We know exactly what happened and how the crisis was dealt with. The Fed and Treasury had to take emergency actions the day after Lehman Bro's collapsed to prevent the total collapse of the financial system. That evening, Paulson/Bush called all the Congressional leadership from both sides into the White House to discuss the need for emergency legislation and they came out with the joint statement about working towards the $700B rescue. A few days later, Paulson presented Congress with the original proposal that was then drawn into legislation. This is all documented and in the public record. Anyone that was paying attention in September saw it all live since it was 24/7 news coverage. You're entitled to your opinions, but not your own facts.
That's the official laundered version, but I have lived long enough to know that there's generally more there. It's like a G conference or multi-national summit etc.. The details have been worked out long before the actual session. The rest is for a dog and pony show for the media. Call me cynical if you will.
Well, Rubin, Summers and Greenspan had a hand in the formation of this bubble. Paulson and Bernanke have a hand in using the bursting of this bubble to transfer tax payer money to the Wall Street fat cats.
