Meeting of the Federal Open Market Committee on September 16, 2008

Well, on September 16, 2008, Lehman was not that big of a deal :

Other than the CDS moves and the equity moves on the other broker-dealers, Goldman Sachs and Morgan Stanley, I don’t think that that is the real specter that’s casting some question over broader financial institutions. I think the Lehman situation, no matter what judgment we made this past weekend about whether or not to provide official-sector money, is not what is driving markets broadly outside of the investment banks. What’s driving the broader uncertainty are questions about institutions like AIG that were rated AAA, that were so strong that counterparties didn’t need collateral, and that were a certain bet to be a guarantor around stable value funds and all sorts of other products. If in a matter of weeks that AAA rating and that security could turn out to be worthless

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