In a stunning reshaping of America's financial landscape, two venerable Wall Street firms fell from the shock waves of a credit crisis that has plunged the financial system into turmoil, as stocks tumbled across the globe Monday. Lehman Brothers, a 158-year-old investment bank choked by the credit crisis and falling real estate values, filed for Chapter 11 protection in the biggest bankruptcy filing ever and said it was trying to sell off key business units.
Here's what John McCain and George Bush said about it this morning:
"Our economy, I think, still the fundamentals of our economy are strong."
"Adjustments in the financial markets can be painful, both for people concerned about their investments and for the employees of the affected firms."
George W. Bush