[203] Police and protesters clashed in Lithuania where people protesting the economic conditions were shot with rubber bullets. 660 weeks. [212][213], On 17 February 2009, U.S. President Barack Obama signed the American Recovery and Reinvestment Act of 2009, an $787 billion stimulus package with a broad spectrum of spending and tax cuts. For example, real GDP fell $650 billion (4.3%) and did not recover its $15 trillion pre-recession level until Q3 2011. In Catalonia, support for the secession movement exceeded. One year before the maximum, in Q1-2008, only six countries were in recession (Iceland, Sweden, Finland, Ireland, Portugal and New Zealand). Moldova had as of January 2014 only published seasonally adjusted real GDP data until Q4-2010, with the statistics office still to publish data for 2011-13. There were 239 days remaining until the end of the year. It plans to hold short-term interest rates near zero even longer, at least until the unemployment rate falls below 6.5 percent. U.S. government policies encouraged home ownership even for those who could not afford it, contributing to lax lending standards, unsustainable housing price increases, and indebtedness. Bush Administration) a 56 percent minimum was established. Sapphire is the modern birthstone for the month of September while Agate is the mystical birth stone (based on Tibetan origin). [198] Hundreds of thousands protested in France against President Sarkozy's economic policies. Later that month, China's export driven economy was starting to feel the impact of the economic slowdown in the United States and Europe despite the government already cutting key interest rates three times in less than two months in a bid to spur economic expansion. The recession data for the overall G20-zone (representing 85% of all GWP), depict that the Great Recession existed as a global recession throughout Q3‑2008 until Q1‑2009. September 19, 2008 - (Friday) 12 years 7 months, 1 week, and 4 days. [191], Japan was in recovery in the middle of the decade 2000s but slipped back into recession and deflation in 2008. September 9, 2008 was a Tuesday and it was the 253 rd day of the year 2008. Some holidays and dates are color-coded: Red –Federal Holidays and Sundays. In 2012 the economic difficulties in Spain increased support for secession movements. 4624 days. Leap Year: Yes. Full Year Reference Calendar - Day of the Year and Days left till the End of the Year. Fun fact: The birth flower for 5 th September 2008 is Aster for memory. [63], The IMF reported in April 2012: "Household debt soared in the years leading up to the downturn. 2020. September 26. When house prices declined, ushering in the global financial crisis, many households saw their wealth shrink relative to their debt, and, with less income and more unemployment, found it harder to meet mortgage payments. Today is May 8, 2021 UTC. [34] Median household wealth fell 35% in the US, from $106,591 to $68,839 between 2005 and 2011.[35]. Iceland fell into an economic depression in 2008 following the collapse of its banking system (see 2008–2011 Icelandic financial crisis). [185], The following countries/territories had a recession starting in the fourth quarter of 2008: Switzerland. 3rd Quarter. "As the shadow banking system expanded to rival or even surpass conventional banking in importance, politicians and government officials should have realised that they were re-creating the kind of financial vulnerability that made the Great Depression possible – and they should have responded by extending regulations and the financial safety net to cover these new institutions. [37], The financial crisis and the recession have been described as a symptom of another, deeper crisis by a number of economists. The German government bailed out Hypo Real Estate. The definition of "great" is amount or intensity considerably above the normal or average and, contrary to some common beliefs, does not infer a positive connotation, merely large in size or scope. Bank of Japan pumped $29.3 billion into the financial system on September 17, 2008, and the Reserve Bank of Australia added $3.45 billion the same day.[219]. The financial phase of the crisis led to emergency interventions in many national financial systems. If you prefer the European way of writing dates (Which is day-month-year) the roman numerals would be written XVIII • IX • MMVIII. View the month calendar of November 2008 Calendar including week numbers. January 8, 2008 was 13 years, 4 months, and 5 days ago. How many days ago was September 9th 2008? As for central bankers, they pledged to maintain low-rates policies as long as necessary. In Denmark, Iceland, Ireland, the Netherlands, and Norway, debt peaked at more than 200 percent of household income. Disable moonphases. In developing and emerging economies, responses to the global crisis mainly consisted in low-rates monetary policy (Asia and the Middle East mainly) coupled with the depreciation of the currency against the dollar. A total of $626B was invested, loaned, or granted due to various bailout measures, while $390B had been returned to the Treasury. One of them, signed by three Republican appointees, concluded that there were multiple causes. [92][93], During 2008, three of the largest U.S. investment banks either went bankrupt (Lehman Brothers) or were sold at fire sale prices to other banks (Bear Stearns and Merrill Lynch). In Taiwan, the central bank on September 16, 2008, said it would cut its required reserve ratios for the first time in eight years. "[16], The Great Recession met the IMF criteria for being a global recession only in the single calendar year 2009. September 18, 2008 - (Thursday) 12 years 7 months, 1 week, and 5 days. The recession renewed interest in Keynesian' economic ideas on how to combat recessionary conditions. These actions will cost $1.1tn.