Word: lehman
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Dates: during 2000-2009
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...Throughout the autumn, the interest rate banks charge each other broke one record after another as trust between institutions evaporated, investors stashed so much cash in super-safe Treasuries that yields approached zero, and the private securitization market for mortgages, which keeps capital flowing for more home loans, disappeared. Lehman Brothers collapsed when no one would loan it money, and any number of other firms - AIG, Citigroup, GM - went hat in hand to the U.S. government, lender of last resort. (Read TIME's Top 10 Financial Collapses...
...While U.S. automobile companies have some responsibility for their current predicament, the U.S. Treasury and Federal Reserve have unclean hands as well. Each of the car companies had adequate capital entering the fall, but when Treasury and the Fed "brought down the house" by letting Lehman Brothers fail, worldwide credit markets froze, preventing Americans from buying cars, since most people use loans or leases to do so. Financial markets and the lack of available consumer credit - not a lack of appealing car designs - are the reasons for this crisis, and piling the blame on Detroit is simply not balanced. Steven...
...companies have some responsibility for their current predicament, for many of the reasons you cite, the U.S. Treasury and Federal Reserve have unclean hands as well. Each of the car companies had adequate capital entering the fall, but when Treasury and the Fed "brought down the house" by letting Lehman Brothers fail, worldwide credit markets froze, preventing Americans from buying cars, since most people use loans or leases to do so. Financial markets and the lack of available consumer credit--not a lack of appealing car designs--are the reasons for this crisis, and piling the blame on Detroit...
...Axelrod contended that the general-election campaign was decided between Sept. 15, when Lehman Brothers collapsed, and Sept. 26, the night of the first presidential debate. During that time, Axelrod said, Obama established himself as a "safe change" candidate. McCain, meanwhile, announced a suspension of his campaign and a plan to suspend the debate (which was later aborted), and showed an underwhelming effort in his return to Washington to support the federal bailout package - which led him to cancel an appearance on Late Show with David Letterman. Davis, who approached the event with humor, admitted, "The most damaging thing...
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