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Ear to the Ground

Timeline: The Global Credit Crisis

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Posted on Oct 6, 2008
commons.wikimedia.org

To help all those still reeling from sudden onset econo-tastrophe syndrome, the BBC has put together a handy timeline, which connects the dots between events over the last couple years but doesn’t quite take the long view, thus leaving out a few key moments and players from, say, the 1990s (paging Phil Gramm).


BBC:

22 January (2008)

The US Fed cuts rates by three quarters of a percentage point to 3.5%—its biggest cut in 25 years—to try and prevent the economy from slumping into recession.

It is the first emergency cut in rates since 2001. Stock markets around the world recover the previous day’s heavy losses.

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By Dr. Knowitall, PhD, PhD, October 6, 2008 at 8:55 pm #

Here’s my timeline

1980: Sucking starts and continues until 2008 at which time the middle class finds itself sucked dry, penniless and strung out on debt well into the next decade and beyond, negating any hope for the wealthy that they can any longer depend on the middle class to further pad their coffers.

Of course, this is a huge crisis.  Guess they’ll just have to go overseas and outsource consumerism.  What the hell!  If outsourcing jobs has worked so well to the advantage of the wealthy, why can’t outsourcing consumerism?  The American Gov. not only encourages outsourcing, it subsidizes it.  How could it get any better than that?  If the tit you’re sucking on has gone dry, you find another.  If someone else is there and you can’t buy him off for pennies on the dollar, shoot the fucker.

I used to think this all was a big crisis, until I hear Bush say it was.  Then I realized that if he says it is, it isn’t, really.  This is a correction.  Lots of rich people will lose a lot of money, which, when compared with the amount most people struggle daily to live on, won’t hurt them one bit.  They won’t be poor; they’ll only be less rich.  So freakin what?  This is a correction.  A good one.  Let’s hold out hope that it will hurt bad enough that the avalanche of wealth toward the wealthy class will slow long enough for us to get through the winter and pay our heating bill.  It must be awful knowing you’re losing a fortune.

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By anon, October 6, 2008 at 4:08 pm #
(Unregistered commenter)

The beeb timeline is a good one, but it is missing a few important dates like the repeal of the Glass-Steagall Act, the stirrings of predatory lending practices, the bad business decisions made by i-banks, wasteful spending on CEOs, and any and all developments in this ongoing catastrophe known commonly as “deregulation.”

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