In September, 16 years ago, the Financial Crisis of 2008 began and the front page of the Wall Street Journal read:
“The Wall Street Journal
Monday, September 15, 2008
Wall Street Crisis as Lehman totters, Merrill sold, AIG seeks cash
Fed to expand lending facilities to stabilize markets; moves mark volatile weekend for U.S. finances
The U.S. financial system was shaken to its core on Sunday. Lehman Brothers Holdings Inc. faces bankruptcy, and Merrill Lynch & Co. agrees to be sold to Bank of America Corp.”
Everyone talks about the economic crisis now and compares it to 2008, but in 2008, no one talked about the financial crisis until it hit like a tsunami.