Politics & Government

September 8, 2009

A year after financial crisis, the consumer economy is dead

One year after the near collapse of the global financial system, this much is clear: The financial world as we knew it is over, and something new is rising from its ashes. The easy-money system that financed the boom era for a generation is smashed. Once-ravenous U.S. consumers are saving money and paying down debt. And banks are building reserves and hoarding cash.

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