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Richard Sachs Cycles

Crisis on the Street

Crisis on Wall Street as Lehman Totters, Merrill Is Sold, AIG Seeks to Raise Cash – WSJ.com

Fed Will Expand Its Lending Arsenal in a Bid to Calm Markets; Moves Cap a Momentous Weekend for American Finance

NEW YORK — The American financial system was shaken to its core on Sunday. Lehman Brothers Holdings Inc. [...]

Historical perspective

The financial system | What went wrong | Economist.com

“A COMPANY for carrying out an undertaking of great advantage, but nobody to know what it is.” This lure for the South Sea Company, published in 1720, has a whiff of the 21st century about it. Modern finance has promised miracles, seduced the brilliant and [...]