![]() The secretary of the treasury, Hank Paulson, had-reporters said-"concluded that the financial system could survive the collapse of Lehman." In other words, the U.S. The superficially composed assessments that emanated from Washington policymakers added no clarity. ![]() Why had their venerable 158-year-old investment banking firm, a bulwark of Wall Street, gone bankrupt? And what did it mean for most of the planet? Financial news became front-page, top-of-the-hour news, as hundreds of dazed-looking Lehman Brothers employees poured onto the sidewalks of Seventh Avenue in Manhattan, clutching office furnishings while struggling to explain to the swarming reporters the shocking turn of events. In mid-September catastrophe erupted, dramatically and in full public view. As the summer stretched into September, these nervous references began to noticeably accumulate, speckling the broadsheet columns like a first, warning sprinkle of ash before the ruinous arrival of wildfire. One clue? According to the ProQuest newspaper database, the phrase "since the Great Depression" appeared in The New York Times nearly twice as often in the first eight months of that year-about two dozen times-as it did in an entire ordinary year. The warning signs of an epic financial crisis were blinking steadily through 2008-for those who were paying close attention. filing for Chapter 11 bankruptcy protection. stocks suffered a steep loss after news of the financial firm Lehman Brothers Holdings Inc. In afternoon trading the Dow Jones Industrial Average fell over 500 points as U.S. A trader works on the floor of the New York Stock Exchange on Septemin New York City. ![]()
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