Timeline of the Financial Crisis
Events of 2007
August, 2007: Liquidity crisis emerges[3][41][42]
September, 2007: Northern Rock seeks and receives a liquidity support facility from the Bank of England[43]
October, 2007: Record high US stock market October 9, 2007 Dow Jones Industrial Average (DJIA) 14,164[44]
Events of 2008
January, 2008: Stock Market Volatility
February, 2008: Nationalisation of Northern Rock[45]
March, 2008: Collapse of Bear Stearns
March, 2008: Federal takeover of Fannie Mae and Freddie Mac
September, 2008: Global Financial Crisis
September, 2008: Bankruptcy of Lehman Brothers
September, 2008: partial nationalization of Fortis holding
October, 2008: Large losses in financial markets world wide throughout September and October
October, 2008: Passage of EESA of 2008
October, 2008: Iceland's major banks nationalized
November, 2008: China creates a stimulus plan
November, 2008: Dow Jones Industrial Average (DJIA) touches recent low point of 7,507 points[citation needed]
December, 2008: The Australian Government injects 'economic stimulus package' to avoid the country going into recession, December, 2008
December, 2008: Madoff Ponzi scheme scandal erupts
Events of 2009
January 2009: U.S. President Barack Obama proposes federal spending bill approaching $1 trillion in value in an attempt to remedy financial crisis [46]
January 2009: Lawmakers propose massive bailout of failing U.S. banks [47]
January 2009: the U.S. House of Representatives passes the aforementioned spending bill.
January 2009: Government of Iceland collapses. [48]
February 2009: Canada's Parliament passes an early budget with a $40 billion stimulus package.
February 2009: JPMorgan Chase and Citigroup formally announce a temporary moratorium on residential foreclosures. The moratoriums will remain in effect until March 6 for JPMorgan and March 12 for Citigroup.[49]
February, 2009: U.S. President Barack Obama signs the $787 billion American Recovery and Reinvestment Act of 2009 into law. [50]
February 2009: The Australian Government seeks to enact another "economic stimulus package".
February, 2009: 2009 Eastern European financial crisis arises.
February 2009: The Bank of Antigua is taken over by the Eastern Caribbean Central Bank after Sir Allen Stanford is accused by US financial authorities of involvement in an $8bn (£5.6bn) investment fraud. Peru, Venezuela, and Ecuador, had earlier suspended operations at banks owned by the group. [51]
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