Here is collection of stories about Lehman from the Wall Street Journal:- Crisis on Wall Street as Lehman Totters, Merrill Is Sold, AIG Seeks to Raise Cash
- Bank of America to Buy Merrill
- Lehman Files for Bankruptcy
- Ultimatum by Treasury's Paulson Sparked Frantic End
- AIG Scrambles, Talks to Fed
- Fed Expands Lending Facilities
- Real Time Economics: The U.S. Stood Firm. Was It the Right Call?
- Regulators Reach Out to Lehman Account Holders
- Deal Journal: Winners and Losers of the Lehman-Merrill Weekend
- News Tracker: Latest updates on Monday's developments
- Complete Coverage: Crisis on Wall Street
Alex Tabarrok adds:
Thanks goodness we bailed out Bear Stearns back in March if we hadn't we might have lost Fannie Mae and Freddie Mac, Lehman Brothers, Merrill Lynch and who knows what else. Oh wait...Predictably, Obama blames this on the Republicans and McCain calls for more regulation.
1 comment:
The Republicans under Bush are partially to blame. Their totally hands off policy on the economy allowed the markets to run wild.
Now we are paying a very heavy price.
It should be so simple. We need free markets like we also need a free society. But just like even a free society needs some policing to protect itself against the negative aspects of human nature, so markets need some policing against the lesser attributes of human nature.
And yes, one can over do it, but that doesn't mean we don't need some regulation in markets, just like we need some policing in society. We always need to wrestle with achieving the right balance, not ignoring the need for some oversight altogether.
It's funny because so many conservatives have been so quiet while this whole mess has developed. That's because the whole mortgage meltdown is a study in what happens when you let markets run wild.
Add in the sky rocketing record budget deficits, and you have a recipe for disaster courtesy of the Republicans.
It's funny, because in my adult lifetime I've seen this occur: Reagan preached fiscal discipline but created record budget deficits; the first Bush claimed the mantle of being a fiscal conservative but the deficits climbed even higher; the second Bush again claimed to be a fiscal conservative but has achieved even higher record deficits. The only President of the modern era to achieve budget surpluses was Bill Clinton, the one whom the Republicans tagged a "tax and spend liberal."
So tell me why anyone should vote Republican? They have failed in everything.
So yes let the Republicans own this; they always preach a doctrine of taking personal responsibility. Of course we know by now that Republicans find it very difficult to practice what they preach.
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