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Great Nightclub Comics
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Also includes stars such as Jackie Vernon, Jack Carter, Henny Youngman, ALlen and Rossi, Joe E. Lewis, Buddy hackett, Phyllis Diller, Danny Thomas, Rowan and Martin, Morey amsterdam, Victor Borge and more
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The Smothers Brothers:Yo-Yo Man
Sale Price: $7.99
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Narrated by Dick Smothers and demonstrated by Tommy Smothers, this video of how-to-instructions on the yo-yo teaches the basics of yo and the advanced state of yo. Yo master Daniel Volk and Tommy Smothers teach tricks like "the sleeper," "walk the dog," "Texas star," and "around the world."
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The Smothers Brothers Comedy Hour: Season 3
List Price: $49.98
Sale Price: $28.54
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SMOTHERS BROTHERS COMEDY HOUR:SSN 3 - DVD Movie
O, Brothers, where art thou? That's what fans have long asked about the DVD release of the controversial, infamously cancelled The Smothers Brothers Comedy Hour. In his thoughtful and candid audio introduction, Tommy Smothers admits he was reluctant to release the show on DVD, thinking it might be best left to memory as "a fantastic show of its time." He needn't have worried. No mere '60s time capsule relic, these 11 episodes from The Smothers Brothers Comedy Hour's final season are still as funny and entertaining as remembered. After 40 years, the political and social satire and bold anti-war stance are still sharp. With its mix of old-school show business and counterculture comedy, The Smothers Brothers Comedy Hour revolutionized the staid variety show format for a new generation, and ultimately paved the way for shows such as Saturday Night Live. When the clean-cut brothers got their own variety series, no one expected them to make waves. But at a time when TV's most popular programs offered pure escapism, head writer Mason Williams (and a staff that included Steve Martin and Bob "Officer Judy" Einstein) wanted to push the show in a more subversive direction, and Tommy, who only played dumb opposite his brother, sought and was granted (he thought) creative control from the network. By this third season in the tumultuous year of 1968, the brothers and the show were fully and unapologetically politicized. In the season opener that kicks off this set, their appearance has radically changed. Gone are their signature blazers, and both sport mustaches. With "beeping censors lurking in the wings," the Smothers defiantly sing, "We're still here." Among this set's many highlights: Harry Belafonte's performance of "Don't Stop the Carnival" juxtaposed with footage of the 1968 Chicago Democratic Convention, which the censors did cut, forcing a noticeably upset Tom and Dick to fill in with an audience Q&A (also included as an extra); the benchmark sketch, "A Fable for Our Time," featuring impressionist David Frye going medieval on Lyndon Johnson, Hubert Humphrey, George Wallace, and Richard Nixon; a surprise appearance by George Harrison; a charming Donovan sing-along to "Happiness Runs"; and the episode never aired by CBS (and the one said to have gotten the show cancelled) featuring David Steinberg's "Jonah" sermonette. The fourth disc is devoted to deadpan ensemble member Pat Paulsen, whose grass-roots campaign for the White House is chronicled in "Pat Paulsen for President," a special narrated by Henry Fonda. Many happy hours will be spent watching the treasure trove of bonus features, including the Comedy Hour reunion at the 2000 U.S. Comedy Arts Festival, never-before-seen "Paulsen for President" outtakes with Robert F. Kennedy (his footage was cut in the wake of his assassination), a delightful bit in which performers from Barbara Feldon and Nancy Sinatra to Jackie Mason hum the Hour's cheerful theme song; contemporary interviews with performers, and footage of the brothers' post-cancellation press conference. Worth the wait, this is one of the year's best DVD sets, and one that does this landmark show justice. --Donald Liebenson
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The Dick Cavett Show - Comic Legends
List Price: $39.99
Sale Price: $21.99
