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View Diary: Krugman: "The Competition Myth" (292 comments)

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  •  Thanks for the suggestion that I revise reality. (7+ / 0-)

    It does seem that something happened in the financial/credit markets that became extremely apparent in 2008. (Need I say that is snark?)

    Let's let Reuters put the period at the end of this, dated April 2001 (it's the CNBC link above):

    General Electric posted an unexpected 6 percent drop in first-quarter profit, the biggest shock yet to American industry from the credit crisis and the latest sign the U.S. economy may be in a recession.

    The second-largest U.S. company by market capitalization said profit fell about 20 percent at its financial services arms, which accounted for more than a third of GE's total revenue in the quarter.

    SNIP

    The news sent GE shares [GE  19.74  ---  UNCH   ] down more than 11 percent in early trade on the New York Stock Exchange, the sharpest drop in two decades, dragging down global markets.

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