Lehman Brothers collapse: What went wrong ten years ago?

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Ten years ago this week, US investment bank Lehman Brothers collapsed, unleashing a global financial crisis. In this special edition of the show, we focus on that crash and the slow climb back to normal. We look back at the economic crisis with Adam Tooze, the author of "Crashed: How a Decade of Financial Crises Changed the World".
September 15 marks the ten-year anniversary of what became known as "Lehman Weekend", when US investment bank Lehman Brothers collapsed in the thick of the 2008 subprime mortgage meltdown. It was the biggest bankruptcy in US history, leading up to the world's worst economic crisis since the 1930s Great Depression.
After the peak of the 2008 financial crisis, millions of people lost their jobs and many also lost their homes. More than three million foreclosures took place in the US, and many more around the world.
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Опубликовано:

12 сен 2018

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Комментарии : 197

@IvanPavlov 3 года назад

2008: This is a global economic collapse! 2020: Hehehe. Hold my face mask.

@joaomanuelaraujo250 3 года назад

The Trump Pump fixer it

@alexm566 3 года назад

2021: Hold my GME shares

@royslapped4463 2 года назад

We haven't collapsed yet. Maybe 2022 will be the year!!

@3vimages471 5 лет назад

I lived in the only Western country that suffered no recession and my house value didn't drop a penny. Thank you wonderful Luxembourg.

@3vimages471 5 лет назад

You are correct. It isn't the most exciting country on earth but it is very prosperous, safe and clean. That goes a long way. @Shaswata Chatterjee

@zhitomirnedyalkow1666 5 лет назад

You are lucky that's why

@NorwegianKicks 5 лет назад

same

@HOMEP_1 5 лет назад

3Vimages Well i live there too and its a lie we got hit. Its just that the demand for housing was so high that nothing would decrease the value if you own property in a favorable location. You could put your house on sale now and by the end of the day you would have 30 phonecalls and in 2008 it wouldve been 60. Also the salaries didnt drop because Luxemburg has such an important role that its the last place in Europe where companies are relocating from. Its not luck the people made it this way.

@johnwebb5775 5 лет назад

Umm. Australia did not suffer a recession. In fact Australia has been recession free for almost 3 decades

@liengandriod55 3 года назад

Love it. Even if I don't really understand but, l learn so much.

@AlonsoRules 5 лет назад

lots of assets does not mean lots of money

@optimistic5778 5 лет назад

They securitiesed extremely high risk loans.

@marekkolenda4030 5 лет назад

Future known Makes not any difrence 2008 and now just difference bank gone collapse.

@Nadeldrucker 5 лет назад

They also had derivatives to secure their cash flows, sold off tranches to individual and institutional investors, and found companies who were willing to rate CDOs, CMOs, and a bunch of other collateralized instruments favorably... Also, the US government wanted to encourage home ownership (partly to support the economy after 2000/2001), supporting the extreme blow-up of home financing. It's a very complicated mess. By the way, it's still not over.

@kevinbrown4073 5 лет назад

That is true but the real problem was that high risk assets were what was left in 2006 and 2007

@cl1524 5 лет назад

asdqrs wasn’t just that. Go to the source. All you had to do was not give out high risk loans to people who didn’t deserve it. People who could not afford luxury were given loans to live that life and it was idiots like that who crashed it, banks just watched it happen

@screenapple1660 5 лет назад

2008 was terrible year. Stockmarket fell many times.... Ponzi, Barnie Madoff, Subprime Mortgage crisis, NINJA loans, scams, college inflating costs, etc.

@HappyMarshmallowGamingComedy 2 года назад

2022: Allow me to introduce myself

@debasishraychawdhuri 5 лет назад

If businesses simply concentrated on making the most amount of money in the long term, this would not have happened. The problem is not morality, the problem is short-termism.

@okay1775 2 года назад

What should they have done

@DeRussellMasina 2 года назад

Combo of the two

@lug.5329 Год назад

Nah, capitalism is the problem

@Wall2000x 5 лет назад

How do we know she really is in Paris? She could be in her mom's basement for all we know.

@sniperbojy 5 лет назад

😂😂😂😂😂

@jimdavis2385 5 лет назад

How do we know your name is Beverly or that you have anything to do with sewing and vacuuming?