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This 4 disc set highlights all of the amazing comedic talents who appeared on the dick cavett show including woody allen lucille ball mel brooks bill cosby groucho marx & many more! Studio: Uni Dist Corp (music) Release Date: 02/21/2006 Run time: 840 minutes
840 minutes (that's fourteen hours, including various bonus features). Four discs. Twelve shows. Eleven famous guests. The Dick Cavett Show - Comic Legends boasts some big numbers, but what it doesn't have, surprisingly, is a whole lotta laughs. The lineup is certainly impressive, from old school stalwarts like Groucho Marx, Bob Hope, Lucille Ball, Jack Benny, and George Burns to relative youngsters (at least at the time; the shows were recorded from the late '60s to the mid-'70s) like Bill Cosby, Woody Allen, and the Smothers Brothers. But this is not a procession of mirth-meisters coming out and doing five or ten minutes of one-liners and standup shtick. There are no performances, per se; like guests on Leno, Letterman, or any other TV talk show, the "legends" converse with and are interviewed by the host, sometimes by themselves, sometimes in the company of other celebs. This casual format yields decidedly mixed results. Take Groucho. Pushing 80 at the time of the first of his two Cavett appearances included here (in 1969), he's sharp and witty, telling many stories, offering up a few good lines ("I liked Perry Como's singing, when he was awake"), even warbling a song or two. But his '71 appearance, in which he reveals himself to be a testy old curmudgeon, railing against nudity in movies and feminism ("As long as women are willing to take alimony, they have no right to women's lib") and unwilling to cede the limelight to anyone else (Cavett's conversation with author Truman Capote is ruined by Marx's refusal to shut up), is tedious at best. Cavett fawns over Hope, who tells some nice anecdotes but, in the absence of his writers, simply isn't very funny; nor is Lucy, whom Cavett describes as "a tough, hardened showgirl." But Jerry Lewis is a riot, peppering the conversation with his trademark mugging and slapstick and engaging in an entertaining Q&A with the studio audience; Mel Brooks is manic and motor-mouthed; Benny's deadpan routine, including the usual zingers about his age, cheapness, and bad violin playing, is charming; and Cosby, then in his mid-thirties and years away from becoming the sweater-wearing sage of The Cosby Show, is hip and relaxed in the presence of Cavett, who at other times comes off as stiff and ill at ease. Meanwhile, other guests range from veteran actress Ruth Gordon and cheeky film critic Rex Reed to the two sullen young stars of the film "Zabriskie Point," who manage to bring the proceedings to a grinding halt. Bonus features, as is the case with Shout Factory's various other Cavett compilations, include Cavett's new introductions to each show, along with interviews, outtakes, and more. --Sam Graham
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Ludens Wild Cherry Flavored Cough Drops (20 count)
List Price: $20.99
Sale Price: $10.00
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Ludens Wild Cherry Flavored Cough Drops (20 count). 20 packs with 14 cough drops per box. Great tasting Wild Cherry Flavored luden's cough drops with pectin and oral demulcent.
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DVD Rowan & Martin's Laugh-in: the Sock-it-to-me Collection - May The Farce Be With You
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Two episodes: #20 on Oct. 21, 1968, Flip Wilson rejoins the cast along with Van Johnson, Greer Garson and Liberace, who bets his Bippy & loses. Laugh-In lovelies introduce the news as African witch doctors. JoAnne finally gets the opportunity to sing a ballad during which she is joined by the full cast along with much of the staff, half of the crew, dogs, ponies a chimp and a live turkey. (In 144 shows, this is the only time we ever attempted a ballad and we never did it again.) In Episode #27 Dec.30, 1968 to end the year on a high note, Laugh-In looks at the highlights of 1968 Political campaign then goes to a New Years Eve party that will long be remembered in the back alleys of Burbank. Vincent Price revises his famous Dr. Frankenstein character; Lena Horne plays the "Laugh-In Name Game" With Cyd Charisse & Sid Ceasar.
