2007-2009 Banking Crisis
2007-2009 saw the Global financial crisis caused by widespread irresponsible lending practices by the financials. We saw the collapse of Lehman Bros and the unofficial bankruptcy of many large banks, including state nationalisation and/or acquisitions of Fannie May and Freddie Mac (US), Bear Stearns (US), American International Group or AIG (US), Merrill Lynch (US), Countryside Financial (US), IndyMac Financial (US), Northern Rock (UK), Alliance & Leicester (UK), Bradford & Bingley (UK), HBOS (UK), Landsbanki (Iceland), Glitner (Iceland), Kaupthing Edge (Iceland), Anglo Irish Bank (Ire), Fortis (Netherlands/Belgium) and many smaller banks and building societies. Interest rates were cut in many areas of the world. Money-printing/bond-buying "quantitative easing" was brought in by various governments including the US & UK, in order to help tackle the spiralling losses of banks and businesses. Most markets suffered large losses during this period. The S&P fell from an all-time high of 1576 on October 11th, 2007 to a low of 667 on 6th March, 2009, a drop of 57.7%.