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eBook details

• Title: What's the Problem, Mr. President? Bush's Shifting Definitions of the 2008 Financial Crisis (George W. Bush) (Report)
• Author : International Social Science Review
• Release Date : January 22, 2011
• Genre: Social Science,Books,Nonfiction,
• Pages : * pages
• Size : 251 KB

Description

Introduction On September 15, 2008, the 150-year-old global financial services firm, Lehman Brothers Holdings, Inc., declared bankruptcy after the Federal Reserve and Treasury Department denied its pleas for a federal bailout. The firm, which had generated more than $3.1 billion in profits during the previous year, saw its stock price drop ninety percent in a single day. Dragged down by Lehman Brothers, the Dow Jones Industrial Average fell over 500 points, its largest single-day loss since the immediate wake of 9/11. The Wall Street Journal declared: "Crisis on Wall Street as Lehman Totters"; (1) the Times of London reported: "Lehman Brothers Collapse Sends Shockwave Round World"; (2) and the Washington Post read: "Stocks Plunge as Crisis Intensifies." (3) Over the course of the day, the dominant media narrative that emerged was characterized by crisis, complexity, uncertainty, and panic.

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