, Columnist
Markets Go Calm: A Lehman Pause or the Real Thing?
ECB reassurances for AT-1 bondholders may prove key to confidence after the shock in Switzerland. But this banking crisis isn’t over yet.
The New York Stock Exchange greets the UBS-Credit Suisse deal.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
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It’s best to start with the caveat. In the week after Lehman Brothers declared bankruptcy on Monday, Sept. 15, 2008, the US stock market somehow managed to close slightly higher than it had started. This was not in any way a reliable indicator of what was to come. After that, the S&P 500 went on to fall 46% before hitting bottom almost six months later.