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What the #&%@ Just Happened
A certain cinematic truant once said, “Life moves pretty fast. You don’t stop and look around once in a while, you could miss it.”
Or, to put it in the language of the Federal Reserve Bank of New York, “Over the past two years, and particularly since the intensification of the global financial crisis in the fall of 2008, new information has been released at a stunning pace.”
If you, like us, have been longing for a roadmap to the downturn, something that lays out what’s happened at recession speed, check out the global financial crisis timelines from the Fed. You can reminisce with your friends about the day the Asset-Backed Commercial Paper Money Market Fund Liquidity Facility was born, get teary over that time the Office of Thrift Supervision shut down WaMu. Ah, those were the days.
But seriously—this is useful for understanding how things went down. The timelines are easy to read and include major market events, policy responses and more. Just be prepared for page 5—the fall of 2008 might make you cross-eyed.
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its salutary to remember. the mid-september weekend that our tim summoned the bankers to the ny fed was when it all started to really slide. one curious phenomenon is how everyday life goes on in the streets, parks and cafes as history is worked out in the closed posh meeting rooms.