* 13. The ''American Recovery and Reinvestment Act''(H.R. 1) [http://www.recovery.gov/About/Pages/The_Act.aspx]) - a $839  [[fiscal stimulus]] package including $288 billion in tax cuts and benefits, $224 billion in increased education and health spending, and a $275 billion for contracts, grants and loans.
===March.===
* 3 The US  ''Term Asset-backed Loan Facility ''[http://www.federalreserve.gov/monetarypolicy/20090303a.htm].
*  The US  ''Making Home Affordable'' Program [http://www.treas.gov/press/releases/reports/housing_fact_sheet.pdf] (provides public money to lenders to reduce a borrower’s monthly payments)
===April.===
* The [[G20 summit]]  agrees to increase [[International Monetary Fund|IMF]] funding to $750 billion; an increase in countries’ access to [[special drawing  right]]s and  $250 billion-worth of new global-trade guarantees.
===May.===
* The [[European Central Bank]] cut its main policy interest rate by a quarter of a percentage point, to 1%
* The [[Bank  of England]]  increases quantitative easing by raising  central-bank reserves from £75 billion ($113 billion) to £125 billion.
===June.===
* The [[European Central Bank]] lent €3 billion ($4.2 billion) to Sweden’s central bank
*  US banks repay $68 billion in loans they had received under the ''Troubled Asset Relief Program'' (including Morgan Chase, Goldman Sachs, Morgan Stanley and American Express).
* 27 The [[European Central Bank]] provides a €442 billion loan to the euro area’s banking system through an offer of unlimited one-year funds at 1% interest.
===July===
===August===
===September===
===October.===
* The Reserve Bank of Australia raised its main interest rate by 25 basis points, to 3.25%,
===November===
===December.===
* 9 The UKs ''Fiscal Consolidation Plan''[http://www.hm-treasury.gov.uk/press_118_09.htm]
* Greece’s [[credit rating agency|credit rating]] was downgraded to BBB+, with a negative outlook, by the ''Fitch'' [[credit rating agency]].
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Revision as of 04:38, 12 March 2010

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https://en.citizendium.org/wiki/index.php?title=Great_Recession/Timelines&printable=yes
A timeline (or several) relating to Great Recession.

2002-2007 US housing boom and bust

2007-2008 International financial panic

  • August 9: The French bank BNP Paribas freezes its funds because it is unable to value their mortgage-backed assets. [5]

2008-2009 The international policy response

The Banking systems rescues.

  • The UK's Gordon Brown offers unlimited support to all UK banks by capital support, equity purchase and lending guarantees [7][8], and similar action is agreed by European Union leaders [9] and the US President[10]and there are rescues of individual banks in Europe [11][12] [13][14] and the United States [12].

The coordinated monetary stimulus.

Agreement on a collective fiscal stimulus

Domestic measures

2009 Global downturn and (patchy) recovery


2009-201 The fiscal stability issue

References

  1. ↑ http://www2.standardandpoors.com/spf/pdf/index/CSHomePrice_Release_112766.pdf
  2. ↑ http://money.cnn.com/2007/05/14/real_estate/first_quarter_NAR_prices/index.htm
  3. ↑ http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=aYDTeHYnV3ms
  4. ↑ http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2208983.ece
  5. ↑ http://invest.bnpparibas.com/en/news/default.asp?Code=LPOI-75W9PV
  6. ↑ http://www.lehman.com/press/pdf_2008/091508_lbhi_chapter11_announce.pdf
  7. ↑ http://news.bbc.co.uk/1/hi/business/7658307.stm]
  8. ↑ [http://news.bbc.co.uk/1/hi/business/7658277.stm
  9. ↑ [http://www.latimes.com/business/la-fg-euecon13-2008oct13,1,7737780.story
  10. ↑ http://www.whitehouse.gov/news/releases/2008/10/20081014.html
  11. ↑ http://www.ft.com/cms/s/0/f93a9b08-91ad-11dd-b5cd-0000779fd18c.html
  12. ↑ 12.0 12.1 http://www.dw-world.de/dw/article/0,2144,3692522,00.html
  13. ↑ http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4894402.ece
  14. ↑ http://www.newsvine.com/_news/2008/08/25/1782809-danish-central-bank-rescues-nations-no-10-bank
  15. ↑ http://news.bbc.co.uk/1/hi/business/7658958.stm
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