chng djia 14,164.53 petruno panzner boskin geithner serchuk gramm collateralized grynbaum getdoc.cgi subprime dbname bliley 261⁄2 gspc newsevents 6,698 21.33 sarbanes frwebgate.access.gpo.gov rogow madoff nasdaq industrials crissinger 23.13 bair selloff
what percentage did the market drop in 2008
United States bear market of 2007 -- 09 - wikipedia United States bear market of 2007 -- 09 US Bear market of 2007 -- 2009 The US bear market of 2007 -- 2009 was a 17 - month bear market that lasted from October 9th 2007 to March 9th 2009 , during the financial crisis of 2007 - 2009 . The S&P 500 lost approximately 50 % of its value , but the duration of this bear market was just below average due to extraordinary interventions by governments and central banks to prop up the stock market . The bear market was confirmed in June 2008 when the Dow Jones Industrial Average ( DJIA ) had fallen 20 % from its October 11 , 2007 high . This followed the United States bull market of 2002 -- 07 and was followed by the United States bull market of 2009 -- 2015 . The DJIA , a price - weighted average ( adjusted for splits and dividends ) of 30 large companies on the New York Stock Exchange , peaked on October 9 , 2007 with a closing price of 14,164.53 . On October 11 , 2007 , the DJIA hit an intra-day peak of 14,198.10 before starting its decline . The decline of 20 % by mid-2008 was in tandem with other stock markets across the globe . On September 29 , 2008 , the DJIA had a record - breaking drop of 777.68 with a close at 10,365.45 . The DJIA hit a market low of 6,443.27 on March 6 , 2009 , having lost over 54 % of its value since the October 9 , 2007 high . The bear market reversed course on March 9 , 2009 , as the DJIA rebounded more than 20 % from its low to 7924.56 after a mere three weeks of gains . After March 9 , the S&P 500 was up 30 % by mid May and over 60 % by the end of the year . Contents 1 Index levels 2 Opinions regarding the cause 2.1 Blaming the economy 2.2 Blaming the George W. Bush administration 2.3 Blaming the Barack Obama administration 3 Finding a bottom 4 Building a technical bull 5 Bonds 6 Other markets 7 See also 8 References 9 Further reading Index levels ( edit ) Date Nasdaq % Chng. § S&P 500 % Chng. § Dow Jones % Chng. § Notes January 3 , 2007 2,423.16 -- 1,416.60 -- 12,474.52 -- October 9 , 2007 2,803.91 + 15.71 % 1,565.15 + 10.49 % 14,164.53 + 13.55 % The day the DJIA and S&P 500 peaked . October 10 , 2007 2,811.61 + 0.27 % 1,562.47 − 0.17 % 14,078.69 − 0.61 % The day the NASDAQ peaked . January 2 , 2008 2,609.63 − 7.18 % 1,447.16 − 7.38 % 13,043.96 − 7.35 % June 27 , 2008 2,315 , 63 − 11.27 % 1,278.38 − 11.66 % 11,346.51 − 13.01 % The day the bear market declared . November 4 , 2008 1,780.12 − 23.13 % 1,005.75 − 21.33 % 9,625.28 − 15.17 % Election day January 2 , 2009 1,632.21 − 8.31 % 899.35 − 10.58 % 9,034.69 − 6.14 % January 20 , 2009 1,440.86 − 11.72 % 804.47 − 10.55 % 7,949.09 − 12.02 % Inauguration of Barack Obama March 9 , 2009 1,268.64 − 11.95 % 676.53 − 15.90 % 6,507.04 − 18.14 % The day the DJIA , S&P 500 and NASDAQ bottomed . October 9 / 10 , 2007 to March 9 , 2009 − 1,542.97 − 54.9 % − 888.62 − 56.8 % − 7,657.49 − 54.1 % Cumulative change ( from peak to bottom ) § Values represent percent change from previous date listed in table . Opinions regarding the cause ( edit ) During the bear market a heavy debate ensued as to whose fault the falling market was . The political parties were heavily divided during this period . For the most part there were three camps : ones that simply blamed the economy , others that wanted to pin the passing Bush Administration and others that wanted to push the blame on the newly arriving Obama Administration . Blaming the economy ( edit ) In February 2007 , a coming recession and bear market was predicted by Paul Lamont due to a growing debt bubble , the housing bubble and lack of car sales . High oil prices have impacted global economic growth , causing the Dow 's 12th bear market since 1962 and the