The collapse of Lehman Brothers in mid-Sept. ‘08 was hugely serious.https://www.google.com/amp/s/amp.cn...esting/lehman-brothers-2008-crisis/index.html
“ . . . At 1:45 a.m. on Monday, September 15, 2008, Lehman Brothers filed for Chapter 11 bankruptcy protection. . . ”
And people forget that it was Bush’s Treasury Secretary Henry Paulson who worked to stop the immediate hemorrhaging. In a sense, he ran an informal bailout in which he cajoled, threatened, and bribed some of the stronger banks to merge with the weaker (particularly Merrill Lynch and insurance giant AIG who were both in danger).
And people forget that Congress voted for two bailouts:
early Oct. ‘08, and
early Feb. ‘09.
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