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by summer of 2007 the housing market isin trouble. Prices are falling and inventories and forclosures are rising
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Rumors that Bear Stearns is in trouble starts circulating
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Bear's CEO, Alan Schwartz, goes on CNBC and is confronted with the question on whether or not Bear's most important client Goldman Sachs is beginning to desert the firm
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The Race to find a buyer. Prohibited from directly lending to Bear, The Fed works out a plan to loan money to JP Morgan who in turn will loan the money to Bear
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Treasury Secretary Henry Paulson sends a message that "Financial Institutions Must Be Allowed to Fail" Bear Stocks sell for $2 a share
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Fannie and Freddie the worldest largest mortgage lenders are hammered by losses related to the housing crisis. In mid-July their stocks fall more than 60%
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Fed takes control of Fannie and Freddie
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Lehman;s stck plunges 45% . They had made billions in the now-toxic, high-risk real estate market and couldn't secure extra financing from other banks. they had no success
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Concerned about moral hazard, Paulson makes clear that there will be no bailout for Lehman
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Concerned about moral hazard, Paulson makes clear that there will be no bailout for Lehman
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Concerned about moral hazard, Paulson makes clear that there will be no bailout for Lehman
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Concerned about moral hazard, Paulson makes clear that there will be no bailout for Lehman
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After Lehman goes under, the stock market nosedives and globle credit market freezes
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Paulson and Bernanke go to Congress to present to rescue planto congressional leadership. 'Ifwe don't do this,we may not have an economy on Monday," warns Bernanke
