An Awful Anniversary Arrives on Wall Street

It's been 10 years since the collapse of Lehman and the start of the financial crisis
By Arden Dier,  Newser Staff
Posted Sep 14, 2018 11:39 AM CDT
Clerk Michael Hill puts his hand on his face in the Euro Dollar options trading pit at the CME Group in Chicago, on Sept. 16, 2008.   (AP Photo/M. Spencer Green, File)

(Newser) – Saturday marks 10 years since the largest bankruptcy in American history, or what CNN calls "the most terrifying moment for business and the US economy since the Great Depression." It might feel like ancient history given today's surging economy. But the scars of Lehman Brothers’ bankruptcy filing run deep, even if the consequences are hard to encapsulate.

  • Fewer births: American women have had 4.8 million fewer babies than demographers expected since 2008, reports the BBC in a roundup of unexpected consequences. The site notes that those in their early 20s when the crisis hit also have less wealth and a lower rate of home ownership than those of earlier generations.
  • False impressions: "One of the most intriguing aspects of the 2007-09 financial crisis is how little understanding there is of what actually occurred," Barry Ritholtz writes at Bloomberg. Top on his list of 10 things people get wrong: they think Lehman's collapse caused the crisis. Lehman, though, was more of a symptom than a cause, even if the turmoil there "showed just how fragile and interconnected the entire system was," in the words of CNN.

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