Global recession timeline - where are we now?

SHOOT: I've predicted a steady step down, horizontal, step down cycle. I'd say we are due for another step down, otherwise known as a collapse, crunch or collapse, followed by a period of 'recovery' etc etc.

clipped from news.bbc.co.uk How did the credit crunch at the end of 2007 become a full financial meltdown by the middle of 2008, and finally turn into a global recession?