The Recession Timeline Diorama

2010 Mint.com byJess.net 2008 2010 2009 2007 August: worldwide "credit crunch" as subprime mortgage backed securities are discovered in portfolios of banks and hedge funds around the world, from BNP Paribas Many lenders stop offering home equity loans and "stated income" loans. Federal Reserve injects about $100B into the money supply for banks to borrow at a low rate. September 14: A run on the bank forms at the United Kingdom's Northern Rock bank precipitated by li- quidity problems related to the subprime crisis. November l: Federal Reserve injects $41B into the money supply' for banks to borrow at a low rate. March 18: The government brokers a deal for JP Morgan to buy the collapsed July 30: Housing and Eco- nomic Recovery Act passes. March 30: Recession deepens with a 6.4% drop in activity. December 31: Unem- ployment rate is 10%. Year end foreclosures total 3.9 million. December 12: Federal July 19: Dow Jones Industrial Average closes above 14,000 for the first time in its history August 6: American Home Mortgage files for chapter 11 bankruptcy. Reserve injects $40B more into the money supply for banks to borrow at a low rate. January 30: Federal Reserve lowers the federal funds rate by 50 basis points to 3.00 percent. June: Hooray! The recession is officially over, according to the National Bureau of Economic Research. (Announced in September July 17: More than 70% of Americans still think we are in a recession. THE RECESSION TIMELINE DIORAMA 2007-2010 Bank of China. brokerage Bear Sterns. June 30: The US economy rebounds, growing 1.5% in the second quarter. December 30: The US economy declines 5.4% in the fourth quarter. Foreclosures up 81% over 2007, totaling over 3.1 million. October 29: US Economy expands 2.9% in the 3rd quarter. September 30: Unemployment rate is 9.6% -- higher than at the end of the 2010.) The longest since World War II. April 30: Unemployment rate is 9.9% recession. August 16: Countrywide Finan- cial Corporation, the biggest U.S. mortgage lender, takes an emergency loan of $11 billion from a group of banks. September 30: Swiss bank June 30: The US economy January 11: Federal Reserve lowers the federal funds rate by 75 basis points to 3.50 percent. $690 million in the third quarter of 2007. only declines 1% for the second quater. December 1l: Federal Reserve lowers the federal funds rate by 25 basis points to 4.25 percent. September 30: Not for March 11: Central banks inject $200B into the world long: the US economy shrinks 2.7% in the third quarter. June 30: Unemployment rate is 9.5% February: One in 8 Americans, or 40 June: 528,000 homes have been forclosed on in the first 6 months of 2010. August 19: Jobless March 30: Canada, Ger- many, France, China and Japan post quarterly GDP growth. The US economy August 31, once the largest subprime lender in the U.S., goes out of business. economy to calm jittery credit markets. October 31: Unemploy- ment rate is 10.1% million, are en- rolled to receive food stamps. The claims rise to 500,000, the highest Ameriquest, WHERE DID OUN highest on record. level in 9 months. shrinks by .7% S GO NYSE E roneA SALE GIVE US STOCK UP Countrywid OUR $$ BAC OD CO AWIAU.S.DEPARTMENT OF AGRIGULTU STOCK UP SALE HOME NOT FOL SALE FOOD COUPON northern rock DeYSE Euronent RECESSION SALE DOLA AMERIQUEST UBS EPARTMENTO TUL Y JPMorganS FOOD 81519313 TIME MOVING & STORAGE HUGE CLEARANE FOUNDED Irae (718) 855-10 DJIA 14,066 1,011 PRICE REDUCE FORECLOSURE SAL BANK OWNED FRA SALE PRICE REDUCE SAL ewwwwwm FRE 6606 FORECLOSURE BANK FORECLOSURE FOA PRICE REDICE FORECLOSURE SALE ERA BANK OWNED SALE BANK OWNED BANK OWNED FORECLOSURE