Timeline of the 2008 Financial Crisis

1 Oct

Here is a timeline I put together:\

  • Feb 13 2008
    • Feds give taxpayers $168 billion (stimulus package) in a desperate attempt to boost the economy
  • Feb 17 2008
    • Northern Rock goes belly up, Bank of England bails it out for $47 billion of British taxpayer money
  • Mar 16 2008
    • Bear Stearns goes belly up, J.P. Morgan Chase buys it for $1.2 billion. Feds finance this deal with taxpayer money.
  • May 2008
    • Feds infuse banks with over $260 billion in capital in an attempt to keep them afloat.
  • Sept 7 2008
    • Fannie Mae and Freddie Mac fail, are bought out by the federal government with over $200 billion of taxpayer money
  • Sept 14 2008
    • Merryl Lynch goes belly up, Bank of America buys it for $50 billion
  • Sept 15 2008

    • Single largest bankruptcy in recorded history (158 year old Lehman Brothers)
  • Sept 16 2008
    • AIG, largest insurer in the world goes bankrupt. Federal government bails it out for $85 billion of taxpayer money
  • Sept 24
    • Washington Mutual (120 year old WaMu) goes bankrupt. Single largest bank failure in US history. Talks still ongoing regarding saleof its assets.
  • Sept 29 2008
    • Single highest point drop to the stock market in recorded history, $1.2 TRILLION is lost in a single day.
    • Single Largest government bailout package in recorded history is brought for approval
    • Bradford & Bingley goes belly up, is bought out by Spanish bank Santader for £612 million.
    • Desperate US Gov increases available Term Auction Facility to $300 billion
    • Wachovia goes belly up, is purchased by CitiGroup for $2.2 Billion

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