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Aug. 17, 2007: Fed's First Strike

Reacting to concerns about the subprime lending crisis, the Federal Reserve cut its discount rate half a percentage point to 5.75 percent. The Fed went on to cut interest rates through the end of 2007 and early 2008, eight more times, taking the federal funds rate down to 2.00 percent.

>Slideshow: 2008 Bank Failures
>Slideshow: Largest US Bankruptcies
>Special Report: Wall Street in Crisis

Photo: absolutwade