主题：【资料整理】美国次贷危机时间表 -- 飞扬的心

Worldwide "credit crunch"

August 6 2007: American Home Mortgage, one of the largest U.S. independent home loan providers, files for Chapter 11 bankruptcy.

August 9: Short-term credit markets froze up after BNP Paribas freezes redemptions for three investment funds, citing an inability to value them in the current environment because the market had disappeared. The bank's announcement is the first of many credit-loss and write-down announcements by banks, mortgage lenders and other institutional investors.

August 9: the ECB injects 95 billion of overnight liquidity into the interbank market, marking the beginning of a set of extraordinary moves by the central bank community.

August 10: the European Central Bank provided an extra 61 billion euros of funds for banks. The Federal Reserve conducts three extraordinary auctions of overnight funds, injecting a total of $38 billion, and issues a statement similar to that of the ECB.

August 13: the European Central Bank pumped 47.7 billion euros into the money markets, its third cash injection. Goldman Sachs said it would pump 3 billion dollars into a hedge fund hit by the credit crunch to shore up its value.

August 16: Countrywide Financial Corporation, the biggest U.S. mortgage lender, narrowly avoids bankruptcy by taking out an emergency loan of $11 billion from a group of banks.

August 17: the Federal Reserve cuts the discount rate by half a percent to 5.75% from 6.25% while leaving the federal funds rate unchanged in an attempt to stabilize financial markets. (Note: the federal funds rate is 5.25% from June 29 2006 to September 18 2007.)

September 1–3: Fed Economic Symposium in Jackson Hole, WY addressed the housing recession that jeopardizes U.S. growth. Several critics argue that the Fed should use regulation and interest rates to prevent asset-price bubbles, blamed former Fed-chairman Alan Greenspan's low interest rate policies for stoking the U.S. housing boom and subsequent bust, and Yale University economist Robert Shiller warned of possible home price declines of fifty percent.

September 4: The Libor rate rises to its highest level since December 1998, at 6.7975%, above the Bank of England's 5.75% base rate.

September 7: US Labor Department announces that non-farm payrolls fell by 4,000 in August 2007, the first month of negative job growth since August 2003, due in large part to problems in the housing and credit markets.

9月13日： 西得克萨斯原油期货收盘价首次突破80美元/桶，创历史新高。

September 13–17: Northern Rock, the largest British mortgage banker, runs into liquidity problems, which eventually trigger a bank run (for the first time in Britain in a hundred years) and the announcement of a deposit guarantee by the UK Treasury.

September 17: Former Fed Chairman Alan Greenspan said "we had a bubble in housing" and warns of "large double digit declines" in home values "larger than most people expect."

September 18: The Fed lowers interest rates by half a point (0.5%) in an attempt to limit damage to the economy from the housing and credit crises.

September 18 – November 4: Repeated writedowns and quarterly losses are reported by major financial institutions. A number of high-profile CEOs leave their positions amid top management reorganizations.

October 5: Merrill Lynch announces a US$5.5 billion loss as a consequence of the subprime crisis, which is revised to $8.4 billion on October 24, a sum that Standard & Poor's called "startling".

10月9日：美国道琼斯和标普股指分别报收于14,165点和1,565点的历史最高点。

10月16日：上证指数创最高点6124.04点。

October 15–17: A consortium of U.S. banks backed by the U.S. government announces a "super fund" of $100 billion to purchase mortgage-backed securities whose mark-to-market value plummeted in the subprime collapse. Both Fed chairman Ben Bernanke and Treasury Secretary Hank Paulson express alarm about the dangers posed by the bursting housing bubble; Paulson says "the housing decline is still unfolding and I view it as the most significant risk to our economy. … The longer housing prices remain stagnant or fall, the greater the penalty to our future economic growth."

October 31: Federal Reserve lowers the federal funds rate by 25 basis points to 4.5%.

11月8日：英镑兑美元汇率报收26年来新高2.1076美元/英镑。

December 19: ACA, a financial guarantor rated A, is downgraded by S&P to CCC, triggering collateral calls from its counterparties for which repeated waiver periods are negotiated during the following months. S&P’s rating outlooks for other monolines are lowered from stable to negative.

