Recession of 2009/Timelines: Difference between revisions
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imported>Nick Gardner |
imported>Nick Gardner |
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:''(for the preceding timeline see the article on the [[Crash of 2008]])'' | :''(for the preceding timeline see the article on the [[Crash of 2008]])'' | ||
''(for earlier events see the crash of 2008 timelines [[http://en.citizendium.org/wiki/Crash_of_2008/Timelines]])'' | |||
===2008, 4th quarter=== | ===2008, 4th quarter=== | ||
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: 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% | ||
: Britain | : Britain adopts a major fiscal stimulus package [http://www.hm-treasury.gov.uk/pbr_csr07_index.htm]. | ||
: German Chancellor rejects fiscal stimulus policies ("senseless race to spend billions") [http://www.dw-world.de/dw/article/0,,3843486,00.html]. | : German Chancellor rejects fiscal stimulus policies ("senseless race to spend billions") [http://www.dw-world.de/dw/article/0,,3843486,00.html]. | ||
Revision as of 02:52, 14 May 2009
- (for the preceding timeline see the article on the Crash of 2008)
(for earlier events see the crash of 2008 timelines [[1]])
2008, 4th quarter
World
- The oil price falls. (November US light $60/barrel, down fron July $147 peak)[2].
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 [3].
- Federal Reserve Bank cuts its discount rate to 0 to 1/4 per cent [4].
Europe
- European Central Bank cuts MRO rate from 3.75% to 2.5" [5]
- Bank of England cuts bank rate from 4.5% to 2%
- Britain adopts a major fiscal stimulus package [6].
- German Chancellor rejects fiscal stimulus policies ("senseless race to spend billions") [7].
Asia
- China announces a $586 billion fiscal stimulus [8]
2009, 1st quarter
- US Congress approves stimulus package - American Recovery and Reinvestment Act(H.R. 1) - a $839 billion stimulus package [9]
- European Central Bank cuts MRO rate to 2% [10]
- Bank of England cuts discount rate cut- from 2% to 1.5% [11].
- banks lent £185 bn under the Special Liquidity Scheme [12]
- Germany introduces major fiscal stimulus package [13]