[225]. In late 2011, the Occupy Wall Street protest took place in the United States, spawning several offshoots that came to be known as the Occupy movement. Joseph Fried, Who Really Drove the Economy Into the Ditch? On April 17, 2009, the then head of the IMF Dominique Strauss-Kahn said that there was a chance that certain countries may not implement the proper policies to avoid feedback mechanisms that could eventually turn the recession into a depression. From and including: Tuesday, October 21, 0200 (Julian calendar in United States.Change Country) To, but not including Thursday, February 21, 2008 (Gregorian calendar). Stepfamily Day. For K-12 kids, teachers and parents. In 2008, TARP allocated $426.4 billion to various major financial institutions. A first summit dedicated to the crisis took place, at the Heads of state level in November 2008 (2008 G-20 Washington summit). There were 108 days remaining until the end of the year. The New York Times reported in February 2013 that the Fed continued to support the economy with various monetary stimulus measures: "The Fed, which has amassed almost $3 trillion in Treasury and mortgage-backed securities to promote more borrowing and lending, is expanding those holdings by $85 billion a month until it sees clear improvement in the labor market. A 2009 paper identifies twelve economists and commentators who, between 2000 and 2006, predicted a recession based on the collapse of the then-booming housing market in the United States:[66] Dean Baker, Wynne Godley, Fred Harrison, Michael Hudson, Eric Janszen, Med Jones[67] Steve Keen, Jakob Brøchner Madsen, Jens Kjaer Sørensen, Kurt Richebächer, Nouriel Roubini, Peter Schiff, and Robert Shiller. The IMF urged governments to expand social safety nets and to generate job creation even as they are under pressure to cut spending. [87][88][89] Derivatives such as credit default swaps (CDSs) were unregulated or barely regulated. The IMF stated in September 2010 that the financial crisis would not end without a major decrease in unemployment as hundreds of millions of people were unemployed worldwide. Many of these securities were backed by subprime mortgages, which collapsed in value when the U.S. housing bubble burst during 2006 and homeowners began to default on their mortgage payments in large numbers starting in 2007. This december 2008 calendar is always useful for example to see if you have vacation. The zodiac gemstone for Virgo is carnelian. that the main growth in working population is receding. [215], The U.S. Federal Reserve (central bank) lowered interest rates and significantly expanded the money supply to help address the crisis. [30][31][32], The distribution of household incomes in the United States became more unequal during the post-2008 economic recovery. [205] However the impact was mild in Russia, whose economy gained from high oil prices.[206]. [29], Governments and central banks responded with fiscal policy and monetary policy initiatives to stimulate national economies and reduce financial system risks. Much of that money went into dodgy mortgages to buy overvalued houses, and the financial crisis was the result. Home » Age Calculator » 2008 » September 6, 2008 How old am I if I was born on September 6, 2008? In particular, economic stimulus plans were announced in China, the United States, and the European Union. How many months ago was September 9th 2008? Above is the date 9-18-2008 converted into roman numerals. ", "Free Lunch: It's still the economy, stupid", "The Impact of Fiscal Austerity in the Eurozone", "Eurostat-Selected Principal European Economic Indicators", "Eurostat News Release-Euro indicators-23 April 2012", "Globalisation as we know it is over – and Brexit is the biggest sign yet", "What Brexit Reveals About Rising Populism", "Brexit 'just another chapter in the global financial crisis': UBS bond manager", "Brexit: The end of globalization as we know it? [76][77] They cite The Housing and Community Development Act of 1992, which initially required that 30 percent or more of Fannie's and Freddie's loan purchases be related to affordable housing. [17][18] That IMF definition requires a decline in annual real world GDP per‑capita. These rose to 42 percent in 1995 and 50 percent in 2000, and by 2008 (under the G.W. Local holidays are not listed. September 6, 2009 was the 249 th day of the year 2009 in the Gregorian calendar. January 12, 2008 was 13 years, 4 months, and 1 day ago. For example, Ravi Batra argues that growing inequality of financial capitalism produces speculative bubbles that burst and result in depression and major political changes. Key components of the market – for example, the multitrillion-dollar repo lending market, off-balance-sheet entities, and the use of over-the-counter derivatives – were hidden from view, without the protections we had constructed to prevent financial meltdowns. Indonesia reduced its overnight rate, at which commercial banks can borrow overnight funds from the central bank, by two percentage points to 10.25 percent. This indicates that despite improving budget deficits, GDP growth was not sufficient to support a decline (improvement) in the debt-to-GDP ratio for these countries during this period. September 6, 2008 was the 250 th day of the year 2008 in the Gregorian calendar. Michael Lewis noted CDSs enabled speculators to stack bets on the same mortgage securities. To see the sunrise and sunset in your region select a city above this list. Policy-makers, regulators and supervisors, in some advanced countries, did not adequately appreciate and address the risks building up in financial markets, keep pace with financial innovation, or take into account the systemic ramifications of domestic regulatory actions. If you are trying to learn French then this day of the week in French is mardi.. A person born on this day will be 13 years old today. Gramm Slammed By Economists, All the Devils Are Here: The Hidden History of the Financial Crisis, "Vanity Fair-Michael Lewis-Betting the Blind Side-April 2010", "Bloomberg – Senators Dodd & Shelby Demand Information", "Agency's '04 Rule Let Banks Pile Up New Debt, and Risk", "The Day the S.E.C. A statement on the government's website said the State Council had approved a plan to invest 4 trillion yuan ($586 billion) in infrastructure and social welfare by the end of 2010. July 27, 2020. Date Calculator – Add or subtract days, months, years. 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