| From the market peak in May 2008 to the market low in March 2009, the S&P 500 lost a whopping 52.8% of its value. More than eight million jobs were lost. The unemployment rate nearly doubled from 5.4% in May 2008 to 10% by October 2009.
But believe it or not, that wasn't a real financial collapse. Just ask any Argentinean. Back in 2001, after decades of a repeated inability to repay its national debts, rating agencies finally declared Argentina in "effective default."..............................................Full Article: Source
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