Socialist Worker

Lehman Brothers collapse a year on

Issue No. 2169

“With or without Lehman Brothers we were headed for a crisis. But we learnt the wrong lesson. We’ve created a financial system with more institutions that are too big to fail.”
Nobel Prize winning economist Joseph Stiglitz warning one year on about problems in how the collapse of Lehman Brothers was handled

“We are in a terrible quandary and Barack Obama’s speech to Wall Street on the anniversary of Lehman just made me sad. Nothing he is proposing would address the problem of ‘too big to fail’.”
Former IMF chief economist Simon Johnson

“We may have stepped back from the edge but we’ve still got a lot more pain to come.”
Economist Howard Archer on the looming impact of the global recession

“One executive put it to me like this, when I asked if there were preparations being made for a possible bankruptcy of a financial giant, such as Lehman Brothers: ‘We’re too busy’.”
Aline van Duyn writing in the Financial Times newspaper three days before the collapse of Lehman Brothers last year

“If only we had learnt from Lehman that no bank should be ‘too big to fail’, we might still have a real capitalist system, instead of the state-guaranteed monstrosity that is the real legacy of last year’s crisis.”
Niall Ferguson’s warped interpretation of the impact of Lehman Brothers’ collapse


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Who Says?
Tue 15 Sep 2009, 19:34 BST
Issue No. 2169
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