first since 2002 according to The Washington Post . Tom Petruno of the LA Times points out that `` the U.S. stock market meltdown this year is n't happening in isolation . Major European stock markets also are down more than 20 % since Jan. 1 . In Japan , the Nikkei index hit a 261⁄2 - year low this week . '' Dick Meyer of NPR believes that `` the idea of blaming one person for the downfall of the economy with a gross domestic product of about $14 trillion , powered by 300 million people and engaged in complex global commerce is nuts -- whether that person is Bush , Obama , Alan Greenspan , Bernard Madoff , Osama bin Laden or the editors of opinions at The Wall Street Journal . '' Michael J. Panzner , author and 25 - year Wall - Street veteran , says that `` the real reasons behind the sell - off ... include the bursting of history 's biggest housing bubble , which triggered a shockwave of wealth destruction that has wreaked widespread havoc throughout the economy , as well as the unraveling of a multi-trillion - dollar financial house of cards built on greed , ignorance , and fraud . '' Blaming the George W. Bush Administration ( edit ) Former United States Secretary of Labor Robert Reich said the fall in stock prices since Obama 's inauguration was caused by the policies of former President George W. Bush , and that the housing and financial bubbles , as well as the decline in the stock market , all began under Bush 's Presidency . Justin Fox of Time magazine pointed to eight major economic mistakes George W. Bush made : 1 ) A return to deficit spending , 2 ) Iraq , 3 ) Tax cuts for the rich , 4 ) Sarbanes - Oxley Act , 5 ) Encouraging consumer spending , 6 ) The lack of an energy policy , 7 ) State of denial , and 8 ) A muddled first bailout by Treasury Secretary Henry Paulson . In 2005 , Congressman Ron Paul ( R - Texas ) said section 404 of the Sarbanes - Oxley Act ( 2002 ) which requires chief executive officers to certify the accuracy of financial statements caused capital flight away from the U.S. stock market . Later in 2008 , Paul said that the government bailouts of badly run corporations was rewarding bad behavior and punishing good behavior , and that it prevented resources from being allocated away from inefficient uses to more productive uses , and that this lowered the overall amount of wealth across the entire economy . In March 2009 White House budget director Peter Orszag said , `` Job losses began in January 2008 . The stock market started declining October 2007 ... This has been , you know , eight years in the making , and again , it 's going to take some time to work our way out of it . '' Blaming the Barack Obama Administration ( edit ) A September 13 , 2008 , Wall Street Journal editorial prior to the election written by Phil Gramm , former Republican Senator and campaign economic adviser to John McCain , and Mike Solon , former Policy Director under the George W. Bush Administration , suggested that looking at the Senators ' respective states proved traditional Republican strategies , enacted by McCain , would be better for the economy than traditional Democratic strategies , enacted by Obama , arguing `` Mr. Obama would stimulate the economy by increasing federal spending . Mr. McCain would stimulate the economy by cutting the corporate tax rate . '' Gramm had introduced the Gramm - Leach - Bliley Act which editors of the same paper , The Wall Street Journal , pointed out in a March 10 , 2009 , article had been blamed for deregulating major corporations and `` allowed for the creation of giant financial supermarkets that could own investment banks , commercial banks and insurance firms , something banned since the Great Depression . Its passage , critics say , cleared the way for companies that were too big and intertwined to fail . '' That month , September 2008 , would see record drops in the Dow , including a 778 - point drop to 10,365.45 that was the worst since Black Monday of the 1987 stock market crash and was followed by