The Crash of '08
EDITOR'S LETTER
And what a month! Each Monday in September and early October brought headlines that seemed unimaginable back when Bear Stearns collapsed in March and appeared to be the sole casualty of this nascent crisis. Now, Merrill Lynch, Lehman Brothers, and Wachovia have been bought by larger and, one hopes, more stable firms. The US federal government now owns Fannie Mae and Freddie Mac and holds a majority stake in insurance giant AIG. Governments in Europe and Asia are taking active roles as they
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