Day | Date | Action |
Q3-Q4: 2007 | Subprime mortgage meltdown begins | |
Fri. | 30-May-08 | JP Morgan completes acquisition of Bear Stearns |
Sun. | 7-Sep-08 | U.S. Treasury seizes control of Fannie Mae and Freddie Mac, government-sponsored mortgage guarantors |
Sun. | 14-Sep-08 | Bank of America agrees to buy Merrill Lynch under terms set by the US Fed |
Mon. | 15-Sep-08 | Lehman Brothers files for bankruptcy |
Tues. | 16-Sep-08 | Treasury agrees to loan $85 billion to A.I.G.; takes control |
Wed. | 17-Sep-08 | Treasury/Fed worry about runs on money markets and investment banks |
Thurs. | 18-Sep-08 | Paulson and Bernanke present 3-page plan to Congressional leaders |
Sun. | 21-Sep-08 | Morgan Stanley and Goldman Sachs become regulated bank holding companies, ending era of Investment Banking |
Wed. | 24-Sep-08 | Economists submit letter in opposition to the original Paulson Plan, claiming it is unfair, ambiguous and short-sighted |
Thurs. | 25-Sep-08 | Regulators seize Washington Mutual Saving and Loan and arrange sale to JP Morgan Chase |
Sun. | 28-Sep-08 | First draft of Emergency Economic Stabilization Act of 2008 (HR 3997) |
Mon. | 29-Sep-08 | HR 3997 fails to pass the U.S. House |
Wed. | 1-Oct-08 | Senate passes HR 1424, a modified version of the bill |
Fri. | 3-Oct-08 | Congress passes HR 1424 and President G.W. Bush signs it into law |
Week ending 10/10 | Dow Jones loses 18% of value in one week. | |
Sat. | 11-Oct-08 | G7 finance ministers, then Group of 20 meet at White House to coordinate policy |
Mon. | 13-Oct-08 | Paulson and Bernanke meet with leaders of 9 largest banks. Get agreement on direct infusion of cash |
Mon. | 10-Nov-08 | AIG bailout restructured to include $60 billion loan from US Federal Reserve, $40 billion in securities purchased by US Treasury, and credit lines of up to $30 billion backed by Credit Default Swaps and $22.5 billion against mortgage-backed securities |
A collection of posts about the US Economy is maintained here.
To learn more about our work in consulting, please see our Profile, or read some of our Case Studies.
Contact JP Farrell & Associates, Inc.
Print this post
Posts