a loss of thousands of points over the next two months , standing at 8,046 on November 17 and including a 9 % plunge in the S&P on December 1 , 2008 . As of early March 2009 , the Dow Jones Industrial Average had fallen 20 % since the inauguration of President Barack Obama ( less than two months earlier ) , the fastest drop under a newly elected president in at least 90 years . Editorials in the Wall Street Journal by the editorial staff and Michael Boskin , one of George H.W. Bush 's Council of Economic Advisors , blamed this on Obama 's economic policies . Finding a bottom ( edit ) President Obama on March 3 , 2009 said `` What you 're now seeing is profit - and - earning ratios are starting to get to the point where buying stocks is a potentially good deal if you 've got a long - term perspective on it , '' probably meaning price - earnings ratio . Many stocks were trading at low P / E levels despite first quarter strong earnings . On the same day , David Serchuk of Forbes magazine says he feels that the market will turn around when housing prices stabilize and oil prices rise again . The DJIA hit a low on March 6 , 2009 of 6,469.95 . On March 6 , a regulatory report indicated that the 5 biggest banks still have large risk exposure due to derivatives that could fail . Building a technical bull ( edit ) On Tuesday , March 10 , Vikram Pandit the CEO of Citibank , said that his bank has been profitable the first two months of 2009 and was currently enjoying its best quarterly performance since 2007 . On March 12 , Ken Lewis , CEO of Bank of America , declared that bank had also been profitable in January and February , that he did n't foresee the bank needing further government funds , and that he expected to `` see $50 billion in 2009 pre-tax revenue '' . The announcements caused multi-day rallies with double - digit percentage gains for a number of stocks both in and outside of the banking industry . After only a month and a half in office , in a media blitz including press conferences , interviews and public appearances , President Obama , Federal Reserve chair Ben Bernanke , Federal Deposit Insurance Corporation chair Sheila Bair and Treasury Secretary Tim Geithner rolled out the details of numerous plans to tackle various elements of the economy , and began putting those plans into action . Mortgage rates for homeowners dropped , limits on executive compensation were enacted , regulatory changes were proposed , and the Treasury announced its intention to purchase $1 trillion of troubled bank assets , such as the aforementioned derivatives , and enticing private investors to join them in making similar investments . Already rising for two weeks , following the Geithner announcement the DJIA had its fifth - biggest one - day point gain in history . `` Tim Geithner went from zero to hero in a matter of just a few days '' and reported that Bank of America stock led banking stocks with 38 % one - day gains . On March 26 , 2009 , after just short of three weeks of gains which frequently defied the day 's bad economic news , the DJIA rebounded to 7924.56 . A rise of 21 % from the previous low , this met the technical requirements to be considered a bull market . A Wall Street Journal article declared , `` Stocks are on their strongest run since the bear market started a year and a half ago as investors continue to debate whether the economy and the markets have finally stabilized '' . Bloomberg noted the Obama administration 's successes included the sale of $24 billion worth of seven - year Treasury notes and pointed out that March 2009 was the best month for the S&P 500 since 1974 . Bonds ( edit ) U.S. government bonds did well , especially longer terms . Yields dropped during this time period , part of a long - term bull market . High - grade corporate bonds and muni bonds also performed well . However , high - yield bonds had very bad performance , although they turned up coincident with the bull market in stocks . Other markets ( edit ) The Nikkei 