For Lehman, read Countrywide Financial, the monoline bond insurers, Bear Stearns, and Fannie Mae and Freddie Mac.
But this time seems different, for two reasons.
First, Lehman is seen as part of a broader problem while the market believed, rightly or wrongly, that the previous problems were limited to the US financial sector. When other US financial groups were in trouble, financial stocks badly underperformed the market. That is no longer the case.
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