A man is surrounded by photographers after leaving the Lehman Brothers headquarters carrying a box Monday, Sept. 15, 2008, in New York. Lehman Brothers, a 158-year-old investment bank choked by the credit crisis and falling real estate values, filed for Chapter 11 bankruptcy protection from its creditors on Monday and said it was trying to sell off key business units. (AP Photo/Mary Altaffer)
Photograph by Mary Altaffer — AP
By Stephen Gandel
September 15, 2015

Tuesday marks the seven-year anniversary of the bankruptcy of Lehman Brothers, and the official start of the financial crisis.

A lot has happened since then. Barack Obama entered the White House and stayed there. Washington has put in place a whole new set of rules to govern Wall Street. Silicon Valley has supplanted Wall Street as the place to get rich. A mortgage is a lot harder to get than it used to be. (Although a car loan has become a bit easier.) Stock prices plunged, and then rebounded, and are now higher than they were before the financial crisis, though look a little rocky lately. The U.S. again looks to have one of the most stable economies in the world, and our unemployment is nearly as low as it once was.

Given the recovery, and seven years of perspective, one might be tempted to ask, “Was the Financial Crisis was really all that bad?” The answer, of course, is, “Yes.” Yes, it was a horrific mess of epic proportions that started with millions facing the prospect of losing their homes, and caused an economic meltdown that put many more millions of people out of work.

That being said, not everything about the financial crisis, or what has come out of it, was bad. Here are a few things you can be grateful for on the anniversary of the start of the financial crisis.


You May Like