Sep 15 - 3-yr anniversary of the Lehman Bros bankruptcy and Wall St collapse

[banned from Kos]

Three of the five big investment banks failed in 2008 (Lehman, Bear Sterans, and Merrill Lynch) and do not exist independently any more. Collectively they lost trillions in value and plummeted the economy into ruin.

As investment banks who took NO DEPOSITS they were unregulated and even outside the scope of the old Glass-Steagall Act. Their failures set off economic shock waves that took out commercial banks like Wachovia and Washington Mutual (who were guilty of bad risk practices as well).


Bottom line - Republicans will lie about the cause of the 2008 Credit Crash as they try to dismantle Dodd-Frank and kill Elizabeth Warren's CFPB.


Don't let them.

[Demeter]

1. Only 3 Years?

Seems like a lifetime.

[banned from Kos]

2. 2008 will be like 1929 and 1968 for the history books later

the year the system failed - a Market Crash, Obama elected, Peak-Housing, Peak-Credit, and the long unwind of US Supremacy.