The Market Meltdown: A Year Laterhttp://www.fool.com/investing/general/2009/09/10/the-market-meltdown-a-year-later.aspx Anand Chokkavelu
September 10, 2009
There were rumblings before the fall of 2008.
The downfalls of Countrywide, Bear Stearns, and IndyMac made us ooh and aah. And curse.
But those opening acts couldn't prepare us for the shock of the headliner. Over the course of a few weeks, our entire financial system was on the precipice of ... of what, we're still not sure.
The Grim Reaper took bank after bank and sneered "Who's next?" each time. Troubled non-banks ironically converted to banks to gain access to government aid. The Treasury and Fed were put in the uncomfortable position of bailing water instead of steering the ship. We worried about the effects of bailouts, but we worried equally as much about the effects of no bailouts. Faith in the markets was shaken, as evidenced by the insane day-to-day price volatility and the news flash that short-term Treasury rates actually went negative ... yes, as a whole, we were paying the government money to hold our savings because we distrusted every other investment vehicle that much.
Look what happened in just over a month: