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Grim Anniversary: 1 yr Old Credit Crunch


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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?

ECRI's managing director, Lakshman Achuthan, spoke with Morning Edition's Jim Zarroli.
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