Not sure who called Alan G.....who was not the Fed chairman then, Bernanke was.....the way he hinted that this would have been worse than 1929, it is just now, econ is better studied and understood, and people like Alan Greenspan were/are super stars.........soft landings and the way he balanced things......Clinton had us in a surplus.........then booom!! Like Obama's assassination, Osama Bin L's murder was all over the news.......so people had calmed..

These discussions failed, and Lehman filed a Chapter 11 petition that remains the largest bankruptcy filing in U.S. history, involving more than US$600 billion in assets.

The bankruptcy triggered a 4.5% one-day drop in the Dow Jones Industrial Average, then the largest decline since the attacks of September 11, 2001. It shook confidence in the government's ability to manage the crisis and prompted a general financial panic. Money market mutual funds, a key source of credit, saw mass withdrawal demands to avoid losses, and the interbank lending market tightened, threatening banks with imminent failure. The government and the Federal Reserve system responded with several emergency measures to contain the panic.