@israelkandetu6947 4 года назад

@@jimdavis2385 😂😂😂

@dinochic654 4 года назад

Her mom’s basement in Paris

@mullerstephan 3 года назад

dude its corona time.... she probably is in her basement

@JoTheSnoop 3 года назад

2008: I was on my way to my then home after a day at a book keeping course at TAFE (technical college) when news broke out in the afternoon (Adelaide time) that Lehman Brothers had collapsed. 2020: Found out Australia has 'officially' went into recession for the first time in almost 30 years after I had a Political Economy tutorial at uni. That is just so weird.

@marekkolenda4030 5 лет назад

Next financia collapse gone be much bigger then 2008 .

@John-yg2rt 5 лет назад

BTFD

@dereksbooks 5 лет назад

Yep. Bankers already got a free get out of jail card in 2008, so why would they not do it again?

@mjo3275 5 лет назад

Financial**

@BG_Low 5 лет назад

Than**

@nickl5658 4 года назад

And this time China won't be riding into the rescue.

@thomaskauser8978 5 лет назад

Front of yield curve- stolen income from worker Tail end of yield curve - assets being liquefied and Bill to worker being tabulated?

@Quaid44 4 года назад

11:23 "CEO Dick Fold" lol

@sweetlildevil7597 5 лет назад

Banks should not be allowed to be publicly traded corporations. It forces them to look for new ways to constantly increased the share of stock for the investors and eventually they will get desperate. Banks should be private. If they fail then it doesn't wipe out the entire economy or create a domino effect.

@sukhmaidickoff 2 года назад

There just has to be a certain level of regulation, problem solved. Don´t overcomplicate things.

@unorthodox5171 3 года назад

The number of people in charge who turned a blind eye on this when it happened is ridiculous.

@GeorgeFitness-yo8bl 2 года назад

The Big Short was brilliant!

@carlista2010 5 лет назад

When you don't have anything ....these things don't effect you...because you have never had anything 2 lose.Even though this was a national crisis....not very many people can tell you what really happened or how it even got 2 that level.

@pandapanda5105 4 года назад

"I don't think morality is part of the business people"

@MPrae 3 года назад

is it for non "business people" ? is the percentage higher there?

@JoeyKO757 5 лет назад

I can't help but think that home buyers defaulted on the mortgage is because there job left the country, 2019 i still see companies like GM closing assembly lines and leaving the country, no job, no money, no home.

@nohopeequalsnofear3242 5 лет назад

Dick fuld did very well for himself. He lost money for others, but got rich for himself. He still has his mansions.

@pcdispatch 5 лет назад

Lehman bought too much crap from other bankers.

@crustydinglecherry3451 4 года назад

Fuld is a great man

@sukhmaidickoff 2 года назад

Imagine going short in all the stock indices in the weeks or months before September 2008. Boy ohhh boy. Unfortunately back then I was too young to do that

@danielbuezo9910 Год назад

I don’t think the average participant of the stock market would have the balls or the knowledge to short.

@sandippradhan9809 5 лет назад

When the government bailed out the companies, they should also have bailed out these people. That would have resulted in less inequality.

@dereksbooks 5 лет назад

Two wrongs do not make a right.

@sno_au 5 лет назад

@@dereksbooks the bankers got billions of dollars to stimulate the economy and whatd the bankers do? give themselves 100 million dollar bonuses in 2008.

@snieves4 4 года назад

Sandip Pradhan didnt the gov creare a refinancing program for people to save their homes? And also allow them to default and hold their homes until they refinanced?

@jmacquenzey3531 4 года назад

How the scandal happen? Anybody can help me it's our assignment plss help me.. Thank you

@mastour722 4 года назад

Read about Rebo 105 . Accounting frauds

@gunawanleonardy 5 лет назад

🤔 How come Lehman brothers weren't saved in the 2008 bailouts but Goldman Sachs Were.

@seferino 5 лет назад

American greed

@_Tovar_ 5 лет назад

How?

@krismine99 4 года назад

@@_Tovar_ they don't know, it's just a catchy slogan to them

@thomaskauser8978 5 лет назад

Former treasury Secretary Hank Paulson didn't let a feud and a financial crisis go to waste?

