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It was the end of Wall Street as we knew it and the beginning of the worst financial crisis since the Great Depression. One year ago today it became clear Lehman Brothers – a storied investment bank saddled with billions of dollars in risky investments – could not find a buyer, would not be saved by the federal government, and would have to file for bankruptcy protection (note: the anniversary of the bankruptcy filing is September 15th).
As we mark the occasion, President Obama is scheduled to give a speech on the crisis today at Federal Hall, a stone’s throw from the New York Stock Exchange. Mr. Obama – in the 12:00 p.m. speech – is expected to talk about the Administration’s plan to wind down government involvement in the financial sector, to lay out a strong case for immediate action on regulatory reform, including dealing with the touchy “too big to fail” question, executive pay, and reiterate the importance of global coordination in preventing future crises.
We have full coverage of the speech and the Lehman anniversary today.
On Friday we told you about GM’s 60-day guarantee program – if you don’t like your GM car, take it back! – today, Ali Velshi interviews GM Vice Chairman Bob Lutz for CNNMoney on that new program and how it might affect sales.
Gas prices continue to bounce around the $2.60 a gallon range. AAA reports the national average for a gallon of regular unleaded at $2.572 ($2.57 for graphics purposes), down one tenth of a cent from the previous day’s price. Gas is down 37 percent from its record high price in July 2008.
The credit crunch has eased somewhat, but loans can still be tough to come by. If you have the stomach for it, lending and borrowing from strangers on the internet is becoming a bigger business. Christine Romans has the story of the peer-to-peer lending boom.
On CNNMoney today:
Financial crisis: 1 year later
– Obama still making the case to fix bank rules. A year after the big panic, the president is still pushing for new oversight. And he’ll make the case again Monday. But some fear an improving economy and health care focus may further slow momentum.
* The big windup. Obama today is set to talk about the government's plans for pulling out of bailouts. But even as some of the extraordinary programs created last year during the crisis retract, others aimed at boosting the economy are expanding
* Video: CNNMoney.com panel discussion on banking’s future with former Bear Stearns CEO Alan Schwartz and Citigroup chairman Dick Parsons
* Ranking the rescue. The collapse of Lehman led to a deeper recession and a litany of government programs. A CNNMoney.com interactive.
FIXING HEALTH CARE:
* Doctors quit medicine. Some physicians, fed up with the costs of their practice, are ready to hang up their stethoscopes and shift careers.
Anderson Cooper goes beyond the headlines to tell stories from many points of view, so you can make up your own mind about the news. Tune in weeknights at 8 and 10 ET on CNN.
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