225 average went from 18,262 on July 9 , 2007 to 7,055 on March 10 , 2009 . However , the yen also went up 24 % compared with the U.S. dollar during this time . The FTSE 100 went from 6,731 on October 12 , 2007 ( and 6,698 in July ) to 3,512 on March 3 , 2009 ( about 48 % ) . However , the pound sterling went down about 28 % during this time ( thus about 62 % overall ) . See also ( edit ) Automotive industry crisis of 2008 -- 2009 Collateralized debt obligation Commodity Futures Modernization Act of 2000 Derivative ( finance ) Glass -- Steagall Act Global financial crisis of 2008 -- 2009 Late 2000s recession in the Americas Market trend Price of petroleum Subprime mortgage crisis References ( edit ) Jump up ^ Dow Hits Bear - Market Territory , Signaling Woe for Economy Wall Street Journal , June 28 , 2008 Jump up ^ Michael M. Grynbaum Gloom Descends Over Wall Street Again The New York Times , June 27 , 2008 Jump up ^ Elizabeth Stanton Dow Average 's Drop Into Bear Market May Signal Losses July 3 , 2008 . Archived July 10 , 2008 , at the Wayback Machine . Jump up ^ Alexandra Twin Bear scare on Wall Street CNNMoney , June 27 , 2008 Jump up ^ Instant View : Dow industrials enter bear market territory Reuters , Jun 27 , 2008 ^ Jump up to : ^ DJI : Historical Prices for Dow Jones Industrial Average Jump up ^ E.S. Browning ( 2007 - 03 - 27 ) . `` Bears Are Wary as Bull Returns '' . The Wall Street Journal . Retrieved 2009 - 04 - 03 . Jump up ^ ^ IXIC : Historical prices for NASDAQ Composite Jump up ^ ^ GSPC : Historical prices for S&P 500 Jump up ^ Laurie Kellman : Whose economy is it anyway ? mlive.com/Associated Press , March 05 , 2009 Jump up ^ US Recession in 2007 - Third Leg of the Bear Market Likely , by Paul Lamont , The Market Oracle , February 5 , 2007 Jump up ^ Oil Prices Drive Stocks to Bear Market The Washington Post July 6 , 2008 Jump up ^ Tom Petruno Obama bad for stocks ? It 's not that simple Los Angeles Times , March 7 , 2009 Jump up ^ Dick Meyer Wall Street Blame Game : Tag , You 're It , NPR , March 5 , 2009 Jump up ^ Michael J. Panzner : Up Next : The Obama Bounce ? Huffington Post , March 7 , 2009 Jump up ^ Robert Reich : Is Obama responsible for Wall Street 's meltdown ? , Salon , March 5 , 2009 Jump up ^ Justin Fox : A Look Back at Bush 's Economic Missteps Time ( magazine ) , March 08 , 2009 Jump up ^ Ron Paul : Repeal Sarbanes - Oxley ! , Ron Paul speech to U.S. House of Representatives , April 14 , 2005 Archived July 30 , 2007 , at the Wayback Machine . Jump up ^ Ron Paul : The Bailout Surge , Ron Paul , November 24 , 2008 Archived February 28 , 2009 , at the Wayback Machine . Jump up ^ Stocks turn in worst performance for new president , Associated Press , March 10 , 2009 Jump up ^ `` Archived copy '' . Archived from the original on October 12 , 2008 . Retrieved March 27 , 2009 . CS1 maint : Archived copy as title ( link ) Jump up ^ Phil Gramm and Mike Solon : If You Like Michigan 's Economy , You 'll Love Obama 's , Wall St. Journal , September 13 , 2008 Jump up ^ http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=106_cong_public_laws&docid=f:publ102.106 Jump up ^ Paletta , Damian ; Scannell , Kara ( March 10 , 2009 ) . `` Ten Questions for Those Fixing the Financial Mess '' . The Wall Street Journal . Jump up ^ Bajaj , Vikas ; Grynbaum , Michael M. ( September 30 , 2008 ) . `` For Stocks , Worst Single - Day Drop in Two Decades '' . The New York Times . Retrieved May 26 , 2010 . Jump up ^ Study : Dow 's Decline Is Fastest for a New President in Nearly a Century , Fox News , March 6 , 2009 Archived March 7 , 2009 , at the Wayback Machine . Jump up ^ The Obama Economy , Wall St. Journal , March 3 , 2009 Jump up ^ The Obama Economy , Cont. , Wall St. Journal , March 6 , 2009 Jump up ^ Michael Boskin : Obama 's Radicalism Is Killing the Dow , Wall St. Journal , March 6 , 2009 Jump up ^ Michael Mcauliff : Obama Says Buy Stocks Now : Good Deals There for Long - Term Investors US News and World Report March 4 , 2009 Jump up ^ David