Financial Armageddon Barely Averted on Sept. 18
Oct 02, 2008
According to the New York Post, the collapse of Lehman Brothers on Monday, Sept. 15, resulted in a financial meltdown that came within 500 trades of financial Armageddon. Treasury Secretary Paulson quickly injected $105 billion of liquidity into the financial system to prevent this from happening. This averted a near disaster, but it also showed the need for more cash to be created in order to keep it from happening anyway. The article below is dated Sept. 21, a full week before the 777-point drop in the Dow on Sept. 29.
See also the New York Times article related to this, dated Sept. 20, where the Fed chairman shocked congressional leaders by telling them a financial meltdown was imminent: