Recession of 2009/Timelines
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- (for the preceding timeline see the article on the crash of 2008.)
2008, 4th quarter
World
- The oil price falls. (November US light $60/barrel, down fron July $147 peak)[1].
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 [2].
- Federal Reserve Bank cuts its discount rate to 0 to 1/4 per cent [3].
Europe
- European Central Bank cuts MRO rate from 3.75% to 2.5" [4]
- Bank of England cuts bank rate from 4.5% to 2%
Asia
- China announces a $586 billion fiscal stimulus [5]
2009, 1st quarter
- US Congress approves stimulus package - American Recovery and Reinvestment Act(H.R. 1) - a $839 billion stimulus package [6]
- European Central Bank cuts MRO rate to 2% [7]
- Bank of England cuts discount rate cut- from 2% to 1.5% [8].
- banks lent £185 bn under the Special Liquidity Scheme [9]
2009, 2nd quarter
- Bank of England cuts discount rate to 0.5% and announces £75 billion asset purchase programme (quantitative easing) [10].