"Irrelevant Lehman?"

Asks Paul Krugman. He disagrees with John B. Taylor, refers to James Surowiecki's comment in the New Yorker and uses the following image:
"You’re looking at some building, and you hear the fire alarm go off, and smoke starts trickling out the windows. Then a lot of fire trucks and firemen arrive — and only after that do flames start shooting out the top of the building. Clearly, the fire department turned a small problem into a crisis."