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The Crisis - One Year Later

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

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Published: Tuesday, 8 Sep 2009 | 2:16 AM ET
By: CNBC.com
Pimco's McCulley on Fannie/Freddie
Perspectives on the government's bailout of Fannie Mae and Freddie Mac, with Paul McCulley, Pimco portfolio manager

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

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Monday sees a dawn for markets...a false dawn. Investors rejoiced that the U.S. Treasury will take over Fannie Mae and Freddie Mac, seeing a sign that housing troubles are over. Stock markets all over the world rocket upward. But not everyone shares the . Lehman Brothers  ends the day down 13 percent. Why?

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