National

Sep 13, 2009 8:37 AM by Associated Press

The financial meltdown, an anniversary to forget

A year after the financial meltdown, Wall Street is reflecting on how close it came to the brink. Events one year ago included the fire sale of Bear Stearns, the disappearance of Lehman Brothers and the takeover of Merrill Lynch in the space of the weekend.

What followed in the stock market were weeks of dizzying price swings. Six and seven hundred point losses and gains in a day on the Dow had Wall Street veterans afraid the whole system could collapse.

Bernard McSherry, a vice president at Cuttone and Company, says the $700 billion bailout last fall saved it at the last minute. McSherry has no doubt the hero of the rescue is Fed chairman Ben Bernanke who he says threw away the standard playbook and pulled the market back from the brink.

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