The purpose of having the following is to note the information somewhere so that I can find easily later. The information here is lifted from “The Financial Crisis in Japan, Causes and Policy Reactions by the Bank of Japan",” by Vollmer and Bebenroth (2012), in the European Journal of Comparative Economics. However, the same information is available in many places – such as the St. Louis Fed’s Financial Crisis Timeline page.
- April 2007 – New Century Financial went into bankruptcy.
- July 2007 – rating agencies started to downgrade collateralized securities
- August 2007 – Federal Reserve and ECB expanded liquidity supply
- September 2007 – British bank Northern Rock suffered from liquidity shortage resulting in bank run
- September 2008 – US government assumed Freddie and Fannie
- September 15, 2008 - Merrill Lynch was taken over by Bank of American; Lehman Brother's’ collapsed.