Recession of 2009/Timelines

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].