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Boston, Massachusetts -Southerners Guide to New England - DanTraveling

In this video we took the Trolly to so many great sites in Boston.. Oh what a fun city to explore. We both hope to get back one day and spend more ...

JOSEPH GIGLIO: Too big to jail

Sept. 15 is the 10th anniversary of Lehman Brothers declaring bankruptcy. It was a day after the global money markets seized up, turning a worldwide daisy chain of financial institutions into a ticking bomb. In the wake of the bankruptcy, it seemed likely that the United States financial system as a whole would cease to operate, a financial blackout that would render paychecks, credit cards, and ATMs useless.

Lenders, including large companies, financial institutions, and money market funds, suddenly hoarded cash in the face of growing losses and threats to their own sources of credit. They no longer knew which borrower was a good risk, so they treated all of them as bad risks.

The world experienced the worst financial crisis since the Great Depression of the 1930s and the economy plunged into deep recession. The Federal Reserve and Treasury Department misjudged the scale of the fallout from Lehman’s bankruptcy.

The failure of Lehman Brothers started a chain reaction in financial markets, as it was the first true test of the "too big to fail" hypothesis. Whereas Bear Stearns was sold to JP Morgan in March 2008, Lehman failed to find a buyer in time. The federal government refused to provide financial assistance and the company was forced into bankruptcy. Lehman was the fourth largest investment bank, and its failure sent huge waves across global financial markets. Market volatility peaked, and for some time it seemed that no bank was safe.

Kingston new briefs: Sept. 21

KINGSTON — Due to increased water flow of the Jones River, the one-day-a-week limit on outside watering has been lifted by the Kingston Water Commission. Once again, even numbered houses may water on even numbered days, odd numbered houses on odd numbered days. Watering hours are 5 p.m. to 9 a.m.

SLRHS Class of 1968 reunion

KINGSTON — The Silver Lake Regional High School Class of 1968 Reunion committee would like to invite classmates to a 50th reunion on Sept. 21-23 at The Governor Carver Inn, 25 Summer St., Plymouth.

The schedule is as follows:

Meet and Greet: 5 to 7 p.m. Sept. 21: Cocktails only at the cash bar. A bar menu is available for those wishing to purchase food. Cocktail Hour and dinner: 6 p.m. Sept. 22 in the Gov. Carver Room. There will be a cash bar followed by a buffet dinner at 7 p.m. After dinner, there will be music and dancing with local DJ Three Diamonds. Breakfast: 7 a.m. to noon Sept. 23. Breakfast