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The Financial Crisis: This Day—One Year Ago, Sept. 8

Monday sees a dawn for markets--a false dawn, though.

Investors greeted the weekend development of the US Treasury taking over Fannie Mae and Freddie Mac, seeing it as a sign the housing problem was under control. Stock markets around the world rocket upward.

This Day 1 Year Ago - A CNBC Special Report - See Complete Coverage
This Day 1 Year Ago - A CNBC Special Report - See Complete Coverage

Lehman Brothers stock, however, does not participate in the party, losing 13 percent, despite reports company officials hope to cement plans to raise capitaland sell off bad debts sometime in the coming week.

But CNBC's Charlie Gasparino reports that Lehman is moving closer to selling its asset management division—including the "crown jewel," Neuberger Berman—in a sign that other efforts to raise capital have not been successful.

Others are also voicing misgivings: "This euphoria might fade, because Fannie and Freddie are not the problem," Christopher Low, chief economist at FTN Financial, tells CNBC. "Their woes are a symptom of a worldwide contraction in credit that may not be cured by the [bailout] decision."

Top investor Jim Rogers denounces the Treasury's moves as "communist" and "insanity":

The Crisis: 1 Year Later - A CNBC Special Report - See Complete Coverage
The Crisis: 1 Year Later - A CNBC Special Report - See Complete Coverage

"They have more than doubled the American national debt in one weekend for a bunch of crooks and incompetents. I'm not quite sure why I or anybody else should be paying for this," Rogers tells CNBC.

Elsewhere in the financial industry, Washington Mutual — destined to be bought out by JPMorgan Chase — ousts Kerry Killinger as its CEO, planning to replace him with Alan Fishman, currently chairman of mortgage broker Meridian Capital Group, according to The Wall Street Journal.

What You Were Reading:

Stocks careen in a way that would become all too familiar to investors through the autumn: The Dow jumps at the opening bell, surging more than 300 points, before pulling back to a more modest mid-200 gain. The S&P 500 and Nasdaq were also higher.

Financials lead the market with sharp gains for those that own a lot of Fannie and Freddie debt, including AIG , Citigroup and Bank of America . Homebuilders also rally.

Fannie Mae and Freddie Mac , however, plunge about 89 and 83 percent, respectively—but their debt soars, as investors bet that the bailout will wipe out the companies' stockholders but fully guarantee their bonds. Trading in the stocks is suspended in US pre-market and overseas trading.

Tony Crescenzi of Miller Tabak says the bailout was already priced into the market. Where you should be looking, Crescenzi writes, is at the dollar. The bailout will help keep the U.S. dollar's rally going, he says.

The dollar index hits a one-year highagainst a basket of currencies following the news.

What the Experts Were Saying:

Jim Rogers, CEO of Rogers Holdings, says the nationalization of Fannie Mae and Freddie Mac shows that the U.S. is "more communist than China" — but it's socialism only for the rich.

Lehman Brothers is moving to sell its prized Neuberger Berman unit. Charlie Gasparino reports.

Paul McCulley, Pimco portfolio manager, offers his insights into the government's bailout of Fannie Mae and Freddie Mac.