Johnson and Kwak hit the big time: a Washington Post column on the anniversary of the Lehman failure. Like most people, they take the position that letting Lehman fail was a mistake. It is a curious read side by side with Cochrane and Zingales’ Wall Street Journal piece, which includes this blast from the already-cloudy past:
![[Cochrane Chart]](http://s.wsj.net/public/resources/images/ED-AK170_Cochra_D_20090914193552.jpg)
Note, as they do in the article, that the S&P 500 was higher on September 19, 2008, than it was on September 12, 2008. (more…)
