Neil Cavuto is marking the 10-year anniversary of the 2008 global financial crisis all week on his Fox News and FBN shows.
Here’s his commentary from Saturday on Fox News, followed by a mashup video showing his reporting from that time.
And it all started ten years ago today, the DOW falling more than it had since the 9/11 events, more than 4.5 percent, more than 450 points. You know what happened though after that? We stormed back. It took a while but we stormed back. We’ve been in and out of records since. It is a reminder as well no matter what we go through in this country’s incredible history be they financial storms or well, real mother nature storms, we come back. It’s this stuff that reminds us of that. That we pick ourselves up and we find a way to claw ourselves back. Through Democratic administrations, Republican administrations. Big spending Congressmen, not so big spending Congressmen. CEOs who come and go but throughout- this nerd here, I like to call myself Fox’s chief nerd sees it and admires it. I think a lot of people, it think one website referred to it as dull, I embrace it. But what I just showed you there is real. The comeback, the historic comeback is real. It’s palpable, it’s us. And all this week we’ll be exploring it.
Advertisement
Monday, Sept. 15, 2008 is the date that’s considered the start of the crisis. That day marked the end of investment bank Lehman Brothers. Also, there was Merrill Lynch’s acquisition by Bank of America; and AIG’s unprecedented request for short-term financing from the Federal Reserve. This all foreshadowed what became the most significant financial crisis and deepest economic recession since the Great Depression.
After Lehman filed for bankruptcy, and markets froze, it looked as if many other financial institutions would also collapse. Later that week, treasury secretary Hank Paulson, and Fed chairman Ben Bernanke, went to Capitol Hill and told Congress that if they didn’t authorize a bailout the financial system would implode. Then-President Bush signed a $700 billion bailout bill in early October.
FBN senior correspondent Charlie Gasparino recalled going on CNBC at that time to report a government bailout of AIG. He also gave CNBC Squawk on the Street co-anchor David Faber a slight jab in the below tweet.
10 years ago today I appeared on @CNBC to report the federal government was working on a bailout of @AIGinsurance the first of many to come. I was on air w several others including @davidfaber who said no such bailout was in the works. He was wrong. Some things never change.
— Charles Gasparino (@CGasparino) September 17, 2018