James Stewart on the week that Lehman failed, and meltdown loomed
(NEWSER) - James Stewart’s reconstruction of the 8 nail-biting days, a year ago, in which the federal government stepped in to stop the collapse of the world financial system—published in the New Yorker this week, just as Fed chief Ben Bernanke was declaring the recession officially over—makes riveting, tense reading. “I don’t think I can take another day of this,” one banker says getting out of the Goldman Sachs car on Day 4. “You’re getting out of a Mercedes to go to the New York Federal Reserve,” snaps Bernanke. “You’re not getting out of a Higgins Boat on Omaha Beach.” Not quite, at least. More»
