The most recent USA Budget rolled back the Dodd-Frank regs on risky investments and another Bush is running for president. Hello?
What is really one of the most notable things the Bush Brothers share is the failure of Lehman Brothers. So, Jeb was inside Lehman and "W" was inside the White House and Paulson was inside the USA Treasury Department. I refuse to believe that was a coincidence.
The scenario one would expect with a Bush at Lehman and one in the White House would be a bailout of Lehman. That didn't happen. I guess that was too much like Dad's bailout of Neil's failed S&L Silverado. Don't bailout Neil because that is too much like an indictable offense. It is so much better to let the entire sector fail and then make it obvious it wasn't simply a Bush that was bailed out.
2008
By Adam Shell
What is really one of the most notable things the Bush Brothers share is the failure of Lehman Brothers. So, Jeb was inside Lehman and "W" was inside the White House and Paulson was inside the USA Treasury Department. I refuse to believe that was a coincidence.
The scenario one would expect with a Bush at Lehman and one in the White House would be a bailout of Lehman. That didn't happen. I guess that was too much like Dad's bailout of Neil's failed S&L Silverado. Don't bailout Neil because that is too much like an indictable offense. It is so much better to let the entire sector fail and then make it obvious it wasn't simply a Bush that was bailed out.
2008
By Adam Shell
The fallout was fast and frightening, (click here) and will reach far into the future.
Almost 6 million lost jobs. A 5,000-point Dow plunge. The government bailing out cash-starved banks. General Motors and Chrysler declaring Chapter 11. The unemployment rate doubling to almost 10%. Consumers getting $4,500 handouts from Uncle Sam to buy a car. Talk of a 1930s-style depression.
To modern-day Wall Street historians, these bizarre events mimic the other-worldly feel of a Ripley's Believe It or Not episode. But all those unthinkable occurrences made news in the past year. They all tie back to Sept. 15, 2008, the day Wall Street titan Lehman Bros. filed for bankruptcy. The collapse of the investment bank was so shocking it triggered a financial tsunami of such size and scope that it was compared to the Great Depression.
And while the events of that panic-drenched day are probably not etched into peoples' memories as are the "I remember where I was" vividness of the bombing of Pearl Harbor, the assassination of JFK, the space shuttle Challenger explosion or the Sept. 11 terrorist attacks, it will be remembered as the day Lehman's demise almost triggered a global financial meltdown....