Serchuk : When Will The Bear Market End ? Forbes March 6 , 2009 Jump up ^ Greg Gordon and Kevin G. Hall : Regulatory reports show 5 biggest banks face huge loss risk McClatchy , March 9 , 2009 Archived March 17 , 2009 , at the Wayback Machine . Jump up ^ Citigroup Remarks Boost Stocks Nasdaq , March 11 , 2009 Archived June 11 , 2011 , at the Wayback Machine . Jump up ^ http://www.tmcnet.com/usubmit/2009/03/12/4052725.htm Jump up ^ http://www.cbsnews.com/news/ben-bernankes-greatest-challenge/ Jump up ^ http://www.federalreserve.gov/newsevents/speech/bernanke20090310a.htm Jump up ^ http://marketplace.publicradio.org/display/web/2009/03/11/pm_fdic_q/ Jump up ^ http://www.foxbusiness.com/story/fdic-chairman-sheila-bair-receives-honor-leading-housing-nonprofit/ Jump up ^ Geithner , Timothy ( March 23 , 2009 ) . `` My Plan for Bad Bank Assets '' . The Wall Street Journal . ^ Jump up to : Stark , Betsy ( 2009 - 03 - 23 ) . `` Dow Soars as Investors Back Bad Asset Plan '' . ABC News . Jump up ^ La Monica , Paul ( 2009 - 03 - 23 ) . `` Geithner enchants the markets '' . money.CNN.com . Jump up ^ `` Archived copy '' . Archived from the original on March 30 , 2009 . Retrieved March 27 , 2009 . CS1 maint : Archived copy as title ( link ) Jump up ^ Mckay , Peter A. ; Rogow , Geoffrey ; Curran , Rob ( March 26 , 2009 ) . `` Stocks ' Momentum Keeps Building '' . The Wall Street Journal . Jump up ^ `` U.S. Markets Wrap : S&P 500 Advances in Best Month Since 1974 '' . Bloomberg . March 26 , 2009 . Archived from the original on January 23 , 2009 . Jump up ^ `` Share Investing For Dummies - James Dunn - Google Books '' . Further reading ( edit ) Bartram , Söhnke M. ; Bodnar , Gordon M. ( December 2009 ) . `` No Place to Hide : The Global Crisis in Equity Markets in 2008 / 09 '' . Journal of International Money and Finance . 28 ( 8 ) : 1246 -- 1292 . doi : 10.1016 / j. jimonfin. 2009.08. 005 . SSRN 1413914 . <Th_colspan="2"> Great Recession By region Africa Americas United States South America Asia Europe Oceania United States - specific Automotive industry crisis California budget crisis Housing bubble Housing market correction Subprime mortgage crisis Banking losses and fraud Anglo Irish Bank hidden loans controversy Libor scandal Tom Hayes Société Générale trading loss Forex scandal Seán FitzPatrick Bernard Madoff Tom Petters Scott W. Rothstein Allen Stanford Government entities Consumer Financial Protection Bureau Federal Deposit Insurance Corporation Federal Home Loan Banks Federal Housing Administration Federal Housing Finance Agency Federal Housing Finance Board Federal Reserve System Government National Mortgage Association Irish Bank Resolution Corporation National Asset Management Agency Office of Federal Housing Enterprise Oversight Office of Financial Stability UK Financial Investments <Td_colspan="2"> <Th_colspan="2"> Government policy and spending responses Banking and finance stability and reform Anglo Irish Bank Corporation Act 2009 Banking ( Special Provisions ) Act 2008 China -- Japan -- South Korea trilateral summit Commercial Paper Funding Facility Dodd -- Frank Wall Street Reform and Consumer Protection Act Emergency Economic Stabilization Act of 2008 Irish emergency budget , 2009 Irish budget , 2010 Irish budget , 2011 Irish budget , 2012 Irish budget , 2013 Temporary Liquidity Guarantee Program Term Asset - Backed Securities Loan Facility Troubled Asset Relief Program 2008 United Kingdom bank rescue package Bank stress tests EU U.S. Stimulus and recovery 2008 European Union stimulus plan 2008 -- 09 Keynesian resurgence American Recovery and Reinvestment Act of 2009 Chinese economic stimulus program Economic Stimulus Act of 2008 Fraud Enforcement and Recovery Act of 2009 Green New Deal Housing and Economic Recovery Act of 2008 National fiscal policy response to the Great Recession Zero interest - rate policy Government interventions , rescues , and acquisitions List of banks acquired or bankrupted during the Great Recession Non-banking Chrysler General