10th anniversary of the financial crisis

2007

❚ July 31: Bear Stearns liquidates two hedge funds that invest in mortgagebacked securities.

❚ Sept. 18: Federal Reserve cuts interest rates for first time in crisis.

❚ December: Start of Great Recession.

2008

❚ March 16: JP Morgan buys Bear Stearns, avoiding storied Wall Street firm’s collapse.

❚ July 2: Dow enters bear market, or 20 percent drop from high.

❚ Sept. 15: Lehman Brothers files for Chapter 11 bankruptcy protection.

❚ Sept. 15: Bank of America agrees to buy troubled brokerage Merrill Lynch for $50 billion.

❚ Sept. 29: House votes “no” on $700 billion bank bailout plan; Dow plunges 778 points.

❚ Oct. 3: President George W. Bush signs bailout plan into law, establishing Troubled Asset Relief Program (TARP).

❚ Dec. 16: Fed cuts key borrowing rate to 0 percent.

❚ Dec. 19: Treasury OKs $13.4 billion loan to GM, $4 billion loan to Chrysler from the TARP.

2009

❚ March 9: Dow bear market ends after nearly 54 percent drop; bull market begins.

❚ June 1: GM files for Chapter 11 bankruptcy protection.

❚ June: End of Great Recession.

❚ October: Jobless rate hits 10%.