wpostServer: http://css.washingtonpost.com/wpost
A look back: Wall Street in turmoil On Friday, the Federal Reserve released transcripts from its closed-door policy meetings in 2007, the first year of the financial crisis. The transcripts show that in December 2007, the month that the recession is now known to have begun, Fed officials were working from economic projections that would prove wildly inaccurate. Here’s a look at how the global markets reacted to the height of the crisis in 2008.
Sept. 22
Sen. Chuck Hagel (R-Neb.) walks into a meeting held by Senate Banking Committee Chairman Sen. Christopher Dodd (D-Conn.) on Capitol Hill.
Sarah L. Voisin
/
The Washington Post
Related Content
Sept. 22
Rep. Barney Frank, (D-Mass.) holds a press conference in the House Press Gallery.
Sarah L. Voisin
/
The Washington Post
Sept. 19
President Bush, flanked by Federal Reserve Chairman Ben S. Bernanke, left, Treasury Secretary Henry M. Paulson Jr. and Securities and Exchange Commission head Christopher Cox, asks Congress to put aside partisan differences and enact a historic rescue package being finalized by his administration in the wake of America's financial crisis.
Melina Mara
/
The Washington Post
Sept. 19
In remarkably grim language for a president known for his economic optimism, Bush defended the federal government's "targeted measures" in recent weeks to shore up collapsing credit markets, but said there is now an "urgent need" for even broader government intervention. "This is a pivotal time for America's economy," Bush said.
Melina Mara
/
The Washington Post
Sept. 19
Traders look at monitors during a trading session at Alfa Bank in Moscow. Trading was suspended on Russian stock markets after share prices soared minutes after the exchanges opened following a massive government rescue plan, market officials said.
Dmitry Kostyukov
/
AFP/Getty Images
Sept. 19
MICEX (Moscow Interbank Currency Exchange) traders seen during a trading session. Russia's two main stock exchanges have resumed trading following an hour's suspension after stocks rose too sharply. MICEX, where most share trading takes place, is up 23.1 percent since the start of Friday following a two-day suspension.
Misha Japaridze
/
AP
Sept. 19
An employee of a currency exchange office modifies figures in Moscow.
Dmitry Kostyukov
/
AFP/Getty Images
Sept. 19
Investors check stock prices on a screen at a securities trading firm in Shanghai, China. Asian stocks and U.S. futures surged as central banks pumped cash into money markets and worked on plans to shore up banks and insurers.
Kevin Lee
/
Bloomberg News
Sept. 19
An overview shows the DAX board and the trading floor at the Frankfurt stock exchange. European shares soared on Friday, led by recently battered insurers and banks boosted by a UK ban on short-selling financial stocks and hopes for a comprehensive U.S. government solution to bad banking assets. Across Europe, Britain's FTSE rose 6.9 percent, Germany's DAX gained 4.3 percent, and France's CAC rose 6.1 percent.
Alex Grimm
/
Reuters
Sept. 19
Hong Kong's main stock index has surged more than 9.6 percent as relieved investors cheered news of China government measures to boost its market and a possible U.S. rescue package. The blue-chip Hang Seng Index shot up 1,695.27 points to 19,327.73.
Kin Cheung
/
AP
Sept. 19
A trader watches screens showing current stock movements at Daiwa Securities SMBC Co. Ltd. in Tokyo. Japan's Nikkei share average rose 3.8 percent on Friday, rebounding from a three-year closing low hit the previous day, on hopes for a more comprehensive solution to the financial crisis that has roiled markets worldwide.
Issei Kato
/
Reuters
Sept. 19
Japan's Nikkei share average rose 3.8 percent on Friday, rebounding from a three-year closing low hit the previous day.
Issei Kato
/
Reuters
Sept. 19
A MICEX (Moscow Interbank Currency Exchange) trader talks on a mobile phone in Moscow.
Misha Japaridze
/
AP
Sept. 19
A trader reacts on a floor of the Philippine Stock Exchange in Makati's financial district of Manila. Stock markets across the region posted gains, with Indonesia's main benchmark rising on banks and resources stocks, while Vietnam and the Philippines both gained 4.7 percent.
