Starting late Sunday night and early Monday morning, word came through that Lehman Brothers, America's fourth largest investment bank, was dead.
Not only was Lehman dead, but Merrill Lynch had been sold to Bank of America lest it too face bankruptcy, and the insurance giant AIG was on the verge of bankruptcy.
Almost immediately, people started to panic, correctly realizing that the world financial system was on the verge of freezing up and collapsing.
Naturally, thoughts immediately turned to the stock market, which would go through one of its worst single day losses in history.
Others saw justice in Lehman's collapse and Merrill's near-death experience
Senator Obama was in Colorado for a campaign event. The Lehman Brothers bankruptcy and the subsequent economic panic would help propel him to the White House.
Two of the most prominent tech bloggers were very much on Twitter that day, sounding exactly like they do now.
The Ron Paulites were out in full force
Despite being one of the dominos that almost brought down the financial system and plunged the world into the world economic collapse since the Great Depression, some Lehman employees had some serious #firstworldproblems
By the afternoon, people started focusing on AIG, which would be taken over by the government the next day
Matthew Zeitlin is a business reporter for BuzzFeed News and is based in New York. Zeitlin reports on Wall Street and big banks.
Contact Matthew Zeitlin at firstname.lastname@example.org.
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