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Introduction and Background

In: The High Engagement Work Culture

Author

Listed:
  • David Bowles

    (Lancaster University)

  • Cary Cooper

    (Lancaster University)

Abstract

The 2008 collapse of Lehman Brothers and Bear Stearns in the United States set off a systemic panic that almost engulfed the world’s financial system. Only as a result of major efforts within the US and the UK, along with worldwide cooperation, were we able to pull back from the brink. Recent data shows that the US Federal Reserve lent no less than $3.3 trillion to prop up the world’s economy, including to the Bank of England. The amount of money “lent, spent or committed,” was an incredible $7.7 trillion, according the influential financial firm Bloomberg, which points out that even that number might be an underestimate.1 Even the “unsinkable” Goldman Sachs received far more (and went to the “Fed” much more frequently) than had been thought. In one week in September 2008, 12 of the 13 largest US banks were technically insolvent, including Goldman itself. Thanks to the rapid and successful recovery efforts, most still do not grasp the fact that the US was facing a financial meltdown of far greater proportions than the Great Depression. This is not our opinion, but that of an expert on that earlier period, Ben S. Bernanke, Chairman of the US Federal Reserve, speaking to the official US government enquiry into the Crash.2

Suggested Citation

  • David Bowles & Cary Cooper, 2012. "Introduction and Background," Palgrave Macmillan Books, in: The High Engagement Work Culture, pages 1-3, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-02807-5_1
    DOI: 10.1057/9781137028075_1
    as

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