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There are two left out of five. when they third bankruptcy, i cannot explain to you the shock and awe in the investment community. if lehman can go down, what does that mean about the health of the financial system? you are talking about investment banks, how have they been getting it wrong for so long. they say on wall street nothing happens until the lines of fear and greed cross, and there s no better example of the lines of fear and greed crossing been the lehman bankruptcy on september 15, 2008. the markets were fearful. our future at stake. this is a once in a half- century probably once in a century type of event. is it the worst you ve ever seen? by far. because you ve let lehman go ....
Talking to folks at the treasury on friday, they were saying, look, we are trying to find a buyer but let s be clear, we are not going to use taxpayer money. people believe that if lehman went under the panic might spread the people were equally worried that if they build lehman out it would be this idea of moral hazard. if you believe that the government will bail you out, why wouldn t you make these decisions. you don t restore confidence by rescuing one institution after another, after another. that friday, i don t think any of them or any of us realized how bad it was going to get, we were terrified but not terrified enough . lehman brothers for 158 years a cornerstone on wall street. failure to find a buyer over the weekend means it s now bankrupt. merrill lynch hearing it could be next, agreed in an act of desperation to a shotgun marriage with bank of america. now we are left with morgan stanley and goldman sachs, ....
As much as the federal reserve did, spend as much money as joe biden and the democrats in congress did, create this massive inflationary bubble that would that has to go away or else it s a tax on the middle class and speculation that s what caused it. the fed. the biden administration causing massive speculation on financial assets that puts in this position. you know, you can put all the stop gap measures in all you want. we ll still have a day of reckoning. by the time that bear was blowing up, if lehman turned around and raise capitalists as sheila said they should, which they did, it wouldn t have mattered. the years of chicanery and more hall hazard was built up in the system. neil: that s the thing. it catches up with you. we ll see what happens now. great job, charlie. we ll be pursuing this more tomorrow 10:00 a.m. eastern time ....
It is profound. harris: i call it theft. maria is on the mez today. the top line to me, a bunch of people with exception of one person at the bank, didn t know what they were doing and they were running all sorts of money marie: lehman brothers, thinking about when lehman brothers failed that famous weekend gets you to think about, maybe we have a problem here and of course looking at market reacting to that today. harris: how does that happen? that many people and lehman, how do you get a job after that. you show up without experience, are you surprised how this happened? marie: at one point people ....
Throats over who could loan the most. mortgage funds were amazingly profitable to for the big banks. they made billions and billions on their 2% fee. then they started running out of mortgages only some homes and people with good enough jobs to buy them. the banks started filling the bonds with riskier and riskier mortgages that way they can keep that property machine churning, right? by the way, these risky mortgages are called subprime. so whenever you hear subprime, think [bleep] jesse: until one day all that crashed. going to be one of the washington shed days in financial market history. lehman has 25,000 employees will be liquidated. i m trying to find another job. this was the day we were aggrade to wake up to. the bankruptcy of one main ....