In the biggest reshaping of the financial industry since the Great Depression, two of Wall Street's most storied firms, Merrill Lynch & Co. and Lehman Brothers Holdings Inc., headed toward extinction.
The phrase "since the Great Depression" is just classic, you know, since all of this started when Free Market Fairy believers of all stripes decided to lift, what were they called again, oh yeah, "Depression-era regulations" on banks and investment firms. The whole thing was spearheaded by Phil Gramm, passed by a Republican congress and signed into law by Bill Clinton. The rest of the article is what typically passes for journalism these days, an "oh gosh, how did this happen?" piece, when the outcome was as inevitable as a brickwall across a highway.