@jeremyshearer3885 5 лет назад

There was a lot more to the story then housing loans people took out loans for a lot of stupid stuff like cars to TVs to computers furniture etc

@pearlgrover1317 5 лет назад

This is still happening in India and at a very large state

@TARmedia 4 года назад

Nothing about our system was corrected. We're headed towards 2008 act 2, and I have a feeling it might actually wake people up to the fact that speculation can no longer control our economy.

@marekkolenda4030 5 лет назад

Now JC .Morgan gets colapse .What's the difrence 2008 and now.Nothing just much bigger.

@jeffreyrichardson 5 лет назад

This is the pits.

@BlueCollar850 5 лет назад

I despise human greed

@dereksbooks 5 лет назад

Is there any other kind of greed? Animals aren't greedy.

@mrearlygold 5 лет назад

Actually many animals are very greedy

@poland440 5 лет назад

@@mrearlygold like squirrels lol

@sabar2453 5 лет назад

Animals usually 'take' what they need and nothing more, a natural order. They don't deal with interest and usury.

@Saila36 2 года назад

How about this time, 2022?

@ashishkhanduri1327 3 года назад

Nobody is smiling in thoes anecdoted interview s😂😂😂😂😂

@johnfoley2067 5 лет назад

American greed I nearly got a 120 percent mortgage in 2006 from Northern Rock thank goodness I didn't

@seanm3226 5 лет назад

Why thank goodness you didn’t?

@mfranks4731 5 лет назад

@@seanm3226 120% mortgage on a 250 000 dollar house would be 20 000$ a month for 25 years? give or take

@johngrieve2868 5 лет назад

I did get a NR mortgage ..done me well..sold at top..although can not afford for now to buy another house :9

@johnfoley2067 5 лет назад

Did anyone ever get jailed for this

@ahockeyfan3155 4 года назад

Actually, one person did go to jail. A trader for Credit Suisse, a Swiss investment banking firm, went to jail for artificially inflating subprime mortgage prices

@wallflower1852 2 года назад

China's Eergrande's next

@bobsmith2886 5 лет назад

They are doing this nowadays with junk bonds and leveraged loans

@LandonBain 3 года назад

i’ll tell you what went wrong, there’s no money in my pocket

@mahendrarimal6178 3 года назад

What happened to it's investors

@1p4142136 3 года назад

Proof intelligence and making money don’t necessarily go hand in hand or what’s worst they knew and let it happen.

@fireball0762 3 года назад

didn't congress force banks to give subprime loans to blacks even if some couldn't afford them?

@johnbatchler8551 3 года назад

All those banks involved insolvency mortgage back securities should have been bailed out by global governments so they don't create a economic colkapsed

@BunneRabb 5 лет назад

Unabated, thieving greed, revolting avarice, and unmitigated hubris. Next slide, please.

@ijoithegreat-nl4nm 4 года назад

Ni zaman DSN jadi PM kat Malaysia, dia berjaya menyelamatkan Malaysia dari terjerumus dari krisis ini... Rindu zaman Dato' Najib ☺️☺️☺️☺️

@todakking5016 4 года назад

Hahahahaha... Apahal komen najib pun ada cni..

@ijoithegreat-nl4nm 4 года назад

@@todakking5016 takkan pedih hati kot RBA 🤣🤣🤣🤣

@davidroberts5958 4 года назад

I’m High A,F, ! Legal 420 now !🇺🇸

@loucontino4804 2 года назад

"Morality is not a part of the calculus of Business People." - A. Tooze

@youtubsuck Год назад

4 years over due. Hello 2023!

@yggdrasil9039 4 года назад

So Dick Fuld folded, while Madoff made off with other people's money.

@lameshane1 5 лет назад

So someone explain to me why they collapsed and what they did wrong

@YoungMarv 5 лет назад

Shane Brock this entire video is based on explaining your question..

@lameshane1 5 лет назад

@@YoungMarv but I asked someone else too.

@vaidaanshshekhawat9287 4 года назад

THE BIG SHORT

@Ramy-ql3tr 5 лет назад

Greed.

@kapetannemo 5 лет назад

THIS IS NOT GREED ! THIS IS CRIMINAL !!

@austin3154 3 года назад

Get ready, Citadel is next 😏

@adebiyial 5 лет назад

Risk not morality. Is this to say you really can't make clean money without being dirty?

@TheArtPerspective 4 года назад

Hmm.. maybe they were drugged and injected with 'something' by aliens? lol.. sci-fi movies

@AHandful 2 года назад

RU-vid recommending this is sus.

