as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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create a timeline describing the global financial crisis of 20072008
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timeline of the global financial crisis of 2007-2008: 
may 2007 – mortgage lenders begin to report soaring defaults on subprime loans. 
august 2007 – major signs of deterioration in the us housing market begin to surface. 
september 2008 – global financial markets experience unprecedented turbulence. 
december 2008 – us congress passes the emergency economic recovery act. 
february 2009 – the global recession takes full effect. 
october 2011 – the us unemployment rate reaches 10%.
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