The phrase of the day is "Lehman Moment" as everyone's wondering if Europe is facing one with Greece.
But if you think the analogy is as simple as: A Greek default would be a total disaster, just like Lehman was, you're not thinking broadly enough.
What really makes this so Lehman-like is this idea that investors are still convinced that the EU/IMF/ECB won't possibly let Greece default, all the way up until the last second.
Hedge funder Kyle Bass is on CNBC right now talking Europe: And he's negative. He expects a Greek default, and doesn't think an orderly default is plausible. Actually, he agrees with Geithner that there won't be a Lehman because he ... Read Post
Is Greece Lehman or Bear? Neither, argues BTIG's Mike O Rourke. We have come to the realization that Lehman is not the correct analogy, Countrywide Financial is. Countrywide was the first “real” financial company to succumb to the ... Read Post