From Wall Street Journal:
'It is unclear whether general tax cuts can significantly encourage consumption during a recession.'
In the timeline of the financial crisis, there is a very distinct turning point: the collapse of Lehman Brothers in September. The bankruptcy of one of Wall Street's most renowned investment banks caused one of the last levees protecting the financial markets from a total loss of confidence to burst. What had originated in the relatively small U.S. subprime mortgage market now escalated and hit the rest of the world -- financial markets and the real economy alike -- with full force.
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