Englund

Top policymakers look back on lessons learnt and mistakes made during 2008 meltdown. Martin Sandbu FT 9 July 2019 Stanley Fischer said there was “no legal basis” for what the Fed did on multiple fronts after the collapse of Lehman Brothers.  The Dodd-Frank Act passed by Congress - when anti-banker sentiment was at its peak - prevents the Fed from acting freely as a lender of last resort...  The authorities may not rescue individual companies, or lend to non-banks, or offer blanket guarantees of bank debt and money market funds.  The lightning-fast action and $1.5 trillion of emergency loans that restored control in 2008 is no longer possible. Ambrose 18 June 2019 Financial Crises Bernanke  Paulsson Geithner Lehman Brothers 

The ‘hard working classes’ so beloved of politicians were the victims of the crash The process set in train by the September 2008 collapse of Lehman Brothers has produced two big losers — liberal democracy and open international borders.  The culprits, who include bankers, central bankers and regulators, politicians and economists, have shrugged off responsibility. Philip Stephens FT 30 August 2018

while the middle class has been pushed into debt in order to try to keep up.  The Glass-Steagall law and other brakes on American banks were abolished by a cheerleader for globalization, Bill Clinton, and these banks subsequently lost all restraints in their enthusiasm to lend.  The cherry on top of the sundae was the real estate bubble and ensuing crash of 2008 Enrico Verga via nakedcapitalism.com 20 July 2018

In coming months, on the 10th anniversary of the last great financial crisis, there will be a new round of debate about why banks and regulators missed the risks in the credit system before 2008. It’s not the big, obviously radical decisions that create disasters in finance but subtle periods of mission creep, when slightly deviant behaviour is quietly tolerated. Gillian Tett FT 20 June 2018 Financial crisis