10 years later.we have learned nothing
Lehman collapse was not the cause…it was a symptom

— ℭhi 🛢️ (@chigrl) September 15, 2018

Yes. I see all the time the contention that if we’d just saved Lehman that there would have been no financial crisis, no wave of foreclosures, that all would have gone along humming just fine into the infinite future.

That’s what the public has been propagandized with (along with “no one could have known”) but it’s just completely false. Saving Lehman would’ve shifted the time scale a bit and the crash would’ve happened in another way. No matter what, all those CDOs and CDSes were garbage, inter-bank lending would still have frozen up and people still would’ve been unable to pay their mortgages, etc.

Recognize that “we should’ve saved Lehman” is just propaganda for the next crisis so that we make sure to save every bank and rich banker rather than letting even one of them fail.