Recession of 2009/Timelines: Difference between revisions
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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] | ||
===2009, 1st quarter=== | |||
President-elect Obama proposes major fiscal stimulus [http://www.ft.com/cms/s/0/58ee3966-dd9d-11dd-930e-000077b07658.html]. | |||
Bank of England cuts discount rate cut- from 2% to 1.5% [http://www.bankofengland.co.uk/publications/news/2009/001.htm]. | |||
Revision as of 06:51, 9 January 2009
2008, 4th quarter
The oil price falls. (November US light $60/barrel, down fron July $147 peak)[1].
UK output falls - by 0.5% between second and third quarters of 2008 [2].
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]
US 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].
China's GDP growth rate falls - to a 9 per cent increase in the third quarter of 2008 over the 3rd quarter of 2007 [4]
China announces a $586 billion fiscal stimulus [5]
2009, 1st quarter
President-elect Obama proposes major fiscal stimulus [6].
Bank of England cuts discount rate cut- from 2% to 1.5% [7].