Recession of 2009/Timelines: Difference between revisions
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imported>Nick Gardner |
imported>Chris Day |
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===2008, 4th quarter=== | ===2008, 4th quarter=== | ||
World | '''World | ||
:The oil price falls. (November US light $60/barrel, down fron July $147 peak)[http://www.msnbc.msn.com/id/12400801/]. | :The oil price falls. (November US light $60/barrel, down fron July $147 peak)[http://www.msnbc.msn.com/id/12400801/]. | ||
United States | '''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 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]. | : Federal Reserve Bank cuts its discount rate to 0 to 1/4 per cent [http://www.federalreserve.gov/newsevents/press/monetary/20081216b.htm]. | ||
Europe | '''Europe | ||
: European Central Bank cuts MRO rate from 3.75% to 2.5" [http://www.ecb.int/stats/monetary/rates/html/index.en.html#data] | : European Central Bank cuts MRO rate from 3.75% to 2.5" [http://www.ecb.int/stats/monetary/rates/html/index.en.html#data] | ||
: Bank of England cuts bank rate from 4.5% to 2% | : Bank of England cuts bank rate from 4.5% to 2% | ||
Asia | '''Asia | ||
: China announces a $586 billion fiscal stimulus [http://us.ft.com/ftgateway/superpage.ft?news_id=fto111020081508401348] | : China announces a $586 billion fiscal stimulus [http://us.ft.com/ftgateway/superpage.ft?news_id=fto111020081508401348] | ||
Revision as of 15:59, 23 March 2009
- (for the preceding timeline see the article on the Crash of 2008)
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].
Europe
- European Central Bank cuts MRO rate from 3.75% to 2.5" [4]
- Bank of England cuts bank rate from 4.5% to 2%
Asia
- China announces a $586 billion fiscal stimulus [5]
2009, 1st quarter
- US Congress approves stimulus package - American Recovery and Reinvestment Act(H.R. 1) - a $839 billion stimulus package [6]
- European Central Bank cuts MRO rate to 2% [7]
- Bank of England cuts discount rate cut- from 2% to 1.5% [8].
- banks lent £185 bn under the Special Liquidity Scheme [9]