Motors Securities involved and financial markets Auction rate securities Collateralized debt obligations Collateralized mortgage obligations Credit default swaps Mortgage - backed securities Secondary mortgage market Social responses Tea Party protests ( United States ; c. 2009 ) May Day protests ( Europe , Middle East and North Africa , Asia ; 2009 ) Occupy movement ( worldwide ) Related topics 2000s energy crisis Central Asia : 2008 Effects on museums Decline of newspapers World food price crisis <Td_colspan="2"> European debt crisis Financial crisis of 2007 -- 08 List of countries by public debt <Th_colspan="2"> U.S. subprime mortgage crisis Background / timeline Background information Impact timeline Causes United States housing bubble / housing market correction Role of credit rating agencies Government policies Impacts Financial crisis of 2007 -- 08 Great Recession Writedowns Indirect economic effects Responses Economic Stimulus Act of 2008 Housing and Economic Recovery Act of 2008 Emergency Economic Stabilization Act of 2008 Dodd -- Frank Wall Street Reform and Consumer Protection Act Acquired or bankrupt banks in the late 2000s financial crisis Capital Assistance Program Capital Purchase Program Federal Reserve responses Federal takeover of Fannie Mae and Freddie Mac Government intervention Homeowners Affordability and Stability Plan Hope Now Alliance Loan modification Public -- Private Investment Program for Legacy Assets Regulatory responses Primary Dealer Credit Facility 2009 Supervisory Capital Assessment Program Tea Party protests Term Asset - Backed Securities Loan Facility Troubled Asset Relief Program Wall Street reform Related topics Error accounts Financial position of the United States Foreclosure rescue scheme Property derivatives <Th_colspan="2"> Banking panics in the United States <Td_colspan="2"> 1792 1796 -- 97 1819 1825 1837 1847 1857 1866 1873 1884 1890 ( Baring crisis ) 1893 1896 1901 1907 1910 - 11 1929 2007 -- 08 <Th_colspan="2"> Stock market crashes 17th century Early stock market crashes in the Dutch Republic 18th century The Mississippi Bubble South Sea Bubble of 1720 Panic of 1792 Panic of 1796 -- 97 19th century Panic of 1819 Panic of 1825 Panic of 1837 Panic of 1847 Panic of 1857 Black Friday ( 1869 ) Panic of 1873 Paris Bourse crash of 1882 Panic of 1884 Encilhamento Panic of 1893 Panic of 1896 20th century Panic of 1901 Panic of 1907 Depression of 1920 -- 21 Wall Street Crash of 1929 Recession of 1937 -- 38 1971 Brazilian markets crash 1973 -- 74 stock market crash Souk Al - Manakh stock market crash ( 1982 ) Japanese asset price bubble ( 1986 -- 1991 ) Black Monday ( 1987 ) Rio de Janeiro Stock Exchange collapse Friday the 13th mini-crash ( 1989 ) 1990s Japanese stock market crash Dot - com bubble ( 1995 -- 2000 ) 1997 Asian financial crisis October 27 , 1997 , mini-crash 1998 Russian financial crisis 21st century Economic effects of the September 11 attacks ( 2001 ) Stock market downturn of 2002 Chinese stock bubble of 2007 United States bear market of 2007 -- 09 Financial crisis of 2007 -- 08 Dubai debt standstill European debt crisis 2010 Flash Crash 2011 Tōhoku earthquake and tsunami ( Aftermath ) August 2011 stock markets fall 2011 Bangladesh share market scam 2015 -- 16 Chinese stock market turbulence 2015 -- 16 stock market crash 2016 United Kingdom EU referendum ( Aftermath ) 2018 Cryptocurrency crash <Td_colspan="2"> See also : List of stock market crashes and bear markets <Th_colspan="3"> Federal Reserve System <Td_colspan="3"> Federal Open Market Committee Chair Governors Federal Reserve Bank Banknotes Federal Reserve Note Federal Reserve Bank Note Reports Beige Book Federal Reserve Statistical Release Monetary Policy Report to the Congress Fedspeak Federal funds Discount window Federal funds Federal funds rate Primary dealer History Antecedents Bank of England ( 1694 -- 1776 ) Currency Acts ( 1751 ; 1764 ) Bank of North America ( 1781 -- 1791 ) First Bank of the United States ( 1791 -- 1811 ) Coinage Act