John Javellana
/
Reuters
Sept. 18
Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, left, and chairman of the Senate Banking Committee, Christopher J. Dodd, (D-Conn.) leave after meeting with Congressional leaders about the recent plan to rescue banks from bad debts.
Marvin Joseph
/
The Washington Post
Sept. 18
Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson, Securities and Exchange Commission Chairman Christopher Cox and Senate Banking Committee Chairman Sen. Chris Dodd (D-Conn.) join leaders from the House and Senate for a meeting at the U.S. Capitol.
Chip Somodevilla
/
Getty Images
Sept. 18
Rodolfo Mass, center, works amongst other traders at a post on the floor of the New York Stock Exchange. U.S. stocks rose as the world's largest central banks planned to pump $247 billion into the financial system.
Jin Lee
/
Bloomberg News
Sept. 18
A cameraman shoots an electronic board displaying the stock price index at a securities company in Seoul, South Korea. The capital city's shares closed 2.3 percent lower on Sept. 17, recovering slightly from losses of over 4 percent in the session.
Jo Yong-hak
/
Reuters
Sept. 18
Traders work on the floor of the Chicago Mercantile Exchange. US stocks rebounded on Sept. 17 as a massive liquidity push by global central banks appeared to calm markets a day after a feverish rush to safe-haven assets.
Amanda Rivkin
/
AFP/Getty Images
Sept. 18
Traders of Moscow Interbank Currency Exchage (MICEX) work during a trade session in Moscow. President Dmitry Medvedev said the government would commit $20 billion to support the country's plummeting stock market following the biggest one-day plunge in share prices since a 1998 financial crisis.
Dmitry Kostyukov
/
AFP/Getty Images
Sept. 18
Traders work in the product options pit at the New York Mercantile Exchange. Financial markets appeared less strained but investors were still nervous, seeking safe investments like gold and Treasury bills and showing some reluctance to return to stocks.
Seth Wenig
/
AP
Sept. 18
A woman reads an electronic board showing the stock information at a brokerage house in Lanzhou, China. The country's main stock index fell to a new 22-month closing low on Sept. 17.
Stringer Shanghai
/
Reuters
Sept. 18
A trader makes a call on the floor of the Chicago Mercantile Exchange. U.S. president George W. Bush reacted to the financial crisis by saying, "we will continue to act to strengthen and stabilize our financial markets."
Amanda Rivkin
/
AFP/Getty Images
Sept. 18
Traders work on the main floor of the BM&F stock exchange market in Sao Paulo, Brazil. The country's stocks rallied after central banks in the U.S., Europe and Japan said they will add $247 billion into financial markets.
Paulo Whitaker
/
Reuters
Sept. 17
Trader Christopher Crotty rubs his eyes as he works on the floor of the New York Stock Exchange. Wall Street stumbled again Wednesday, with anxieties still running high despite the government bailout of the insurer American International Group.
Richard Drew
/
AP
Sept. 17
Traders work on the floor of the New York Stock Exchange. U.S. stocks tumbled as bank lending seized in the wake of the government's takeover of AIG, which raised concerns that more of the nation's biggest financial companies will fail.
Ramin Talaie
/
Bloomberg News
Sept. 17
Brazil's stock traders negotiate during the afternoon session at the Mercantile & Futures Exchange in Sao Paulo, Brazil. Global stock markets hit fresh trouble after early gains following speculation about who may be the next financial institution to fall.
Nelson Almeida
/
AFP/Getty Images
Sept. 17
AIG employees arrive for work in New York. U.S. stocks headed for a lower open Wednesday, with investors still anxious about the financial sector even after the government bailed out the insurer American International Group Inc., and Barclays PLC bought a chunk of Lehman Brothers.
Mark Lennihan
/
AP
Sept. 17
A policy holder reads articles of assurance pasted on the walls of the American International Assurance (AIA) building, as some wait to withdraw their current policies in Singapore. Singapore's central bank said Tuesday the local unit of embattled insurance giant American International Group has sufficient assets to meet its liabilities as nervous policyholders lined up outside the company's offices.
Wong Maye-e
/
AP
Sept. 17
People queue outside an AIA office in Singapore's main business district. AIA is a subsidiary of American Insurance Group (AIG).
