Looking Back at Lehmans
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 7 September 2018
⏱️ 17 minutes
🧾️ Download transcript
Summary
Ed Butler talks to historian Adam Tooze about the legacy of the global financial crisis, which peaked with the collapse of Lehman Brothers in September 2008. Adam Tooze is a professor at Columbia University in New York and the author of a new book Crashed: How a Decade of Financial Crises Changed the World. He argues that the reverberations of 2008 are still defining much of our political and economic life, from the rise of Donald Trump in the US to youth unemployment and economic policy in Europe.
(Photo: Lehman Brothers sign being carried to an auction in London in 2010, Credit: Getty Images)
Transcript
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| 0:00.0 | Hello, I'm Ed Butler and welcome to Business Daily from the BBC. |
| 0:08.7 | Today, we're looking back 10 years to the moment that launched the worst global recession in modern history. |
| 0:15.4 | Nobody, including me, anticipated how the problems that started in the mortgage markets would spread to our credit |
| 0:22.7 | markets and now threaten our entire financial system and our country. |
| 0:28.7 | The collapse of Lehman Brothers was where it all started and some say the problems haven't ended |
| 0:33.9 | yet. |
| 0:34.6 | This was no ordinary recession. |
| 0:36.5 | There has not been a crisis as dangerous |
| 0:38.4 | as September 2008 looked ever before |
| 0:41.0 | in the history of capitalism. |
| 0:42.3 | The legacy of Lehman's. |
| 0:43.7 | That's Business Daily from the BBC. |
| 0:48.5 | Over the next week, here on Business Daily |
| 0:51.0 | and across BBC World Service, |
| 0:52.8 | we're going to be looking back a lot at those fateful events, |
| 0:56.5 | the ones that took place 10 years ago |
| 0:58.4 | and that spawned the global financial crisis. |
| 1:02.0 | Lehman Brothers suffering a spectacular downfall. |
| 1:04.3 | It's stock at one point this year sold for $67 a share. |
| 1:07.8 | Right now it's trading at just $3.65 a share. |
| 1:11.5 | Wall Street's worst day since 9-11. The Dow plunging more than 500 points. The S&P down almost 5%. The wreckage unprecedented. |
| 1:22.6 | We had a sharp sell-up in stocks on Wall Street today. Lehman, Bankrupt, AIG. |
... |
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