The Motley Fool The Past 5 Years Explained in 73 Headlines By _Morgan Housel_ (http://my.fool.com/profile/tmfhousel/info.aspx?source=iapsitlnk0000002) | _More Articles_ (http://www.fool.com/author/1611/index.aspx?source=iapsitlnk0000003) September 17, 2013 Five years ago this week, I called Motley Fool editor Anand Chokkavelu on the phone. "So, Lehman Brothers just filed for bankruptcy," I said. Thus began the financial crisis and the worst recession in 80 years. Here's what's happened next. "_Lehman Files for Bankruptcy; Merrill Is Sold_ (http://www.nytimes.com/2008/09/15/business/15lehman.html?pagewanted=all) ," The New York Times, September 14, 2008 It wasn't alone ... "_AIG struggles to survive financial tsunami_ (http://uk.reuters. com/article/2008/09/15/uk-banking-idUKN1525923620080915) ," Reuters, September 16, 2008 The government came in ... "_U.S. to Take Over AIG in $85 Billion Bailout; Central Banks Inject Cash as Credit Dries Up_ (http://online.wsj.com/article/SB122156561931242905.html) ," The Wall Street Journal, September 16, 2008 And pulled out all the stops ... "_US Senate passes $700bn bank bailout_ (http://www.telegraph.co.uk/finance/financialcrisis/3119580/Financial-crisis-US-Senate-passes-700bn-bank-bail-o ut.html) ," Telegraph, October 2, 2008 The pain began ... "_Job losses reach worst level in five years_ (http://money.cnn.com/2008/10/03/news/economy/jobs_september/) ," CNNMoney, October 3, 2008 And markets panicked ... "_Dow Jones falls below 10,000 as global markets melt_ (http://www.telegraph.co.uk/finance/markets/3146297/Dow-Jones-falls-below-10000-as-global-market s-melt.html) ," Telegraph, October 6, 2008 Bringing volatility ... "_Markets Surge to Biggest One-Day Gain Since Great Depression_ (http://articles.washingtonpost.com/2008-10-14/business/36910988_1_markets-surge-worst- week-signals-that-european-governments) ," The Washington Post, October 14, 2008 And a new face ... "_Voters tag economy as Issue No. 1, elect Obama_ (http://money.cnn.com/2008/11/04/news/economy/election_polls/index.htm) ," CNNMoney, November 5, 2008 A few silver linings emerged ... "_Average U.S. gas prices fall below $2_ (http://www.thestar.com/business/2008/11/21/average_us_gas_prices_fall_below_2.html) ," Toronto Star, November 21, 2008 But even more carnage came with it ... "_Fourth-worst drop ever for Dow_ (http://www.azcentral.com/business/articles/2008/12/01/20081201biz-wallstclose1201.html) ," AZ Central, December 1, 2008 The horror set in ... "_U.S. Loses 533,000 Jobs in Biggest Drop Since 1974_ (http://www.nytimes.com/2008/12/06/business/economy/06jobs.html) ," The New York Times, December 5, 2008 The "d" word was used ... "_Obama Dismisses Great Depression Talk_ (http://abcnews.go.com/WN/story?id=6413167&page=1) ," ABC, December 7, 2008 Washington armed its weapons ... "_Obama Said to Favor $775 Billion for Stimulus Plan_ (http://www.bloomberg.com/apps/news?pid=newsarchive&sid=anzPAxPhNd9U) ," Bloomberg, January 6, 2009 Others shook their heads ... "_Global Worries Over U.S. Stimulus Spending,"_ (http://www.nytimes.com/2009/01/30/business/worldbusiness/30davos.html) The New York Times, January 29, 2009 The stimulus began ... "_Obama Signs Stimulus Into Law_ (http://online.wsj.com/article/SB123487951033799545.html) ," The Wall Street Journal, February 18, 2009 >From every direction ... "_Fed to Pump Another $1 Trillion Into Economy_ (http://www.pbs.org/newshour/bb/business/jan-june09/fed_03-18.html) ," PBS, March 18, 2009 It didn't seem to help ... "_Stocks fall to lowest level since 1997 as Dow drops below 6,800_ (http://usatoday30.usatoday.com/money/markets/2009-03-02-stocks-monday_N.htm) ," USA TODAY, March 2, 2009 And Americans were getting crushed ... "_Housing