Recession of 2009/Timelines
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(for earlier events see the crash of 2008 timelines [[1]])
Timelines 2008-2010
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 bank rescue package is agreed [7].
- German Chancellor rejects fiscal stimulus policies ("senseless race to spend billions") [8].
Asia
- China announces a $586 billion fiscal stimulus [9]
2009, 1st quarter
World
United States
- US Congress approves stimulus package - American Recovery and Reinvestment Act(H.R. 1) - a $839 billion stimulus package [10]
Europe
- European Central Bank cuts MRO rate to 2% [11]
- Bank of England cuts discount rate cut- from 2% to 1.5% [12].
- banks lent £185 bn under the Special Liquidity Scheme [13]
- Germany introduces major fiscal stimulus package [14]
Asia
2009, 2nd quarter
World
- Oil price rises - to over $70 per barrel
United States
Europe
- Bank of England cuts discount rate to 0.5% and announces £75 billion asset purchase under its Asset Purchase Scheme [15] . The beginning of its programme of quantitative easing [16].