Here's the timeline, as indicated by financial institutions borrowings from the Fed. Bear in mind that the data go back to January 1919, and average about $350 million, with almost nothing ever over $1 billion, even during the S&L crisis.
Jan 1 to Dec 5, 2007: Average $369 million
Dec 12 to Jan 16 2008: $3.51 billion --- The first serious indication that Something Broke.
Jan 23 to Mar 12: $230 million --- big sighs of relief at a bullet successfully dodged.
Mar 19 to Sep 10: $24.22 billion --- the origin of the phrase W. T. F.
Sep 17, 2008: Weekly average $47.97 billion
Sep 20: Lehman Brothers bailout
Sep 24: $187.75 billion
Oct 1: $367.80 billion
Oct 8: $420.16 billion
Oct 15: $437.53 billion
Oct 22: $418.58 billion
Oct 29: $388.81 billion
And on back to normal. By the week of January 26, 2011, borrowings had once again dropped below $1 billion, and that's where they have remained ever since.
I used weekly data above, but this has the entire series back to 1919
https://research.stlouisfed.org/fred2/series/BORROW
Share this thread with friends: