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Matthew A. Winkler

The No. 1 Lesson of the Lehman Collapse: QE Worked.

Doomsayers predicted that the Fed’s bond-buying spree would wreck the U.S. economy. Instead, it made the recovery possible.

Where it started.

Where it started.

Photographer: Andrew Burton/Getty Images

Bloomberg Opinion marks the 10th anniversary of Lehman’s bankruptcy with a collection of columns from around the world. Read more.

Anyone attempting to understand the legacy of Lehman Brothers could start with two phrases that bookend the biggest bankruptcy in American history. The most famous is “too big to fail.” The most important is “quantitative easing.”