Main Street vs. Wall Street
A year after the financial meltdown, small businesses are still being alienated by their banks.
The Recession’s Winners and Losers Not everyone suffered during the financial crisis. A look at those who won and lost big during Wall Street’s meltdown.
By Kevin Kelly | Newsweek Web Exclusive
Sep 16, 2009
One year ago this week, Lehman Brothers closed its doors. Financial panic, obvious from the rapid decline of stock markets, spread like a contagion. The meltdown obviously hurt me, like many people who had much of their retirement savings loaded into equities. Of course, the panic spread when the federal government effectively took over the insurer American International Group and its mind-boggling debts a day later. But the impact the unfolding financial debacle might have on our family-run plastic packaging manufacturer didn’t hit home until a day or two later, when I called our banker at Wells Fargo & Co. and asked for an increase in our credit line. Read more…