The Past and Future of Economic Dystopia

Yesterday marked the beginning of a new era of economic dystopia — at least, if the stock market is any guide. Former U.S. Federal Reserve chief Alan Greenspan called the current stock market freefall a once-in-a-century economic crisis. After the collapse of US investment bank Lehman Brothers, the Dow Jones Industrial Average fell more than 500 points, its largest one-day point loss since the September 2001 terrorist attacks. And as U.S. citizens contemplate the collapsing housing market and the insane bailout of lenders Fannie Mae and Freddie Mac, things are starting to feel distinctly depressing — or should we say recessing? It's interesting to compare pictures of today's high-tech New York Stock Exchange — filled in this picture with panicked traders — with pictures of the lower-tech one in 1929, just days before the famous stock market crash that began the Great Depression. More »