And I said to myself thank god the Fed is backing those assets. "One thing that's really important: back when Lehman went under, I had money in money market mutual funds. The same can not be said for customers who held onto their crypto in FTX accounts. "So if it goes down another 50% or 75%, that's not going to impair values," Siegel added.īut what's even more important is that during the 2008 downfall of Lehman Brothers, customers who held money market funds and other assets at the firm were protected from losing all of it thanks to the Federal Reserve. As some people say, 'Is this a Lehman moment if it really goes down?' No! because it actually more than half the value has already gone down and the financial system has survived very well," Siegel told CNBC on Thursday
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