FYI: Nine years ago, the US economy sank into a recession, the housing market crashed, and credit markets seized, bringing the banking industry to its knees. Businesses were going down. Workers were losing jobs. Americans were losing hope. For many, the psychologically critical low moment was the Lehman Brothers bankruptcy on September 15, 2008. But the memory of events before and after that day is slowly fading.
Business Insider outlined the 27 major moments, from 2007 to 2009, and added some context. From the initial reports of subprime defaults to AIG's second bailout, here are the scariest moments of the financial crisis.
Regards,
Ted
http://www.businessinsider.com/financial-crisis-scariest-moments-2017-9#february-8-2007-hsbc-says-its-bad-debt-provisions-for-2006-will-be-20-higher-than-expected-because-of-a-slump-in-the-us-housing-market-nonfinance-people-start-paying-attention-to-what-subprime-is-1
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"SEPTEMBER 29, 2008: The US House of Representatives defeats a proposed $700 billion emergency bailout package, 228-205. Stocks sink as the votes are counted live. The Dow plunges by 777.68 points in its largest single day point loss ever."
... I remember trading futures that afternoon and doing so while totally incredulous and in a state of muted disbelief. C-SPAN was truly the financial network that day. As I recall, that was the first time during the crisis when I felt existential, systemic, dread that the global system indeed might well collapse. I live 2 blocks from the Pentagon, and even with post-911 smoke blowing across my balcony that week, I didn't feel the same sense of dread as I did that day in '08.
(I did quite well that afternoon, though - I was shorting the S&P futures hard.)