Release Date: March 9, 2020 (a.k.a. "Black Monday")
The song "2007" was written before the stock market crash on Sept. 29, 2008.
A credit crisis began in late 2007 when the real estate market collapsed and sub-prime loans which had been sold as mortgage-backed securities and collateralized debt obligations rapidly devalued. This signaled the start of "The Great Recession". In early-mid 2008 on the edge of the real estate bubble, the US Government bailed out three major institutions: Bear Stearns, Fannie Mae and Freddie Mac. The bailouts caused significant stock market fluctuations, with the Dow Jones Industrial Average dipping as low as 10,962.54 on news of the bailouts for mortgage lenders Fannie Mae and Freddie Mac.
In September of 2008 Lehman Brothers declared bankruptcy and the Fed bailed out American International Group Inc. (a major insurance company whose cash flow had been impacted by the slowing real estate market). As banks severely restricted lending, the credit market froze. After a bank bailout failed to pass through congress on Sept. 29, 2008 the Dow fell a record-setting 777.68 points (7.87%) in intra-day trading. At the time, it was the largest point drop in history. The drop rippled through international markets in an economic downturn that lasted until June of 2009. The US stock market did not fully recover until 2013.
This video is being released on March 9, 2020 – now dubbed "Black Monday." Today global markets suffered their worst day since the 2008 crash. The Dow Jones Industrial Average fell 2,013.7 points or 7.79% - the biggest single day points drop in history and the largest percentage decline since the 2008 crisis. The S&P 500 fell 7.6% and the Nasdaq Composite fell 7.29%.
Black Monday is being attributed to the coronavirus epidemic triggering panicked selling behavior with no US economic intervention in sight compounded by the price of oil declining sharply (by as much as 30%) as the result of an oil price war between Saudi Arabia and Russia. The stock market drop was so severe that just 4 minutes after US markets opened a 15-minute trading freeze (a "circuit breaker" to prevent a selling free-fall) was triggered.
As reported in The Guardian's Closing Market Report: "Hundreds of billions of dollars, euros and pounds were wiped off stocks across the world, in an alarming sell-off."