Recession of 2009/Timelines

(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%

German Chancellor rejects fiscal stimulus proposals ("senseless race to spend billions") [5].

Asia

China announces a $586 billion fiscal stimulus [6]

2009, 1st quarter

US Congress approves stimulus package - American Recovery and Reinvestment Act(H.R. 1) - a $839 billion stimulus package [7]

European Central Bank cuts MRO rate to 2% [8]

Bank of England cuts discount rate cut- from 2% to 1.5% [9].

banks lent £185 bn under the Special Liquidity Scheme [10]

2009, 2nd quarter

Bank of England cuts discount rate to 0.5% and announces £75 billion asset purchase under its Asset Purchase Scheme [11] . The beginning of its programme of quantitative easing [12].