Monday marks infamous economic anniversary

Author:
Updated:
Original:

Monday marks an anniversary that won't be celebrated - the beginning of the global financial meltdown.

It was a year ago Monday (Sept. 7, 2008) that Fannie Mae and Freddie Mac were taken over by the federal government. That event is widely seen as the beginning of the financial collapse that crippled the U.S. and world economies.

A week after the Fannie Mae/Freddie Mac takeover, Lehman Brothers filed for bankruptcy after being in business for 158 years. The next day, global panic ensued as the stock market took a nosedive and global credit markets froze.

On Oct. 30, the Department of Commerce reported that the U.S. economy had shrunk in the third quarter, signaling the start of a recession that many say has been the worst downturn since the Great Depression.

In the months that followed, the stock market continued its precipitous decline, more Wall Street firms went under, unemployment rose and the government stepped in with one bailout or stimulus plan after another.

By March, the Dow Jones had fallen below 7,000 for the first time since October 1997.

Click here to see a detailed timeline.

Related

A Collective Voice Against Tariffs

Organizations in the E.U. and U.S. have issued a statement ahead of next week’s Brussels Summit urging for the termination of retaliatory tariffs.

ABYC Free Webinar Series Returns

The association’s online learning events will continue with “Fuel System Troubleshooting” on June 17.

Getting to Know the Newbies

At last week’s Partners Outdoors symposium, RBFF’s Stephanie Vatalaro shared information that can help the marine industry get to know its new audiences.

Switching to Compostable Bags

Foul-weather gear maker Grundéns will start using eco-packaging that you can cut up and use in the garden.

Brunswick Corp. CEO to Headline Innovation Summit

David Foulkes will speak on implementation at the Sept. 9 summit, organized by Correct Craft.

Navico Hires Americas PR Manager

Navico brings its public-relations duties in-house with the hiring of Kim Rodriquez.

Galeon Expands Dealer Network

The builder looks to British Columbia-based dealer Freedom Marine to grow the brand in western Canada.

No Inventory? Now Is Not The Time to Stop Marketing

The MRAA’s Webinar “Marketing When You Have No Inventory” covered how dealers can build long-term equity with new and returning customers as demand outpaces supply.