The stock market has covered a lot of ground since that rough period one year ago, but it is still below the levels at which Lehman Brothers declared bankruptcy and sent the financial system into crisis mode. Central banks around the world took coordinated actions to intervene and provide liquidity directly to banks as well as capital markets. Corporate America responded in an unprecedented fashion, slashing jobs and other expenses and reducing capital spending to a much greater degree than expected. As a result, non-financial companies generally came through this recession in much better shape than expected.
The stock market has covered a lot of ground since that rough period one year ago, but it is still below the levels at which Lehman Brothers declared bankruptcy and sent the financial system into crisis mode. Central banks around the world took coordinated actions to intervene and provide liquidity directly to banks as well as capital markets. Corporate America responded in an unprecedented fashion, slashing jobs and other expenses and reducing capital spending to a much greater degree than expected. As a result, non-financial companies generally came through this recession in much better shape than expected.