Monday, September 29, 2008

Lehman's Demise Triggered Cash Crunch Around Globe

From the Wall Street Journal:

Decision to Let Firm Fail Marked a Turning Point in Crisis

Two weeks ago, Wall Street titans and the government's most powerful economic stewards made a fateful choice: Rather than propping up another failing financial institution, they let 158-year-old Lehman Brothers Holdings Inc. collapse.

Now, the consequences of that decision look more dire than almost anyone imagined....MUCH MORE