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Previous | Next :: Anniversary of the Fall of Lehman Brothers Bank : Wall Street Steam : NYC | September 15, 2009, 7:20 pm

Anniversary of the Fall of Lehman Brothers Bank : Wall Street Steam : NYC
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Today is the 1 year anniversary of the collapse of Lehman Brothers Bank .......... the single incident that really detonated the tsunami of disaster in the financial markets..... leading to the total shutdown of commercial lending activity in some areas and leading all sectors into drastic recession....

In retrospect it was a disastrous thing to allow the collapse ... and Western governments including the US have since spent billions defending their banks from collapse following the decision to let Lehman go down ...... that fateful call that Lehman was not 'too big to fail'...... proved it was in fact 'too big to fail'.......... unless you did not mind crashing your entire financial system with it ...

In the end ... Im of the opinion that all this requires Anti-trust Law... to make non of these business' 'too big to fail'........ and investment Banks need to be separated from commercial Banks ... with a bit more meaningful oversight and regulation ... but nothing seems to be drastically different .... given this was nominally the collapse to end them all and bring with it massive change ....... its all appears 'Same as it ever was' ...... for bankers at least it appears to be going back to the way it was just before the crash with bonus pay outs etc ... like nothing has actually changed for them.

But its not like nothing has changed in the real world .... here in Britain the UK's Banks came even closer to failing than in the States and huge sums of public money have been used to prop them up....... the recession here has left one family in six dependent on unemployment benefits ... and there is fear that the recovery will look like a Japanese style of recovery..... with stagnation especially in job creation leaving misery in the real world for ordinary people for a very long time to come.


PS...... Even in these harsh economic times you can afford to connect with me on facebook...... its free..... :-) .......

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