When I was younger I was invited to see a planned demolition of a building. I drove a hundred miles at 5 AM to the building site, and with a few hundred other people, ate some cookies and sandwiches until the planned moment. It was all anticipation. And then boom! The building went down. It was so fast. We all looked around stunned and then made our way to the parking lot and then home.

It is always interesting to see a collapse, be it Enron, a large building or now Lehman Brothers. This one is going to be a total mess. Lehman Brothers is actually a collection of interconnected companies, but not all of them have filed bankruptcy.

Anytime a Wall Street icon like Enron or Lehman go down, it is interesting to read what the analysts who were fist-pumping the company just a few days ago have to say.

I have found a really good roundup on Lehman Brothers at FierceFinance.

And here is another very good article on Lehman by way of our British friends, from the Telegraph in the UK, who still write opinionated newspapers.

I am very surprised the Feds didn’t step in with a bailout, because Lehman Brothers people had historically contributed a lot of money to the politicians. Things must be really bad if the politicians in DC won’t take your call.

Just for the record:

Bear Sterns should not have been bailed out.

Fannie and Freddie should not have been bailed out.

The market should be allowed to work itself out.