Lehmans - A Backwards Collapse

Available for over a year

Tracing the roots of the financial crisis in reverse. Lehman Brothers was a huge and historic financial institution -- the fourth largest investment bank in the United States -- and its bankruptcy on 15th September 2008, following the Fed's decision not to bail it out with taxpayers' money, became the tipping point in a financial crisis which encompassed the entire world and still impacts on our lives today. The irresponsible behaviour - can we call it gambling? - which led to the collapse (the sub-prime lending, the CDOs and short selling) had been going on for years, implicitly celebrated by a society that evidently valued a powerful financial sector very highly. The consequences were unseen by most, including classical economists, but foreseen by a few. But for the purposes of this programme, the collapse of Lehman Bros is not an ending - it's just the beginning. Built entirely out of archive, this programme starts on that day in mid-September 2008, when the real-world effects of the financial crisis could still only be speculated upon, and spools backwards in time, in search of roots and connections, implications and antecedents. Not definitive direct causes - they are more simple and more complicated, more varied, than this modest Saturday evening entertainment can accommodate - but rather seeking some semblance of clarity by stepping again in the footprints that led us here.