By Kimberly Amadeo Kimberly Amadeo has 20 years of experience in economic analysis and business strategy. She writes about the U.S. Economy for The Balance.
| Updated December 14, 2019
The first signs of the Great Recession started in 2006 when housing prices began falling. By August 2007, the Federal Reserve responded to the subprime mortgage crisis by adding $24 billion in liquidity to the banking system. By September 2008, Congress approved a $700 billion bank bailout, now known as the Troubled Asset Relief Program. By February 2009, Obama proposed the $787 billion economic stimulus package. His move to create an economic stimulus helped avert a global depression. The financial crisis timeline reveals the early warning signs and causes that sparked the financial crisis in 2007.https://www.thebalance.com/the-great-recession-of-2008-explanation-with-dates-4056832