Transcript
Economic RecessionTimeline
(2007-?)
Stephanie Beyda, Jordan Gaffin & Michael Friedman
February 2007
• The recession began when Federal Home Loan Mortgage Corporation announces that it will no longer buy sub prime mortgages
April 2007
• New Century Financial
Corporation, a major sub prime mortgage lender,
filed for bankruptcy protection.
June 2007
• Standard and Poor’s Investor
Services downgrade over
100 bonds
July 2007
• Countrywide Financial
Corporation warns of “difficult conditions.”
• Bear Stearns clears two funds that invested in various types of
mortgage-backed securities.
August 2007
• American Home Mortgage
Investment Corporation files for bankruptcy
October 2007
• U.S. Treasury announces the HOPE
NOW initiative, an alliance of investors, servicers, mortgage market participants,
and credit and homeowners’
counselors encouraged by the Treasury
Department and the Department of Housing
and Urban Development.
February 2008
• President Bush signs the Economic
Stimulus Act of 2008 into law.
May 2008
• President George W. Bush offered $770 million for food crisis
June 2008
• President George W. Bush called on Congress to end a 27-year ban on drilling for oil in coastal waters, to reduce dependence on imports. Which was a great attempt to stabilize the economy
July 2008
• The House of Representatives passed a massive housing rescue bill that could help struggling homeowners get cheaper loans, which was later approved by the Senate
September 2008
• The US is set to take 'unprecedented measures' to tackle the crisis gripping US financial markets
• Talk about bailouts begin
October 2008
• The house backs a $700 billion bailout plan. The package is to buy the bad debts of failing financial institutions on Wall Street.
November 2008
• Obama is elected president and promises to fix the economy, as soon as possible
December 2008
• US Senate unveils a auto bail out plan
• Bank of America cuts 30,000 jobs
• Unemployment rates soar
January 2009
• President-elect Barack Obama's economic adviser tells Congress that the need for the remaining $350 billion bailout is immenent
• The house approves stimulus package
March 2009
• AIG receives bailout #4
• Current Stock Market Bottom (low of 6440.08, peak-to-trough decline of 54.9%)
April 2009
• BLS Unemployment report shows 8.5% of Americans out of work.
• Chrysler, LLC files for Chapter 11
June 2009
• General Motors files for Chapter 11
• President Barack Obama plans to aide the economic crisis by creating new green jobs, which will benefit the environment and unemployment rate
THE END
top related