Vivek Prakash
/
REUTERS
Sept. 17
A security officer hands out forms to people as they enter a branch of the AIA office in the financial district of Raffles Place in Singapore.
Roslan Rahman
/
AFP/Getty Images
Sept. 16
Chairman of the Senate Committee on Banking, Housing and Urban Affairs Sen. Christopher Dodd (D-Conn.) leaves a news conference on Capitol Hill about the mortgage crisis.
Jim Young
/
Reuters
Sept. 16
New York Gov. David Paterson, left, shakes hands with New York Superintendent of Insurance Eric Dinallo after announcing a deal to provide loan assistance to insurer AIG, in New York. The U.S. Federal Reserve Board on Tuesday said the Federal Reserve Bank of New York will lend up to $85 billion to AIG in a plan aimed at saving the insurer from a "disorderly failure" that could wreak economic havoc.
Chip East
/
Reuters
Sept. 16
Acting Chairman and Commissioner of the U.S. Commodity Futures Trading Commission Walter Lukken, from left, Federal Reserve Chairman Ben Bernanke, Chairman of the Securities and Exchange Commission Christopher Cox and Federal Reserve Governor Kevin Warsh speak outside the West Wing of the White House after a meeting with President Bush.
Lawrence Jackson
/
AP
Sept. 16
U.S. Treasury Secretary Henry Paulson, third from right, arrives at the White House in Washington to brief President Bush. Bush decided to make no statements about the turmoil on Wall Street after meeting with Paulson, Federal Reserve Chairman Ben S. Bernanke and other members of his Working Group on Financial Markets.
Jay Mallin
/
Bloomberg News
Sept. 16
Specialist Henry Becker, left, directs trading at the post that handles AIG on the floor of the New York Stock Exchange.
Richard Drew
/
AP
Sept. 16
A broker trades dollars on the currency market at BGC Partners in London. The leading share index dropped to a three-year low around midday on Tuesday, knocked by more falls in financial stocks a day after Lehman Brothers collapsed.
Stephen Hird
/
Reuters
Sept. 16
Journalists interview an AIG employee outside the American International Building, world headquarters of AIG.
Brendan Mcdermid
/
Reuters
Sept. 16
A man walks through a revolving door at an AIG building in New York's financial district.
Lucas Jackson
/
Reuters
Sept. 16
A stockbroker rests during a trading session inside the trading hall at the Karachi Stock Exchange. Pakistani stocks fell on Tuesday.
Athar Hussain
/
Reuters
Sept. 16
Investors watch their stock movements at the Iraqi Stock Exchange in Baghdad. The Baghdad stock exchange is influenced mainly by the markets in the oil-rich Gulf States. Global equities tumbled for a second day as anxious investors waited to see if U.S. insurance giant American International Group (AIG) would suffer the same fate as Lehman Brothers.
Sabah Arar
/
AFP/Getty Images
Sept. 16
Floor traders work at the Hong Kong Exchange. Hong Kong's stocks plunged early Tuesday in the wake of Wall Street's overnight sell-off.
Kin Cheung
/
AP
Sept. 16
An investor eats lunch and looks at the electronic board at a stock trading room in Taipei, Taiwan. Taiwan's benchmark stock index fell up to 5 percent Tuesday.
Chiang Ying-ying
/
AP
Sept. 16
An investor watches stock prices in a local bank in Hong Kong. The blue-chip Hang Seng Index tumbled in line with world market losses. The exchange was closed Monday for a public holiday.
Vincent Yu
/
AP
Sept. 16
Floor traders work at the Hong Kong Exchange.
Kin Cheung
/
AP
Sept. 15
A trader reacts in the S&P 500 pit at the Chicago Mercantile Exchange. Global markets plummeted on Monday after investment bank Lehman Brothers filed for bankruptcy protection, rival Merrill Lynch agreed to be taken over and the Federal Reserve threw a life line to the battered financial industry.
John Gress
/
Reuters
Sept. 15
U.S. Treasury Secretary Henry Paulson talks to members of the news media about the ongoing crisis rocking Wall Street at the White House in Washington.
Chip Somodevilla
/
Getty Images
Sept. 15:
Traders relay trades in the S&P 500 pit at the Chicago Mercantile Exchange.
