The FED did not extinguish all the problems with Bear Stearns, and how naive to think they would. Forbes takes a look at Lehman Brothers. Now contrast these doubts with the bravado of Erin Callan when Maria Bartiromo talked with her as recently as March 20. This also illustrates the importance of continually reading what is happening and being able to make comparisons.
I was tracking this in my post March 24, Indulging the Spoiled Child. I suggested that allowing Bear Stearns to survive simply encouraged risk takers to believe that they would be rescued. I remarked on Erin's lack of business history as she was not around for the 19673-74 bear market.This makes a good point, what exactly is on Lehman's balance sheet, go to finance.yahoo.com and find out, the symbol is LEH.
Professor Elam 
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