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Money Talks from The Economist

Money Talks: The Lehman Lessons

Money Talks from The Economist

The Economist

Finance & Economics, Business News, Economy, News, Business

4.41.2K Ratings

🗓️ 11 September 2018

⏱️ 25 minutes

🧾️ Download transcript

Summary

Ten years on from the collapse of Lehman Brothers, we examine what progress has been made. Are we prepared for the next global financial crisis? Helen Joyce hosts

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Transcript

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0:00.0

This is a passenger announcement. You can now book your train on Uber and get 10% back in credits to spend on Uber eats.

0:11.0

So you can order your own fries instead of eating everyone else's.

0:15.0

Trains, now on Uber. T's. Welcome to a special edition of Money Talks.

0:33.8

It's ten years since the darkest moment of the global financial crisis, the bankruptcy

0:38.2

of Lehman Brothers.

0:39.2

Lehman Brothers has filed for bankruptcy.

0:41.4

Stocks all around the world are tanking because of the crisis

0:45.1

on Wall Street.

0:46.4

The collapse of Lehman Brothers set off a wave of panic on Wall Street.

0:50.9

Today there is unprecedented turmoil in our capital markets.

0:56.5

Lehman Brothers got caught in this financial tsunami.

1:00.5

There's not a bank in the world that has not been affected by the global storm, some more than others.

1:05.3

This is a serious global crisis and therefore requires a serious global response.

1:12.3

We will do what it takes to resolve this crisis and the

1:15.8

world's economy will emerge stronger as a result.

1:20.3

What lessons have been learned since then? How prepared is the global financial system for a future crisis?

1:25.0

Andrew Palmer, our business affairs editor, was the banking editor in 2008.

1:30.0

Andrew, you still scarred?

1:31.0

Yes, absolutely traumatised. And Phil Kogginar Bartleby

1:34.5

columnist was then our Buttonwood columnist explaining the almost daily jaw-dropping falls

1:38.7

in the stock markets what's the most dramatic day you can remember?

1:41.9

Was that weekend as Lehman was collapsing and Merrill and Goldman were facing banking license

...

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