dramatic event is precisely because that comes to light. I think one of the things that Federal Reserve officials used to say is that Lehman is like Drexel. If you may remember, Drexel was the investment bank in the 1980s merger, boom, Michael Milken's investment bank at some point when under and of course, it looked bad, but nothing happened to the macroeconomy, to the economy. So many people thought that Lehman, you know, because that's not the end of the world. And then of course, what the events surrounding Lehman bankruptcy laid bare is the enormous interconnectedness of the financial system. And fortunately, policymakers learned very fast that Lehman is not like Drexel and that it's going to bring down the whole U.S. financial system. And so then they intervene much more aggressively. That was more obvious to them in the case of AIG, but it wasn't in the case of some of these investment banks like Lehman because they moved very quickly to bail out AIG around the same time. When (24/44)
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