CapeTalk Celebrating 20 years
capetalk-20in140-articleheader-700x300-2009jpg

2009: Bruce Whitfield recalls the financial crisis

This October, CapeTalk is celebrating its 20th birthday by reliving some of the most impactful stories of the past twenty years, as told by some of our favourite personalities. Click here to view the rest of the stories.

In 2008, the collapse of US investment firm Lehman Brothers flung the international banking market into a crisis - the impact of which is still felt in certain segments today.

The Money Show's Bruce Whitfield joined Kieno Kammies this morning as part of CapeTalk's 20th birthday celebrations to recall what was the greatest financial crisis since the Great Depression of the 1930s.

He remembers a trip to the "great boardrooms of some of the most powerful banks in America" in June 2008, and getting a sense that "there was very clearly something wrong". By October, Whitfield recalls, things were unravelling.

Banks were defaulting on their debt, banks were going down, people were losing their jobs ... And it was spreading like this wave around the world.

Bruce Whitfield, host of The Money Show

The financial system froze, and the world slumped into a recession. The JSE halved in value in a six-month period.

A view of Lehman Brothers' offices in New York.

There were real fears that this was 1929 all over again.

Bruce Whitfield, host of The Money Show

Whitfield recalled the steps that then-chair of the US Fed, Ben Bernanke, took steps to make money "incredibly cheap" in an effort to relieve the crisis, and the impact of that effort.

All it's done for the last 10 years is make everything more expensive.

Bruce Whitfield, host of The Money Show

Whitfield and Kammies also discussed South Africa's current financial state, and the impact of "bad policy-making and bad decision-making".

Anything that happens in the world, we're going to get hit harder than anyone else.

Bruce Whitfield, host of The Money Show

Watch Bruce Whitfield recall his experience of the financial crisis below.


Recommended

by NEWSROOM AI

CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
2016: Abongile Nzelenzele reflects on the US election

2016: Abongile Nzelenzele reflects on the US election

As we round out 20 years of celebration, Abongile Nzelenzele remembers the reaction to Donald Trump's presidential victory.

2015: Koketso Sachane discusses #FeesMustFall

2015: Koketso Sachane discusses #FeesMustFall

As we continue to celebrate our 20th birthday, Koketso Sachane reflects on the fees protests that began in earnest in 2015.

2014: Pippa Hudson reflects on the Shrien Dewani trial

2014: Pippa Hudson reflects on the Shrien Dewani trial

As we continue to celebrate 20 years of great radio, afternoon host Pippa Hudson remembers the controversial Shrien Dewani trial.

2008: Regan Thaw recalls the xenophobic attacks in Dunoon

2008: Regan Thaw recalls the xenophobic attacks in Dunoon

As we celebrate 20 years of CapeTalk, EWN Desk Editor Regan Thaw recounts his experience of the 2008 xenophobic attacks.

2007: Janine Willemans recalls the Ellen Pakkies case

2007: Janine Willemans recalls the Ellen Pakkies case

In 2007, a mother strangled her addict son to death. As we continue to reflect on 20 years of CapeTalk, Janine Willemans recalls that story.

2006: John Maytham recalls the devastating 2006 Table Mountain fire

2006: John Maytham recalls the devastating 2006 Table Mountain fire

As firefighters battle a fire near the 12 Apostles, John Maytham recalls another fire and how CapeTalk's listeners rallied.

Popular articles
We're not just cyclists - CT man turns punch-up with driver into safety message

We're not just cyclists - CT man turns punch-up with driver into safety message

He was punched in the face by a motorist last week and tracked the driver down for a meet-up, instead of laying charges.

7 suspects arrested in Joburg heist

7 suspects arrested in Joburg heist

EWN Reporter Barry Batemen says eight people including two bystanders were hurt in the heist.

[WATCH] The spectacular moment AB de Villiers bent the laws of physics

[WATCH] The spectacular moment AB de Villiers bent the laws of physics

The world now knows never to underestimate the athletic form of SA cricketer AB de Villiers after this gravity-defying catch.

What's better than sex with your partner? Sex with YOURSELF! #MasturbationMonth

What's better than sex with your partner? Sex with YOURSELF! #MasturbationMonth

It's time to dim the light, lie back, relax and enjoy a bit of one-on-one time - with yourself!

[LISTEN] Dailene, the lady behind the video from Thursday's heist in Boksburg

[LISTEN] Dailene, the lady behind the video from Thursday's heist in Boksburg

Another heist was carried out in Boksburg on Thursday morning and led to five people being arrested.

Blind athlete sues popular winery after guide dog barred entry

Blind athlete sues popular winery after guide dog barred entry

Paralympian Hendri Herbst will take Durbanville Hills to court after his guide dog was denied entry inside the restaurant in 2014.

Health Minister proposes scrapping of medical aid co-payments

Health Minister proposes scrapping of medical aid co-payments

The eradication of medical aid co-payments is one of a number of changes to the medical aid scheme proposed by Aaron Motsoaledi.

[LISTEN] Is it Yanny or Laurel? Test your ears!

[LISTEN] Is it Yanny or Laurel? Test your ears!

What's Gone Viral with Khabazela brings you tweets, posts and YouTube videos that have social media talking.