Prices in 20 U.S. Cities Fall a Record 18.5%_ (http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a3ArfwXFeZJM) ," Bloomberg, February 24, 2009 We realized this recession was different ... "_Job Losses Hint at Vast Remaking of Economy_ (http://www.nytimes.com/2009/03/07/business/economy/07jobs.html?pagewanted=all) ," The New York Times, March 6, 2009 It didn't seem to end .... "_663,000 Jobs Lost in March; Total Tops 5 Million_ (http://www.nytimes.com/2009/04/04/business/economy/04jobs.html?pagewanted=all) ," The New York Times, April 3, 2009 Some wondered how far it could go ... "_George Soros says US banks 'basically insolvent'_ (http://in.reuters.com/article/2009/04/06/idINN0638646120090406) ," Retuers, April 6, 2009 American icons dropped ... "_Chrysler files for bankruptcy_ (http://money.cnn.com/2009/04/30/news/companies/chrysler_bankruptcy/) ," CNNMoney, May 1, 2009 And dropped ... "_General Motors files for bankruptcy_ (http://www.ma rketwatch.com/story/general-motors-files-for-bankruptcy-2009619060) ," MarketWatch, June 1, 2009 We became comfortable with the "d" word ... "_Global Economic Shock Worse Than Great Depression_ (http://www.huffingtonpost.com/2009/04/07/global-economic-shock-wor_n_184283.html) ," Huffington Post, May 8, 2009 Some saw a light at the end of the tunnel ... "_Why the Economy is Showing Green Shoots: It Might as Well Be Spring_ (http://www.thedailybeast.com/newsweek/2009/04/17/it-might-as-well-be-spring.ht ml) ," The Daily Beast, April 17, 2009 Not everyone agreed ... "_Warren Buffett: U.S. Economy In "Shambles" No Signs of Recovery Yet_ (http://www.cnbc.com/id/31526130) ," CNBC, June 24, 2009 But glimmers of hope arose ... "_Dow Jones Reclaims 10,000 Milestone_ (http://www.cbsnews.com/2100-500395_162-5383728.html) ," CBS, October 15, 2009 For some it was better than ever... "_Goldman Sachs breaks record with $16.7bn bonus pot_ (http://www.theguardian.com/business/2009/oct/15/goldman-sachs-record-bonus-pot) ," The Guardian, October 15, 2009 For others the pain was just beginning ... "_Foreclosures hit record high_ (http://money.cnn.com/2010/01/14/real_estate/record_foreclosure_year/) ," CNNMoney, January 14, 2010 But the carnage appeared over ... "_Jobs Report Is Strongest Since the Start of the Recession_ (http://www.nytimes.com/2009/12/05/business/economy/05jobs.html) ," The New York Times, December 4, 2009 And we were reminded that good news still exists ... "_Apple unveils the 'magical' iPad_ (http://www.cnn.com/2010/TECH/01/27/apple.tablet/index.html) ," CNN, January 28, 2010 The stimulus never ended ... "_Fed to buy $600 billion in bonds to aid economy_ (http://www.toledoblade.com/business/2010/11/03/Fed-to-buy-600-billion-in-bonds-to-aid-economy.html) ," Toledo Blade, March 11, 2010 And the improvement became real ... "_Warren Buffett says economy showing real strength_ (http://www.businessweek.com/ap/financialnews/D9FFGSO00.htm) ," BusinessWeek, May 3, 2010 Jobs still lagged ... "_U.S. adds jobs but unemployment rate rises to 9.9%,"_ (http://www.bizjournals.com/philadelphia/stories/2010/05/03/daily53.html) Philadelphia Business Journal, May 7, 2010 But Wall Street cheered ... "_Dow Briefly Reaches 11000 Level, Extends Historic Rebound_ (http://www.marketwatch.com/story/dow-briefly-reaches-11000-level-extends-historic-reboun d-2010-04-09) ," MarketWatch, April 9, 2010 The pain spread across oceans ... "_Debt crisis unsettles European economy_ (http://www.washingtonpost.com/wp-dyn/content/article/2010/02/05/AR2010020504411.html) ," The Washington Post, February 9, 2010 As more change arrived ... "_Obama signs health care reform into law_ (http://www.bizjournals.com/dallas/stories/2010/03/22/daily19.html) ," Dallas Business Journal, March 