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Grim Anniversary: Credit Crunch Is 1 Year Old It was a year ago this week that the global credit crunch began. The mortgage business was struggling with steep losses, and the troubles were spreading throughout the credit markets. Since then, the economy has ground almost to a halt. How much has changed in a year and what's been learned?

Economy

Grim Anniversary: Credit Crunch Is 1 Year Old

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Grim Anniversary: Credit Crunch Is 1 Year Old

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It was a year ago this week that the global credit crunch began. The mortgage business was struggling with steep losses, and the troubles were spreading throughout the credit markets.

Since then, the economy has ground almost to a halt, the housing market has become moribund, and federal officials have resorted to extraordinary means to keep the banking sector afloat. How much has changed in a year and what's been learned?