[mrr2]

This title is unnecessarily provocative.

We operate in an integrated, global financial system now. For the last decade, our entire country has been funded by Chinese funds for crying out loud!

Foreign banks such as UBS, CS, some of the reinsurers, as well as the ECB (and by extension the mammoth French banks) all cast such a wide net over the entire world that one of them failing would be enough to jeopardize the U.S. system.

This article forgets that Lehman was (after Bear) the smallest of the global players. If say a bank like Deutsche, or BNP Paribas failed, the effects would be even bigger than Lehman.

To get the benefits of globalization the world must accept the cost of globalization. These types of articles are typically written towards audiences who don't understand this concept.

How many times have the history books flamed the Federal Reserve and the U.S. government for not doing enough to save the nation from the Great Depression? Would they be saying the same if the Fed had not helped the banks?