of 1792 Second Bank of the United States ( 1816 -- 1836 ) Suffolk Bank ( 1818 -- 1858 ) Suffolk System ( 1824 -- 1858 ) Bank War ( 1832 -- 1836 ) Coinage Act of 1834 Coinage Act of 1849 Coinage Act of 1853 New York Clearing House ( 1853 -- 1913 ) Coinage Act of 1857 National Bank Acts ( 1863 ; 1864 ) Coinage Act of 1864 Contraction Act of 1866 Public Credit Act of 1869 Currency Act of 1870 Coinage Act of 1873 Specie Payment Resumption Act ( 1875 ) Bland -- Allison Act ( 1878 ) Sherman Silver Purchase Act ( 1890 ) Gold Standard Act ( 1900 ) Aldrich -- Vreeland Act ( 1908 ) Official Federal Reserve Act ( 1913 ) Pittman Act ( 1918 ) Post -- World War I recession ( 1918 -- 1919 ) Depression of 1920 -- 21 Wall Street Crash of 1929 Great Depression ( 1929 -- 1933 ) Gold Reserve Act ( 1934 ) Recession of 1937 -- 38 Employment Act of 1946 Late 1940s recession ( 1948 -- 1949 ) U.S. Treasury Department Accord ( 1951 ) Early 1950s recession ( 1953 -- 1954 ) Bank Holding Company Act ( 1956 ) Late 1950s recession ( 1957 -- 1958 ) Recession of 1960 -- 61 Federal Open Market Committee actions ( 1961 -- 2015 ) Recession of 1969 -- 70 1970s recession ( 1973 -- 1975 ) Federal Reserve Reform Act ( 1977 ) Humphrey -- Hawkins Full Employment Act ( 1978 ) Early 1980s recession ( 1980 ; 1981 -- 1982 ) Depository Institutions Deregulation and Monetary Control Act ( 1980 ) Board of Governors , FRS v. Investment Co . Institute ( 1981 ) Black Monday ( 1987 ) Financial Institutions Reform , Recovery , and Enforcement Act ( 1989 ) Friday the 13th mini-crash ( 1989 ) Early 1990s recession ( 1990 -- 1991 ) Federal Deposit Insurance Corporation Improvement Act ( 1991 ) 1997 mini-crash Gramm -- Leach -- Bliley Act ( 1999 ) Dot - com bubble bursting ( 2000 -- 2002 ) 9 / 11 economic effects ( 2001 ) Stock market downturn of 2002 Early 2000s recession ( 2002 -- 2003 ) Financial crisis of 2007 -- 2008 Great Recession ( 2007 -- 2009 ) 2007 -- 2009 U.S. bear market Federal Reserve responses to the subprime crisis ( 2007 -- 2010 ) Bloomberg v. Federal Reserve ( 2009 ) Flash Crash ( 2010 ) August 2011 stock markets fall 2015 -- 16 stock market selloff Chairs Charles S. Hamlin ( 1914 -- 1916 ) William P.G. Harding ( 1916 -- 1922 ) Daniel R. Crissinger ( 1923 -- 1927 ) Roy A. Young ( 1927 -- 1930 ) Eugene Meyer ( 1930 -- 1933 ) Eugene R. Black ( 1933 -- 1934 ) Marriner S. Eccles ( 1934 -- 1948 ) Thomas B. McCabe ( 1948 -- 1951 ) William M. Martin ( 1951 -- 1970 ) Arthur F. Burns ( 1970 -- 1978 ) G. William Miller ( 1978 -- 1979 ) Paul Volcker ( 1979 -- 1987 ) Alan Greenspan ( 1987 -- 2006 ) Ben Bernanke ( 2006 -- 2014 ) Janet Yellen ( 2014 -- 2018 ) Jerome Powell ( 2018 -- ) Current governors Jerome Powell ( Chairman ) Richard Clarida ( Vice Chairman ) Randal Quarles ( Vice Chairman for Supervision ) Lael Brainard 3 seats vacant Current presidents Eric S. Rosengren ( Boston ) John C. Williams ( New York ) Patrick T. Harker ( Philadelphia ) Loretta J. Mester ( Cleveland ) Jeffrey M. Lacker ( Richmond ) Raphael Bostic ( Atlanta ) Charles L. Evans ( Chicago ) James B. Bullard ( St. Louis ) Neel Kashkari ( Minneapolis ) Esther George ( Kansas City ) Robert Steven Kaplan ( Dallas ) Mark A. Gould ( Acting - San Francisco ) Retrieved from `` https://en.wikipedia.org/w/index.php?title=United_States_bear_market_of_2007 -- 09&oldid = 854871704 '' Categories : Stock market crashes Great Recession in the United States 2009 in economics Hidden categories : Webarchive template wayback links CS1 maint : Archived copy as title All articles with dead external links Articles with dead external links from June 2016 Talk Contents About Wikipedia Add links This page was last edited on 14 August 2018 , at 10 : 46 ( UTC ) . Text is available under the Creative Commons Attribution - ShareAlike License ; additional terms may apply . By using this site , you agree to the Terms of Use and Privacy Policy . Wikipedia ® is a registered trademark of the Wikimedia Foundation , Inc. , a non-profit organization . About Wikipedia