Financial Collapse

Timeline created by NatFan9 in Personal

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Event Date:	Event Title:	Event Description:
08/02/2007	Cramer Speaks Out	Market Expert Jim Cramer, host of Mad Money, calls out the Federal Reserve on the borrowing rate. Video
09/18/2007	Fed Cuts Interest Rates Half a Percent	The Federal Reserve lowers interest rates by half a point (0.5%) in an attempt to limit damage to the economy from the housing and credit crises
10/09/2007	Dow Reaches All Time High	The Dow Jones Industrial Average, a compostion of 30 stocks, reaches its all time high of 14,164.53. It has yet to recover to that level. Source
03/16/2008	Bear Stearns is Bought Out	JPMorgan Chase buys investment bank Bear Stearns for $2 a share. The federal government backs the deal providing up to $30 billion to cover Bear's losses.
09/07/2008	Fannie Mae and Freddie Mac Nationalized	The government takes over mortgage giants Fannie Mae and Freddie Mac. Their stock pludges.
09/14/2008	Bank of America Buys Merrill Lynch	In a hasty deal that took place in under 48 hours, Bank of America buys banking giant Merrill Lynch for $50 billion. Source
09/15/2008	Lehman Collapse	Lehman Brothers Files for Bankruptcy
09/17/2008	AIG is Bailed Out	American Insurance Group or AIG is given $85 billion by the federal government to avoid bankruptcy.
09/29/2008	Dow Suffers its Greatest One-Day Drop	The Dow Jones Industrial Average falls 777.68 points after the House of Representatives rejects a bill to authorize $700 billion to spend on banks.
10/01/2008	$700 Billion Bailout Bill Passed	The senate passes HR1424, a bill that authorizes $700 billion dollars to be used to bail out banks,
10/06/2008	Dow Drops Below 10,000	The Dow Jones Industrial Average falls below 10,000 points for the first time since 2004.
10/08/2008	AIG Gets Another Loan From The Government	The Federal Reserve agrees to provide AIG with a loan of up to $37.8 billion, on top of the $85 billion loan it received in September.
10/09/2008	Dow Falls Below 9,000	Financial fears caused the Dow Industrial Average to drop to below 9,000 for the first time in five years. The Dow dropped almost 700 points to close at 8,579.19.
11/10/2008	AIG Gets Bigger Bailout	The government provides new financial assistance to troubled insurance giant American International Group, including pouring $40 billion into the company in return for partial ownership.
11/19/2008	Dow Drops Below 8,000	Wall Street hit its lowest level since 2003. The Dow Jones industrial average fell below the 8,000 mark. It dropped nearly 430 points to 7,997. The news came as major automakers await a decision from Congress about a bailout for their industry.
12/01/2008	US Enters Recession	The National Bureau of Economic Research announces that the US economy had officially entered a recession in December 2007, a full year earlier.
03/02/2009	Dow Dips Below 7,000	The Dow Jones Industrial Average plunges below 7,000 for first time since October 1997.
Timespan Dates:	Timespan Title:	Timespan Description:
12/01/2007 to 06/01/2010	US Is in Recession	The United States is in a recession due to the credit crisis.
10/08/2008 to 10/10/2008	Worst Week in the Stock Market in 75 Years	The Dow Jones Industrial Average drops 22.1%, down 40.3% since reaching a record high of 14,164.53 on October 9, 2007