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Dangerously Funny
List Price: $16.00
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A dramatic behind-the-scenes look at the rise and fall of The Smothers Brothers Comedy Hourâthe provocative, politically charged program that shocked the censors, outraged the White House, and forever changed the face of television. Decades before The Daily Show, The Smothers Brothers Comedy Hour proved there was a place on television for no-holds-barred political comedy with a decidedly antiauthoritarian point of view. Censorship battles, mind-blowing musical performances, and unforgettable sketches defined the show and its era. In this compelling history, veteran entertainment journalist David Bianculli draws on decades worth of original research, including extensive interviews with Tom and Dick Smothers and dozens of other key players, to tell the fascinating story of the showâs three-year network runâand the cultural impact thatâs still being felt today.
A dramatic behind-the-scenes look at the rise and fall of The Smothers Brothers Comedy Hourâthe provocative, politically charged program that shocked the censors, outraged the White House, and forever changed the face of television. Decades before The Daily Show, The Smothers Brothers Comedy Hour proved there was a place on television for no-holds-barred political comedy with a decidedly antiauthoritarian point of view. Censorship battles, mind-blowing musical performances, and unforgettable sketches defined the show and its era. In this compelling history, veteran entertainment journalist David Bianculli draws on decades worth of original research, including extensive interviews with Tom and Dick Smothers and dozens of other key players, to tell the fascinating story of the showâs three-year network runâand the cultural impact thatâs still being felt today.
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Born Standing Up: A Comic's Life
List Price: $25.00
Sale Price: $2.00
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At age 10, Steve Martin got a job selling guidebooks at the newly opened Disneyland. In the decade that followed, he worked in Disney's magic shop, print shop, and theater, and developed his own magic/comedy act. By age 20, studying poetry and philosophy on the side, he was performing a dozen times a week, most often at the Disney rival, Knott's Berry Farm. Obsession is a substitute for talent, he has said, and Steve Martin's focus and daring--his sheer tenacity--are truly stunning. He writes about making the very tough decision to sacrifice everything not original in his act, and about lucking into a job writing for The Smothers Brothers Show. He writes about mentors, girlfriends, his complex relationship with his parents and sister, and about some of his great peers in comedy--Dan Ackroyd, Lorne Michaels, Carl Reiner, Johnny Carson. He writes about fear, anxiety and loneliness. And he writes about how he figured out what worked on stage. This book is a memoir, but it is also an illuminating guidebook to stand-up from one of our two or three greatest comedians. Though Martin is reticent about his personal life, he is also stunningly deft, and manages to give readers a feeling of intimacy and candor. Illustrated throughout with black and white photographs collected by Martin, this book is instantly compelling visually and a spectacularly good read. Amazon.com Exclusive Three Bonus Deleted Passages from Steve Martin's Born Standing Up On Returning to Disneyland Ten years later, after the Beatles, drugs, and Vietnam had changed the entire tenor of American life, I returned to the magic shop at Disneyland and stood as a stranger. As I looked around the eerily familiar room another first came over me, a previously unknown emotion, one that was to have a curious force over me for the rest my life: the longing tug of nostalgia. Looking at the counter where I pitched Svengali Decks and the Incredible Shrinking Die, I was awash with the recollection of indelible nights where the sky was blown open by fireworks and big band sounds drifted through trees strung with fairy lights. I remembered my youth, when every moment was crisply present, when heartbreak and joy replaced each other quickly, fully and without trauma. Even now when I visit Disneyland, I am steeped in melancholy, because a corporation has preserved my nostalgia impeccably. Every nail and screw is the same, and Disneyland looks as new now as it did then. The paint is fresh, and the only wear allowed is faux. In fact, only I have changed. In the dream-like world of childhood memories, so often vague and imprecise, Disneyland remains for me not only vivid in memory, but vivid in fact. On Meeting Diane Hall During the day, I attended Santa Ana Junior College, taking drama classes and pursuing an unexpected interest in English poetry from Donne to Eliot. I would occasionally assist on a college stage production--never appearing in one--as a member of the crew. Years later I was looking through a box of memorabilia and noticed a silk-screened playbill of the musical Carousel, May, 1964, which listed me as a stagehand. The lead actress was Diane Hall. Something connected and I remembered that Diane Keaton's name was once Hall, (hence, Annie Hall). I confirmed with her that she was in that production. Neither of us remembers meeting the other, yet we must have worked in proximity. More evidence that I was a wallflower. Decades later, we ended up "making love" on the floor of a