Udemy - Bitcoin: The Future of Money

Everything you need to know to buy, trade, and store Bitcoin securely

"You are looking at a live picture of Lehman Brothers' 158-year-old firm - born pre-industrial revolution and surviving the Great Depression…", a CNBC special report began on September 14, 2008.

"Lehman Brothers will file for bankruptcy this evening under circumstances that, without the government's assistance, sources tell us would almost certainly result in significant market disruption."

I trust you remember what happened next.

The credit market's liquidity evaporated. The S&P was cut in half. 30 million jobs were shed. U.S. households lost $16 trillion worth of financial wealth. More than one million homes were lost in foreclosure.

Fear and panic spread. Some said the stock market was going to zero. Some said this was the end of capitalism. Others said it was the end of human civilization.

The U.S. government rushed in with a $700 billion bail-out package for banks it deemed "too big to fail". With the stroke of a pen, taxpayers were on the hook for Wall Street's reckless behavior.