Lehman Brothers Holdings Inc. The multinational financial giant was worth a reported $691 billion when it lost the last thing its clients and devaluation of its assets, forcing it to fold in 2008.
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Then we got the shortfall. During a term of eight years, Bill Clinton reversed Reagan's course, raising taxes on the wealthy, and lowering them for the functional and middle classes. This produced the longest sustained economic expansion in American heritage. It produced budgetary surpluses allowing federal government to begin paying over the crippling debt begun under Reagan. In 2000, Clinton's last year, the surplus amounted to $236 billion. The forecast of a ten-year surplus stood at $5.6 billion. It was the last black ink America would see for decades, perhaps forever.
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