movie set on Father of the Bride. On the Kennedy Assassination One Friday in 1963, I had finished a class and was about to drive to Knott's Berry Farm for the afternoon shows when I saw a clump of agitated students across the campus. I asked someone what was going on. "They're saying that the president's been shot." I drove across town to Knott's and punched radio buttons. I could hear the scheduled programs clicking off and being replaced by live broadcasts. Assassination seemed so ancient and inconceivable, I was sure that someone would soon correct the erroneous report. President Kennedy died that day and I didn't know that news could be taken so personally by a nation. Sitting backstage, watching the Birdcage's black-and-white TV drone out the increasingly grave report, we were all mute. We assumed the performance that night would be canceled, but as show time neared, word came down that we were going on. We couldn't fathom why; we believed no one would show up, much less enjoy us. I still can't explain the psychology, why the very full house that night was able to roar with laughter. The obvious must be correct: our silly show was providing some kind of balm that soothed the ache. In 2003 I hosted the Oscars on the particular weekend that the United States invaded Iraq. The news was grim and just hours before the show I flipped on the TV and saw a report, subsequently proven false, that our captive soldiers were being beheaded. I quickly turned the TV off, sick. I knew, from my experience forty years earlier with the Kennedy assassination, what my job was, and I harbored a secret knowledge that the audience would laugh. I also felt that soldiers who might be watching would be tuning in to see the Oscars and all its hoopla, not a cheerless comedian doing what he doesnt do best. I decided to acknowledge the circumstances early in the show and then get on with the jokes. The academy had announced that the show would "cut back on the glitz." I walked out for the opening monologue, took a look around the stage at the dazzling, swirling staircases, mirrored curtains and polished floor, and simply said, "I'm glad they cut back on the glitz." It got a laugh of relief and the show could go on. More from Steve Martin The Alphabet from A to Y with Bonus Letter Z! Shopgirl The Pleasure of My Company Picasso at the Lapin Agile and Other Plays Pure Drivel Praise for Born Standing Up "[A] lean, incisive new book about the trajectory of [Martin's] life in comedy...Born Standing Up does a sharp-witted job of breaking down the step-by-step process that brought Steve Martin from Disneyland, where he spent his version of a Dickensian childhood as a schoolboy employee, to both the pinnacle of stardom and the brink of disaster...tightly focused...Born Standing Up is a surprising book: smart, serious, heartfelt and confessional without being maudlin." --Janet Maslin, The New York Times "Absolutely magnificent. One of the best books about comedy and being a comedian ever written." --Jerry Seinfeld, GQ "The writing is evocative, unflinching and cool. When Martin takes a scalpel to his life, what you feel is the precision of the surgeon more than the primal scream of the unanaesthetized patient...Born Standing Up is neither fanfare nor confession. It gives off a vibe of rigorous honesty. With lots of laughs." --Richard Corliss, Time Magazine "A spare, unexpectedly resonant remembrance of things past
Martin's one true subject is the evolution of his comedy--the transcendent moments...A smart, gentlemanly, modest book
winning." --Jeff Giles, Entertainment Weekly, EW Pick: A "A charming memoir tracking what the great comic characterizes as his 'war years.' Martin offers an eloquent and exacting account... [and] approaches his subjects with generosity, warmth and integrity." --Kirkus Reviews "Sure to delight fans and create new ones." --Laura Mathews, Good Housekeeping "What fun to discover the humble beginnings of some of his iconic personas...inspiring." --Rachel Rosenblit, Elle "The archetypical story of the underdog's rise and a particularly American story...beautifully written, honest, engaging, and quietly brave." --Frederic Tuten, Bomb Magazine "Son, you have an ob-leek sense of humor." --Elvis Presley
The Emmy and Grammy Award-winner's candid, spectacularly amusing memoir of his years in stand-up In the mid-seventies, Steve Martin exploded onto the comedy scene. By 1978 he was the biggest concert draw in the history of stand-up. In 1981 he quit forever. Born Standing Up is, in his own words, the story of "why I did stand-up and why I walked away." At age ten Martin started his career at Disneyland, selling guidebooks in the newly opened theme park. In the decade that followed, he worked in the Disney magic shop and the Bird Cage Theatre at Knott's Berry Farm, performing his first magic/comedy act a dozen times a week. The story of these years, during which he practiced and honed his craft, is moving and revelatory. Martin illuminates the sacrifice, discipline and originality that made him an icon and informs his work to this day. To be this good, to perform so frequently, was isolating and lonely. It took Martin decades to reconnect with his parents and sister, and he tells that story with great tenderness. Martin also paints a portrait of his times: the era of free love and protests against the war in Vietnam, the heady irreverence of The Smothers Brothers Comedy Hour in the late sixties, and the transformative new voice of Saturday Night Live in the seventies.
