The 27 scariest moments of the financial crisis (BKX, XLF, BAC, JPM, SPX, SPY, DIA)
Eleven years ago, the US economy went into recession, the US housing market crashed, and credit markets seized bringing the banking industry to its knees. It was a global financial crisis.
Businesses went down and workers lost jobs. And Americans were losing hope, which only made things work.
For many, the low critical moment was when Lehman Brothers went bankrupt on September 15, 2008. But the memory of critical events before and after that fateful day is slowly fading. Hearings, lawsuits, bailouts — it all gets muddled together.
Business Insider has outlined the major moments from 2007 to 2009. From the initial reports of subprime defaults to the collapse of Lehman Brothers to AIG’s second bailout, here are the 27 scariest moments of the financial crisis.
Note: Former Business Insider reporters Steven Perlberg and Elena Holodny contributed to this feature.
FEB. 8, 2007: HSBC says its bad debt provisions exploded because of a slump in the U.S. housing market. Normal people begin to learn what subprime is.
APRIL 2, 2007: New Century files for bankruptcy. It was the largest subprime lender in the United States.
Source: SEC Filing
JUNE 21, 2007: Merrill Lynch sells off assets in two Bear Stearns hedge funds as the funds hemorrhage billions of dollars on bad subprime bets.
Read the full article from it’s original source: http://uk.businessinsider.com/financial-crisis-scariest-moments-2015-9