Great Depression 2.0: Tracing the Meltdown
The housing bubble burst. Wall Street collapsed. Now the aftershocks are radiating throughout Main Street. TIME explores how this initially insular financial crisis went national.
Some credit markets have already seized up, including auction-rate securities, which hurt municipalities. Large banks are also getting skittish. The spreads on junk bonds and even better-rated corporate bonds are widening. This raises costs for businesses.
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