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Here are some more information for Smothers Brothers:

When I think about Ed and Sylvia Sullivan, I'm reminded just how powerful he was in the 50's and 60's. The fact that we became friends was because of harness racing. It was the winter of 1965 when one of the Yonkers Raceway executives came to me and asked that I entertain the Sullivans and help them to understand how to bet the races. I guess they picked me because for many years that was my business.
The first night I helped them they won $39,000. Needless to say I was instantly a big hero. From that day on we became friends. They would invite other show business people to come to the track and we would all sit together. It was a lot of fun and after a while Ed said to me " Why don't you come to see my TV show ". This began the next stage of our friendship. It became a regular ritual. Every Sunday I went to see The Toast Of The Town. After the show was over Ed, Sylvia and I along with Bob and Betty Precht ( Ed's daughter ) would shuttle on over to Danny's Hideaway for dinner. The food was average, but that's where show folks went back then.
Now after dinner I was ready to go home, but going home was not in the cards. First we went to the Latin Quarter to see the early show. After that it was over to the Copacabana to make the late show. I was ready for bed, but now it was on to El Morocco for a nightcap. Everywhere we went there was always a special table reserved for Ed. In all the time we were together, I never saw him presented with a check, but to his credit, he always left a sizeable tip.
It was great meeting all the luminaries of the day, Walter Winchell, Leonard Lyons, Diana Ross and The Supremes, The Smothers Brothers, Jerry and Rita Vale and many many more. The problem I had was that I was a morning person and the Sullivans were night people. Eventually, I decided to get off the dizzying schedule, but while it lasted, it was certainly an experience. Remember I was up at 7 AM, the Sullivans slept till noon. All I can tell you is that they were kind and generous people and we remained friends until they passed.
Sy Bonem
Lehman Bankruptcy: Should All Big Banks in Trouble Fail?
After toiling to cobble together an industry solution to prevent a Lehman failure, the government, in the person of Hank Paulson, flanked by Geithner and Bernanke, determined that Lehman would file for bankruptcy. Paulson was very clear that he could not stomach another bailout, on the heels of Freddie, Fannie and Bear. He was very specific that Wall Street would have to learn a "moral hazard" lesson. From a practical standpoint, Paulson's reasons for pushing Lehman to file are irrelevant. Outside the bubble of Manhattan, the American public was also weary. A clear majority would not support a bailout. They would regard such action -- not without reason -- as a use of taxpayer money to bailout a bunch of greedy investment bankers who had brought this on themselves. Moreover, there was little support to be found in Washington for further government backing of Wall Street. Even if memories were long, only a rather small minority of Americans could remember the Great Depression, the last crisis to meet or exceed the severity of our current woes. (The failure of the Bank of the United States early in the Depression has been widely viewed as a mistake that created havoc in 1930s financial markets). And unfortunately, our Congress is not teeming with politicians with a financial or economic background that enabled them to understand the potential implications for the global financial system of a Lehman failure. By mid-September of 2008, bailout fatigue held our government and many Americans in its grip. And so Lehman filed for bankruptcy. There were many factors that over time created the conditions for the failure of a Lehman. In this moment, however, it was largely a combination of government and public sentiment, together with Paulson's "moral hazard" resolve that required a bankruptcy rather than another shotgun marriage like that of Bear Stearns and JP Morgan.
