It's still incredible how Wall street got hit by the 3 greatest stooges back during the GFC, where they somehow concluded that it was ok for Lehman to file for bankruptcy with no bailout. Billions in worthless assets and even more billions in debt. The Chicago Fed financial leverage subindex had hit its all time high of 3.6 (standard deviations above zero I think) during November 2008. Levels that may never be reached again on Wall street. Stooge #1 Bernanke had raised the Fed rate above the 2 year treasury rate for nearly 12 months during 2006-2007, which exceeded the stupidity of the other 2 stooges combined. Another magnificent blunder that may never be repeated again (hopefully). And fellow stooges Tim Geithner and Hank Paulson at the NY Fed and the Treasury......there was nobody in the entire operation that had a clue about what could happen in response to a Lehman bankruptcy filing.
To be certain, it matters not what any of the current clowns in these positions today may say.....it only matters after the next financial crisis has revved its engines.