@pyroromancer 4 года назад

don't bail out the banks, bail out the people that owe the banks.

@NYRM1974 5 лет назад

You would think after the 1929 crash banks would stop with speculation in their investment strategy. And to leverage in an uncertain situation is a clear road to failure...... Look at the history the panic of 1876 1893 1929 1987 2008 when will banks get it together?

@AldiTVFan Год назад

u can do some research what went wrong in 2022 when all colapse remember me

@RasPutintheGreat 5 лет назад

These are the masters of us politicians and the owner of the country!

@SriramKumar-vk2jj 4 года назад

human greed..nothing else!!

@richardfuller3156 4 года назад

Interesting that the graphics for subprime people are all white but the reality was they were mostly black and Latino.

@krismine99 4 года назад

They talk about it like I would expect non Americans to. Condescending towards republicans and exacerbating the conditions of people through the use of words like entitlement

@kalpanadas45 4 года назад

What a ridiculous name? CEO Dick Fuld .

@abdilbajrami9116 2 года назад

-Answer: Nothing!

@eboooo 5 лет назад

This anchor has a strange accent

@AdrianDucao 4 года назад

we made a lot of money that day.

@syedshabazs1036 4 года назад

2008 credit crisis: Covid: okaayyyy baybah how are we doing today....

@ivancvik 4 года назад

American history ...one of 300 country have more crisis than own history. 😆

@K0236yhhuuu 4 года назад

bad !

@maxphil2465 2 года назад

China: *ok my turn*

@sukhmaidickoff 2 года назад

I agree, people should really not underestimate what is currently going on in China in the construction- / housing industry

@williamneumyer7147 2 года назад

Here's this Tooze, conscientiously bringing out the racial talking points. They go with the beard and the open collar. Oh, he's so smart!

@Walter-jv5kr 9 месяцев назад

Lemon Brothers

@truthseeker3397 4 года назад

I love how this nice video totally avoids taking about how the government made housing a 'right' thus forcing banks to give loans to people who would not normally qualify. If the banks didn't then they would be called racist and be fined.

@truthseeker3397 4 года назад

@Valentino Smilezz yeah it's another sad story of so called good intentions that hurt the poor and many blacks

@GiantEagle610 4 года назад

Bail out using taxpayer's money

@4thgradedropout980 4 года назад

It would've cost more to eat millions of subprime loans than to bail out the banks.

@GiantEagle610 4 года назад

@@4thgradedropout980 instead of using the bank own money or selling their own assets, they used taxpayer money

@raymondwhitehouse9922 5 лет назад

I love the crash of 2008, it's in my top 20 of event's in my life time I know that sound wrong but it's with 911, Mike Tyson, Steve jobs, Facebook, ect ect.... I'm 45

@navyamehrotra3615 4 года назад

What?

@Dustinwhy8 3 года назад

It happened cause ppl took home loans they couldn’t pay. It wasn’t the banks. It was the buyers who can’t balance a checkbook/make a budget.

@sukhmaidickoff 2 года назад

Unfortunately there are MANY people who are TOTALLY incapable of handling their own economy - they basically can´t even calculate a percentage of an amount.

@Dustinwhy8 2 года назад

@@sukhmaidickoff ignorance does not waive financial liability. I’m not blaming them…just stating the facts.

@sukhmaidickoff 2 года назад

@@Dustinwhy8 I never claimed you were blaming them, I´m merely stating that I find it tragic how so many people are totally ignorant when it comes to understanding money and economics.

@LizardVideoDude 2 года назад

It was people _and_ banks, plenty of blame to go around. People took loans they couldn't afford, some because they didn't understand finances, some seeing an opportunity they only previously dreamed of (owning a home), some just being greedy. But banks were also really encouraging people to take loans they _knew_ the people couldn't afford, giving them bad loans on top of it, so they could make more $$ profit $$. The banks were more at fault IMO, because they knew full well they were setting people up for failure, giving loans they should not have, and ignoring basic responsible lending practices (literally their own rules). They were blinded by big short-term profits and figured they could offload the bad mortgages by bundling/repackaging them & selling it to others.

@charlespappas9917 4 года назад

Accounting snaffus and exchange problems. One if the great many firms and companies to work at in NYC. Obama and aggressive Democrat tax policies ARE to blame.