The filing occurred in the early morning hours of Monday September 15, 2008, with Asian markets well into their trading days. Panic erupted and makets in Asia plunged. As the world rotated and sunlight crept westward across our planet one market after another experienced near free fall, with equity markets in the U.S. experiencing their worst one day drop since 9/11.
Secretary Paulson, caught off guard by the severe market reaction toi the Lehman bankruptcy quickly shifted gears. He hastily met with key Congressional leaders to inform them that if they failed to act quickly to stabilize financial markets the world as they knew it would alter in a matter of days. In this careening environment, public and government opposition to widespread bailouts waned. "Moral hazard" was certainly no longer Paulson's first priority, as he quickly moved to salvage AIG. To his discredit, he soon indulged in revisionist reasoning, claiming that a Lehman bankruptcy could not be prevented due to legal impediments. Bernanke and Geithner used the same excuse to dodge blame -- Geithner at his Treasury Secretary confirmation hearing. This is simply untrue. The same mechanism utilized to enable JP Morgan's absorption of Bear could have been used to enable Barclays to acquire Lehman without a Chapter 11 filing. The rest is well known. The government passed the extremely messy TARP legislation, a bill replete with pork, and proceeded to clumsily manage the financial system that many considered quasi-nationalized.
There are few who will argue that any economic system other than capitalism has proved it can endure. And certainly free markets, unfettered by unnecessary regulation are a desirable feature of our capitalist world. The key word here, however, is "unnecessary." How extraordinarily preferable it would be if we could trust financial market players to police themselves, as Greenspan long believed they were well-suited to do. There would be no reckless risk accumulation and no failures of large financial houses. But this is not the world in which we all live. Poor judgment, greed, arrogance, and distorted reasoning are not in short supply. The departures of Dick Fuld, Joe Gregory, John Thain and others of their ilk from active duty has not rid us of people whose actions reflect these human failings. The recklessness that brought on the current financial crisis will never be driven from Wall Street. This would require a fundamental change in human nature. Moreover, while it is clear that executive compensation has been out of control and one must live in a seriously insular world to argue otherwise, I believe it is unlikely that reduced compensation will solve our problems. The prospect of great wealth is certainly an enticement to take risk. Still, at Lehman, for example, those who threw what was actually a solid risk management infrastructure (contrary to popular myth) under the bus, pushing aside all who opposed them, were already tremendously wealthy. The potential profits on the risks taken would not have appreciably changed their lives, It was ego, a narcissistic need of those who ruled Lehman to outperform, that drove the disastrous plunge into toxic real estate at the worst of times. Indeed, on a Lehman Brothers alumnae website, Lehmanites.com, a poll measuring former Lehman employee opinions as to what caused Lehman's failure ranks "arrogance" first. The other three choices are greed, jealousy, and incompetence. Frankly, it is again irrelevant as to which of these was most responsible for the Lehman collapse. The key takeaway is that it was flawed decision-making that destroyed the firm. Only strong, improved regulation strictly enforced can better prevent what we have endured. Such regulation should not smother markets. But without a sound framework that both protects Wall Street risk-takers from themselves, as well as protecting the larger world from their missteps, we remain vulnerable to a Lehman repeat.
This above plunges us into an issue now hotly debated: Should we allow free markets to fully rule, permitting the insolvency of major financial institutions that require government funding or backing to avoid bankruptcy or should we continue to support these large institutions because the cost of their failure is too great?