John Gress
/
Reuters
Sept. 15:
A couple console each other outside the Lehman Brothers European Headquarters building in Canary Wharf in east London.
Ben Stansall
/
AFP/Getty Images
Sept. 15:
Students from Poland's Warsaw School of Economics attend a presentation at the Warsaw Stock Exchange. Global financial markets were in turmoil on Monday after U.S. investment bank Lehman Brothers filed for bankruptcy protection.
Peter Andrews
/
Reuters
Sept. 15:
An onlooker reacts to stock prices displayed on a screen of the Bombay Stock Exchange in Mumbai, India on Monday. Indian stocks plunged Monday amid anxiety about the global financial system.
Gautam Singh
/
AP
Sept. 15:
A worker carries a box as she walks away from the office of Lehman Brothers in London.
Andrew Winning
/
Reuters
Sept. 15
A broker trades euros on the currency market at BGC Partners in London.
Suzanne Plunkett
/
Reuters
Sept. 15
A man is surrounded by reporters as he arrives at Lehman Brothers headquarters in New York City. The investment bank, burdened by $60 billion in entangled real-estate holdings, filed for Chapter 11 bankruptcy petition after attempts to rescue the 158-year-old firm failed.
Mary Altaffer
/
AP
Sept. 15
Tony Lomas, a top administrator from the accounting firm PricewaterhouseCoopers, is surrounded by reporters at a press conference at Lehman Brothers in London. While Lehman Brothers filed for bankruptcy in the U.S., its operation in London placed in administration to protect it from creditors, according to PricewaterhouseCoopers.
Kirsty Wigglesworth
/
AP
Sept. 15
Traders work on the floor of the New York Stock Exchange as stocks plunged amid fears about the stability of major financial institutions.
Brendan Mcdermid
/
Reuters
Sept. 15
A Lehman Brothers employee peers out a window of the institution's world headquarters in New York City.
Mark Lennihan
/
AP
Sept. 15
A trader works on the floor of the New York Stock Exchange Monday morning. The Dow Jones industrial average was down 293 points at 11:53 a.m., up from a more than 300 point decline soon after the morning bell.
Spencer Platt
/
Getty Images
Sept. 15
Trader Simone Wallmeyer works as the DAX index curve is reflected on a screen behind her at the Frankfurt Stock Exchange in Frankfurt, Germany.
Hannelore Foerster
/
Bloomberg News
Sept. 15
Workers attend a meeting at the Merrill Lynch executive office in central London. Bank of America agreed to buy the company in a stock deal worth $50 billion.
Dylan Martinez
/
Reuters
Sept. 15
Security guards stand by the main entrance to the Lehman Brothers headquarters as employees arrive for work Monday morning. Lehman Brothers is the fourth-largest U.S. investment bank to have succumbed to the subprime mortgage crisis.
Jeremy Bales
/
Bloomberg News
Sept. 15
Brokers examine their screens at Frankfurt's stock exchange on Monday, as the German stock exchange plunged 4.6 percent during the afternoon in the wake of Lehman Brothers filing for bankruptcy.
Thomas Lohnes
/
AFP/Getty Images
Sept. 15
A London newspaper is sold near the offices of Lehman Brothers in London on Monday, announcing news of stock futures plummeting on Wall Street.
Kirsty Wigglesworth
/
AP
Sept. 14
A woman lifts a box of items as she leaves the headquarters of Lehman Brothers Holdings in New York City on Sunday.
Tom Starkweather
/
Bloomberg News
FEATURED PHOTO GALLERIES
Photos of the day
Oklahoma tornado wreckage, London terrorism attack, NASA’s Dream Chaser, Triton unmanned aircraft and more.
The Herndon Climb
The Herndon Monument climb is the traditional culmination of plebe year at the U.S. Naval Academy.
Animal views
Fun and fascinating creatures around the world.
???initialComments:true! pubdate:09/15/2008 13:50 EDT! commentPeriod:3! commentEndDate:9/18/08 1:50 EDT! currentDate:5/23/13 8:0 EDT! allowComments:false! displayComments:true!
Section:/business
Loading...
Comments