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The End of Prosperity? – TIME

October 3, 2008

The End of Prosperity? – TIME

Absolutely fantastic article on the past, present, and future of the financial crisis that currently envelopes not only Wall Street, but all of its parallels across the world – Bay Street, II Chundrigar, and co.

Anyone who doubts that the U.S. is heading for recession is living in denial. On an annualized basis, real retail sales and industrial production are both declining. Unemployment is already at its highest level in five years. The question is whether we’re headed for a short, relatively mild recession like that of 2001 — or a latter-day version of what the world went through in the 1930s: Depression 2.0.

There is also a great slideshow on the development of this crisis developed by TIME – one that finance students would do well to study!

Check out the pictures!

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