23, 2010 A new crisis unfolded .... "_Greece accepts bailout package_ (http://money.cnn.com/2010/05/02/news/international/greece_bailout/) ," CNNMoney, May 2, 2010 Computers crashed the party ... "_Dow's Brief Fall of 1,000 Points Sets Off Anxiety_ (http://www.nytimes.com/2010/05/07/business/07markets.html) ," May 5, 2010 While a new age of health care began ... "_Obama signs sweeping financial overhaul into law_ (http://www.utsandiego.com/news/2010/jul/21/obama-signs-sweeping-financial-overhaul-into-law/) ," AP, July 21, 2010 And as Europe continued teetered ... "_Financial Crisis Spreads Throughout Europe_ (http://www.npr.org/templates/story/story.php?storyId=127216754) ," NPR, May 27, 2010 America found a new worry ... "_Oil Spill Growing off Gulf Coast after Rig Explosion_ (http://www.cbsnews.com/stories/2010/04/27/national/main6436619.shtml) ," CBS, April 27, 2010 Old names reemerged ... "_GM files paperwork for massive IPO_ (http://www.marketwatch.com/story/gm-files-paperwork-for-massive-ipo-2010-08-18) ," MarketWatch, August 18, 2010 Just in time for a new downturn ... "_Double-dip feared as US economic growth loses pace_ (http://www.telegraph.co.uk /finance/economics/7919706/Double-dip-feared-as-US-economic-growth-loses-pace.html) ," Telegraph, July 30, 2010 Was this a new recession? ... "_Dow plunges below 10,000 amid bad news on euro and US jobs_ (http://www.csmonitor.com/Business/2010/0604/Dow-plunges-below-10000-amid-bad-news-on-eur o-and-US-jobs) ," CSM, June 4 2010 Maybe, but the financial crisis was over ... "_TARP repayments exceed outstanding bailout debt_ (http://articles.latimes.com/2010/jun/12/business/la-fi-tarp-repayment-20100612) ," Treasury says," LA Times, June 12, 2010 And the cheerleaders came out ... "_Administration Kicks Off "Recovery Summer" with Groundbreakings and Events Across the Country_ (http://www.whitehouse.gov/the-press-office/administration-kicks-recovery-summer-with-groundbreakings-and-events-across-country) ," White House, June 17, 2010 But the recession's scars couldn't be ignored ... "_Fears grow over length of US jobs crisis_ (http://articles.economictimes.indiatimes.com/2010-12-03/news/27618662_1_jobless-rate-unemployment-rate-ber nanke) ," Economic Times, December 3, 2010 Political fights ensued ... "_Obama signs bill to extend Bush-era tax cuts for two more years_ (http://www.washingtonpost.com/wp-dyn/content/article/2010/12/16/AR2010121606200.ht ml) ," The Washington Post, December 17, 2010 But the market kept rallying ... "_Dow 12,000: Just Getting Going?_ (http://www.marketwatch.com/story/dow-12000-just-getting-going-1296057687428) ," MarketWatch, January 26, 2011 The recovery seemed to heat up ... "_Big Jump in Private Jobs Bolsters Recovery Hopes_ (http://www.nytimes.com/2011/03/05/business/economy/05jobs.html) ," The New York Times, March 4, 2011 Just in time for more political games ... "_Obama: Raise debt ceiling or risk global recession_ (http://www.businessweek.com/ap/financialnews/D9MK7LHG1.htm) ," Bloomberg, April 15, 2011 And threats ... "_Bachmann: don't raise federal debt ceiling_ (http://seattletimes.com/html/nationworld/2014914965_apusgoppresidentialhopefulsbachmann.html) ," Seattle Times, April 29, 2011 Led to consequences ... "_United States of America [Credit] Rating Lowered To 'AA+' Due To Political Risks, Rising Debt Burden_ (http://www.standardandpoors.com/ratings/articles/en/us/?assetID=1245316529563) ," Standard & Poor's, August 5, 2011 Markets panicked ... "_Dow plunges 512; worst 1-day action since 2008,"_ (http://www.bizjournals.com/albuquerque/news/2011/08/04/colorado-stocks-dow-plunges-512.html) Albuquerque Business First, August 4, 2011 And the spotlight turned to Europe ... "_Financial crisis: Italy