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Books, lehman is by far the largest bankruptcy ever in this country. >> while merrill lynch, the giant brokerage firm, sold itself to bank of america in order to save its own skin. >> as the merrill lynch deal was harm hammered out, word came late that insurance giant aig was also struggling to raise $40 billion to stay afloat. >> good evening and even congratulations. you are now the proud owner of a massive insurance company. >> the federal government steps in to rescue insurance giant aig to the tune of $85 billion. >> so many people within the industry, within the banking industry, tell me...

Financial disaster, a by-product of decades of deregulation and malfeasance, that threw the country and the world into complete panic. and as americans began to grow increasingly anxious about their finances, president bush famously told treasury secretary hank paulson, in his imimitable way, if money isn't loosened up, this sucker could go down. i remember the tension of those days, like we were sitting on the precipice of an apocalypse. the crater in the housing market got a whole lot bigger. the u.s. economy was contracting at close to 9% quarterly. the dow jones industrial took a swan dive...