Lehman deserved to file for bankruptcy, just as Enron and Worldcom had. That a small number of people were most responsible for Lehman's downfall is irrelevant. Free market discipline requires the failure of insolvent companies if only to ensure that our economy remains competitive. Propping up failed enterprises and industries is folly. It ensures survival of the weakest and stifles economic evolution. However, large financial institutions, from a purely practical standpoint, are a special case. The bankruptcies of Enron and Worldcom were contained. Collateral damage was insignificant. The contrast with the Lehman bankruptcy fallout is obvious. The tentacles of large financial institutions are so vast and complex that when these institutions obligations are frozen by banruptcy the world pays a high price. Yes Lehman deserved to fail. The world, however, did not deserve to suffer from the fallout.
Many suffered from the Lehman bankruptcy. Ironically, Lehman employees suffered least. Certainly there were job eliminations as Barclays Capital and Lehman's operations were combined. But this would have occurred regardless of the whether Lehman was acquired as it was or without a bankruptcy filing. Moreover, in investment banking and sales and trading, the number of Barclays capital professionals who lost jobs far outnumbered those whose tenure was at bankrupt Lehman. Of course, most would have preferred that their old firm remained sturdy. But once its days were numbered as an independent firm, the eventual purchase of the North American operations by Barclays -- free of the toxic assets -- provided a safe harbor and employment. The rest of the world, by and large, paid a far greater price for the Lehman failure than any of its employees. (An exception are thoe employees whose jobs were eliminated prior to the bankruptcy. When Lehman failed their severence and benefits screeched to a halt.)
Still, global bankruptcy fallout could have been worse. Indeed, in a sense it is fortunate that it was Lehman that failed. Had the much larger AIG gone under ahead of Lehman, the collateral damage would have been far greater. If we consider only the volume of credit default swaps guaranteeing the shaky real estate assets of major institutions that would have been rendered worthless, major financial enterprises would have likely fallen like dominoes, resulting in a barren global financial and economic tundra.
As the most devastating days of the financial crisis have faded, more are raising their voices in complaint about the government safety net, calling for pure free market discipline that allows the failure of major institutions. Christopher Mahoney, in a recent Barron's article points out that the banking crisis of 1930-1933 would have been avoided, or at least mitigated, had the government bailed out the Bank of the United States, whose failure sparked a crisis not unlike the one ignited by the Lehman bankruptcy. Bernanke, a Depression scholar has famously written that Depressio-era government policy allowing the failure of banks deepened and lengthened the Great Depression.
There have been recent calls for banks that received TARP funds from the government, including Bank of America, to repay these cash injections. This would appear to reflect the growing impatience of politicians and many Americans with the taxpayer bailouts. No doubt this is stoked by reports that 2009 will be banner year for the bonuses of many Wall Street professionals. Still, Bank of America struggles to turn a profit, new nonperforming loans continue to grow as quickly as existing ones are charged-off, reserves set aside to absorb losses on these nonperforming loans barely cover them, and values assigned to impaired assets are highly suspect. It defies common sense that under these circumstances we demand repayment of government funds. Should bank of America juggle its books to repay the government, this struggling giant will reside on even shakier ground than that which it currently occupies.
Are our memories really so short that we are willing to risk another failure to fully understand that support is necessary until both individual banks and the system are healthier? The failure of Lehman did not cause the financial crisis. It did, however, take it to another level. It is not just or fair that large financial institutions represent a special case among our sizable enterprises. However, a lesson learned from Lehman is that allowing such a failure hurts us all. Moreover, those most culpable in the financial crisis have generally walked away with their coffers still overstuffed.
Must we really see a string of failures among large institutions to understand that the compound impact would render Lehman a footnote in the history of financial crises?
The Murder of Lehman Amazon link
About the Author
Author: "The Murder of Lehman, An Insider's Look at the Global Meltdown"
Who else expected the Jonas Brothers to be long and forgotten by now?
I did. But, unfortunately Y!A is still smothered by their 13 year old fans...
Who?
Entertainment Calendar
SUNDAY "THE THREE MUSKETEERS" | Lakeland WHEN: 2 p.m. Sunday; 7:30 Friday, Saturday. TICKETS: $8 student/senior, $10 adults. LOCATION: Black Box Theatre, Harrison Arts Center. PHONE: 499-2939. "ANNIE" | Lakeland Lakeland Community Theatre.
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