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
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
'My hubby is 75 and we still do it' - stories about sex on the other side of 50

'My hubby is 75 and we still do it' - stories about sex on the other side of 50

Is biology putting the brakes on your sexuality? Callers share their experiences of sex and growing older.

'Some weed plants with high levels of chemicals have been linked to psychosis'

'Some weed plants with high levels of chemicals have been linked to psychosis'

Naked Scientist, Chris Smith shares his insights on some of the risks associated with smoking marijuana.

[Watch] Dad breaks down when reunited with car sold to pay wife’s bills

[Watch] Dad breaks down when reunited with car sold to pay wife’s bills

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

Charity loses R39k event deposit after previous Ritz Hotel management goes awol

Charity loses R39k event deposit after previous Ritz Hotel management goes awol

The Ritz Hotel is under new management and the money paid to previous management has still not been refunded.

DStv Premium on a downward spiral, warns tech guru

DStv Premium on a downward spiral, warns tech guru

DStv has lost about 140 000 Premium subscribers to Netflix over the past two years, tech expert Arthur Goldstuck.

Dr Eve busts myths about the female orgasm that could change your sex life

Dr Eve busts myths about the female orgasm that could change your sex life

As many as 1 in 3 women have trouble reaching orgasm when having sexual play, clinical sexologist Dr Eve explains.

3 emergency numbers you should have on speed dial and how they work

3 emergency numbers you should have on speed dial and how they work

These are the emergency numbers you should have on your cellphone and this is what you must understand about how they work.