An Anniversary To Forget

NEW YORK -- A year after the financial meltdown, Wall Street is reflecting on how close it came to the brink.

Events one year ago included the fire sale of Bear Stearns, the disappearance of Lehman Brothers and the takeover of Merrill Lynch in the space of the weekend.

What followed in the stock market were weeks of dizzying price swings.

Six and seven hundred point losses and gains in a day on the Dow had Wall Street veterans afraid the whole system could collapse.

Bernard McSherry, a vice president at Cuttone and Company, says the $700 billion bailout last fall saved it at the last minute.

McSherry has no doubt the hero of the rescue is Fed chairman Ben Bernanke who he says threw away the standard playbook and pulled the market back from the brink.

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  • by Matt Location: NC on Sep 13, 2009 at 08:30 PM
    What? Someone needs to drug test the people writing storys like these. With the debt the country is in now there is no way we will not re-visit the "financial meltdown". Next time will be worse and it's not so far away. Then comes the North American Union. search it or google it. Either way it's coming. Get used to spending Ameros instead of dollars, comrades.

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