Recession of 2009/Timelines

(for earlier events see the crash of 2008 timelines [[1]])

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

US Congress approves stimulus package - American Recovery and Reinvestment Act(H.R. 1) - a $839 billion stimulus package [10]

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]

2009, 2nd quarter

Oil price rises - to over $70 per barrel

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].