A DKos diarist takes a look at the month the financial calamity began to begin the ‘first drafts of history’. For those who don’t want to read the entire thing, here’s some of the meat from the conclusion:
American consumers sustained two massive shocks as a result of Black September. First, their confidence was shattered not just by news of corporate collapses, including sensationalistic reports that they were newly responsible for trillions of dollars’ worth of mortgages, but more importantly by the magnification of those collapses by the public figures (the President, the Treasury Secretary, the Chairman of the Federal Reserve, Senators and Members of Congress) in statements that quite plainly advised Americans that imminent panic over the fate of the entire economy was a proper reaction. And panic American consumers did, as millions of households listened to a President’s speech telling them that the End was Imminent, and then had sober discussions over the kitchen table in which they decided to drastically pull back on discretionary spending, literally overnight.