Bleak Monday, courtesy of the Lehman gang, left some tangential ripples in its wake. Lessons from Lehman:
1. Banking crises make investors think nobody’s going to want oil anymore, leading to the most pleasant gas prices we’ve seen in many months.
2. Bank insolvency peeves preferred shareholders, who harness lawyers to retrieve the money they feel is owed to them.
3. If you’re a bank and you’re next in line to fall, and the federal government won’t bail you out, the state might just give you the special favors you need.
4. If you’re owed money by a bank that recently perished, for God’s sake rush to the carcass (via the legal system) while the getting’s still good. Otherwise, you won’t have anything left to chew on.
5. While other people go crazy, you, the private citizen, can be an opportunist.
6. Celebrities are impervious to financial crises. Pay attention to celebs during banking crises. Envy, disgust, and amazement feel much better than panic.