Mark your calendars: September 15th
one-year anniversary of Lehman Brothers's collapse, the first of a series of
strokes that nearly brought American capitalism to its knees. While a BBC-produced
recounting the last days of the storied investment bank isn't set to
air until later in the fall, some of the leading econopundits have already
begun to shape a debate about how far we've come since the seminal collapse, and how much regulation, soul searching and reform remains to be done.
- Capitalism's Dark Day Daniel
Hoffman from Wall St. Cheat Sheet calls on Americans to rally and memorialize
Lehman’s bankruptcy as a warning against unchecked crony capitalism. “I say fly
the flag half mast. Let the younger folks ask why. Let it stand as a reminder
that we’ve been fooled once on a colossal level and WE WILL NOT FORGET.”
- Where's the Apology? In a post for Baseline Scenario, Simon Johnson sees September
15th as good a time as any to press for apologies. “Who accepts any
blame for creating our excessively crisis-prone system? Friends and
contacts who work in the financial sector freely discuss their
participation in activities they now regret. But where is the mea culpa,
of any kind, from a public figure – our ‘leadership?’”
- Lessons Learned
Focusing on potential reforms for money market funds, The New York Times’ Joe
Nocera suggests seeing the Lehman anniversary as a chance to start anew. “A
year after Lehman weekend, it’s time to begin limiting the need for the
government to always ride to the rescue. It’s time to reduce moral hazard
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