could tip euro into abyss_ (http://www.telegraph.co.uk/news/worldnews/europe/italy/8686892/Financial-crisis-Italy-could-tip-e uro-into-abyss.html) ," Telegraph, August 7, 2011 The stimulus continued ... "_Federal Reserve launches Operation Twist_ (http://money.cnn.com/2011/09/21/news/economy/federal_reserve_operation_twist/?cnn=yes) ," CNNMoney, September 22, 2011 Familiar business names continued to die off ... "_R.I.P. Borders: Book Chain Shuffles Off Into Liquidation_ (http://www.reuters.com/article/2011/07/18/idUS299695975020110718) ," Reuters, July 18, 2011 And a new asset captured Americans' imaginations ... "_Gold tops $1,900, looking 'a bit bubbly'_ (http://money.cnn.com/2011/08/22/markets/gold_prices/index.htm) ," CNNMoney, August 23, 2011 Corporations were doing better than ever ... "_Companies near record profits amid high unemployment_ (http://www.rawstory.com/rs/2011/08/01/companies-near-record-profits-amid-high-unemployment/) ," Raw Story, August 1, 2011 For the most part ... "_FBI raids bankrupt solar venture Solyndra_ (http://money.cnn.com/2011/09/09/technology/solyndra_fbi/) ," CNNMoney, September 9, 2011 Wall Street showed it still knows how to have a good time ... "_MF Global Files for Bankruptcy_ (http://www.bloomberg.com/news/2011-10-31/mf-global-finance-files-for-bankruptcy-protection-in-new-york.html) ," Bloomberg, November 1, 2011 And not everyone was happy about it ... "_Occupy Wall Street: Civil society's awakening_ (http://articles.latimes.com/2011/nov/22/opinion/la-oe-solnit-ows-20111122) ," LA Times, November 22, 2011 More Wall Street games continued ... "_Libor Probe Said to Expose Collusion, Lack of Internal Controls_ (http://www.bloomberg.com/news/2012-02-15/libor-investigation-said-to-expose-collusi on-lack-of-internal-controls.html) ," Bloomberg, February 14, 2012 As new icons were born ... "_Facebook Goes Public_ (http://www.politico.com/news/stories/0512/76485.html) ," Politico, May 18, 2012 And as innovation flourished ... "_Apple Shares Top $700: iPhone 5 Euphoria Setting In_ (http://blogs.wsj.com/marketbeat/2012/09/18/apple-shares-top-700-iphone-5-euphoria-setting-in/) ," The Wall Street Journal, September 18, 2011 So did the recovery ... "_Unemployment falls in 41 states in September_ (http://www.usatoday.com/story/money/business/2012/10/19/september-state-unemployment/1642183/) ," USA TODAY, October 19, 2012 Mother nature showed her anger ... "_Hurricane Sandy's Economic Impact Likely To Be Immense_ (http://www.npr.org/blogs/thetwo-way/2012/10/29/163891993/hurricane-sandys-economic-impact-li kely-to-be-immense) ," NPR, October 29, 2012 And Americans went to the polls ... "_Analysis: Obama reelection driven by economy, turnout_ (http://www.reuters.com/article/2012/11/07/us-usa-campaign-elect-idUSBRE8A613L20121107) ," Reuters, November 7, 2012 Just in time for more political games ... "_U.S. approaches 'fiscal cliff,' and world watches from the sidelines_ (http://articles.washingtonpost.com/2012-11-02/business/35505042_1_fiscal-clif f-fiscal-crash-global-economy) ," The Washington Post, November 2, 2012 But nothing could stop stocks ... "_Dow Jones hits new high, closes above 15,000 for first time_ (http://www.washingtontimes.com/news/2013/may/7/dow-jones-hits-new-high-closes-above-150 00-first-t/?page=all) ," Washington Times, May 7, 2013 Or innovation ... "_Tesla outsells Porsche, Jaguar in California_ (http://www.cnbc.com/id/100987664) ," CNBC, August 26, 2013 And we end this story right where we started ... "_Five years after Lehman, Americans still angry at Wall Street_ (http://www.reuters.com/article/2013/09/15/us-wallstreet-crisis-idUSBRE98E06Q20130915) ," Reuters, September 15, 2013
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