Recession of 2009/Timelines: Difference between revisions
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===2008, 4th quarter=== | ===2008, 4th quarter=== | ||
The oil price falls. (November US light $60/barrel, down fron July $147 peak)[http://www.msnbc.msn.com/id/12400801/]. | World | ||
:The oil price falls. (November US light $60/barrel, down fron July $147 peak)[http://www.msnbc.msn.com/id/12400801/]. | |||
United States | |||
: 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]. | |||
: Federal Reserve Bank cuts its discount rate to 0 to 1/4 per cent [http://www.federalreserve.gov/newsevents/press/monetary/20081216b.htm]. | |||
UK output falls - by 0.5% between second and third quarters of 2008 [http://news.bbc.co.uk/2/hi/business/7686552.stm]. | UK output falls - by 0.5% between second and third quarters of 2008 [http://news.bbc.co.uk/2/hi/business/7686552.stm]. | ||
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US output falls - by 0.3% between second and third quarters of 2008 [6] | US output falls - by 0.3% between second and third quarters of 2008 [6] | ||
China's GDP growth rate falls - to a 9 per cent increase in the third quarter of 2008 over the 3rd quarter of 2007 [http://www.econbrowser.com/archives/2008/10/middle_kingdom.html] | China's GDP growth rate falls - to a 9 per cent increase in the third quarter of 2008 over the 3rd quarter of 2007 [http://www.econbrowser.com/archives/2008/10/middle_kingdom.html] | ||
Revision as of 04:26, 14 January 2009
2008, 4th quarter
World
- The oil price falls. (November US light $60/barrel, down fron July $147 peak)[1].
United States
- 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 [2].
- Federal Reserve Bank cuts its discount rate to 0 to 1/4 per cent [3].
UK output falls - by 0.5% between second and third quarters of 2008 [4].
Bank of England slashes its discount rate by an unprecedented 1.5 per cent to 3 per cent.
US output falls - by 0.3% between second and third quarters of 2008 [6]
China's GDP growth rate falls - to a 9 per cent increase in the third quarter of 2008 over the 3rd quarter of 2007 [5]
China announces a $586 billion fiscal stimulus [6]
2009, 1st quarter
President-elect Obama proposes major fiscal stimulus [7].
Bank of England cuts discount rate cut- from 2% to 1.5% [8].