Fannie and Freddie have to be made federal wards to try to stop the crisis. Wishful thinking. Next, the Fed steps in to save AIG before rolling out a $700 billion bailout. The markets weaken with worry.
Great Depression 2.0: Tracing the Meltdown
The housing bubble burst. Wall Street collapsed. Now the aftershocks are radiating throughout Main Street. TIME explores how this initially insular financial crisis went national.
Begin the Bailout