December 24: A consortium of banks officially abandons the U.S. government-supported "super-SIV" mortgage crisis bail-out plan announced in mid-October, citing a lack of demand for the risky mortgage products on which the plan was based, and widespread criticism that the fund was a flawed idea that would have been difficult to execute.

2008

January 2–4: Weak purchasing managers’ data and labor market reports point to a marked weakening in the US economy and trigger fears about global growth.

January 15: Citigroup announces a fourth quarter loss, partly due to $18 billion of additional writedowns on mortgage-related exposures, starting another string of similar news from other financial institutions.

January 2–21: January 2008 stock market downturn.

January 21-30: The Federal Reserve delivers a 75 basis point inter-meeting rate cut, following broad-based global equity and credit market weakness. The policy rate is lowered by another 50 basis points in the following week.

January 24: The National Association of Realtors (NAR) announces that 2007 had the largest drop in existing home sales in 25 years, and "the first price decline in many, many years and possibly going back to the Great Depression."

2月14日：美国总统布什签署了一项为期两年、总额达1680亿美元的经济刺激方案，拟通过大幅退税刺激消费和投资。

2月18日：英国宣布将北岩银行国有化。

3 月5日：温总政府报告中指出，2008年要实行稳健的财政政策和从紧的货币政策。2008年经济工作要把防止经济增长由偏快转为过热、防止价格由结构性上涨演变为明显通货膨胀作为宏观调控的首要任务（即“两防”）。（已于2007年11月19日温总在新加坡国立大学发表演讲前后定调。）

3月12日：芝加哥期货交易所的小麦期货价格报收于1245美分/蒲式耳的历史新高。

3月14日：美元兑日元汇率12年来首次跌破100日元/美元大关。

March 14-17: Bear Stearns' shares plummet. Failure to roll over repo funds causes an acute liquidity shortage at Bear Stearns, emergency discount window borrowing and a subsequent takeover by JPMorgan.

March 16: Bear Stearns is acquired for $2 a share by JPMorgan Chase in a fire sale avoiding bankruptcy. The deal is backed by the Federal Reserve, providing up to $30B to cover possible Bear Stearn losses.

3月17日：伦敦黄金价格突破1000美元大关，创历史新高。

4月7日：伦敦金属交易所期铜价格报收于8730美元/吨的历史最高点。

4月22日：欧元兑美元汇率报收于历史最高点1.5987美元/欧元。

6月7日：中国人民银行上调存款准备金率至17.5%，16.5%（5月12日），16%（4月16日），15.5%（3月18日），15%（1月16日），14.5%（07年12月8日）。

6月26日：芝加哥期货交易所的玉米期货价格报收于788美分/蒲式耳的历史新高。

7月3日：西得克萨斯原油与布伦特原油期货价格分别报收于145.2美元/桶和146.1美元/桶的历史最高点。芝加哥期货交易所的大豆期货价格报收于1637美分/蒲式耳的历史新高。

7月11日：伦敦金属交易所期铝价格报收于3317美元/吨的历史最高点。

July 11: Indymac Bank, a subsidiary of Independent National Mortgage Corporation (Indymac), is placed into the receivership of the FDIC. It was the fourth-largest bank failure in United States history, and the second-largest failure of a regulated thrift.

July 13: The US authorities announce plans for backstop measures supporting two US mortgage finance agencies (Fannie Mae and Freddie Mac), including purchases of agency stock.

July 15: The US Securities and Exchange Commission (SEC) issues an order restricting “naked short selling”.

July 17: Major banks and financial institutions had borrowed and invested heavily in mortgage backed securities and reported losses of approximately $435 billion as of 17 July 2008.

7月25日：将“两防”调整为“一保一控”，即把保持经济平稳较快发展、控制物价过快上涨作为宏观调控的首要任务，把抑制通货膨胀放在突出位置。

July 30: President Bush signs into law the Housing and Economic Recovery Act of 2008, which authorizes the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders write-down principal loan balances to 90 percent of current appraisal value.