Tracking the Global Recession
The folks at Money.co.UK have built a global timeline looking at “how and where it started, when Britain became involved in the economical downfall and how the world have built themselves back up.”
The worst economic crisis in decades played out like a soap opera of epic proportions – the bad guys were vilified, speculation ran wild and drama unfolded on an almost daily basis.
We’ve tracked the credit crunch in the UK and beyond, from the very first rumblings of trouble to the official end point, and present it here in what may be the most detailed timeline of the recession online.
By using the links alongside each headline, you can find more detail about that particular event – however, rather than use traditional news sources, we’ve linked to quality blogs that reported on the news as it broke in an effort to accurately reflect the sentiments at ground level.
Needless to say, money.co.uk is not responsible for the quality of outside content, nor are we affiliated with any of the opinions expressed therein. That said, it is interesting to note how accurate many of the predictions made by the bloggers below came to be.
Very cool . . .
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December 17th, 2010 at 12:55 pm
If you add
overflow:hidden;
to div.entry in you sytlesheet the long image won’t overlap the next entry.
December 17th, 2010 at 2:19 pm
thin soup
verging on lame clippings collection, occasional good blog entry
just for 2007
1)no mention of the extent of the globalbank panic of Aug 8,and the extent of the fed & B o E discount window rescue. Only Soc Gen and asset selling probs. mentioned
2) grossly undeplays the reported financial losses in October, which could then be speculated were only 10–15% of the actual losses of Citi Merrill etc
their quote from
The ECONOMIST –
“Week – 2007 Sep 29 – Oct 5
Stockmarkets surged around the world on hopes that the worst of the credit crisis was over and expectations that the Federal Reserve would ride to the rescue if not. In America the Dow Jones Industrial Average briefly reached a record high. A raft of Asian markets climbed new peaks as well.
Banking shares rose despite profit warnings from a number of big banks. Citigroup said that its earnings would be hit by write-downs on leveraged loans and mortgage-backed securities, as well as by charges in its consumer business. UBS, a Swiss bank, said that it would report a loss for the quarter. Credit Suisse and Deutsche Bank also owned up to big write-downs caused by this summer’s seizing up of credit markets.”
aside from accurate stock market reporting, this is only a history of delusional thinking
3) no mention of Fannie Freddie till YEAR later, no mention of the mortgage insurers
4) housing starts and values in major decline in US by late 2007
Key Omissions in 2008 way too many to mention,
but the biggest might be shutdown of securitization by midyear
December 17th, 2010 at 2:43 pm
somewhat OT…does this qualify as a contrary indicator in the Big Picture….
http://www.usatoday.com/printedition/news/20101217/index_image.htm
December 17th, 2010 at 5:17 pm
“official end point”
Really? What the heck are these officials smoking? We still have some fat old dominoes to fall. China, to name one. Canada now too, if the governor of the bank of canada’s actually speaking out about canadian household debt exceeding the u.s.’s the other day in an interview is any indication of trouble. Given that he’s one of their architects of their own version of let’s give loans to every dog, one might think it’s a sign.