just how impressive his feat was abandoned cory was used for the record attempt as you can see he didn't get it right from. watching still to come ten years after the collapse of lehman brothers the largest bankruptcy filing in u.s. history of the rules that are supposed to prevent the next bottles of disaster could be on their way out. of. earth. home to news of species a home worth saving. here which is why those are big and lehman brothers bankers found themselves out of work overnight the lender was a giant but not too big to fail lehman had become so involved in the region asian

it was basically a real estate hedge fund disguised as an investment bank washington wasn't willing to save the financial institution although it did save. is a look back at the events that led to the worst financial crisis since the second. mortgages seemingly for anyone that wanted one small details like whether bar whereas had the means to pay them back didn't seem to matter things came to a head in the spring of two thousand and seven when record numbers of people defaulted on those loans. let's take a look at the chaos that followed. before the mortgage crisis hit stocks as investors lost trust in the financial markets. and there was more turmoil to come. in march two thousand and eight there stearns a global investment bank failed. it was bought by rival j.p.

morgan with cash borrowed from the fed. six months later the federal takeover of u.s. government sponsored more used to rescue us financial markets began to seize up as trust between banks disappeared the world's governments were forced to step in with trillions of liquidity. that couldn't diverse a global trade slump though and economies around the world went into recession in some places the effects continue to be felt to this day. economists young peter khan joins us from frankfurt now apart from the toxic securities which everyone knows about in which a lot of people actually put their trust in the whole crisis sounds like it was caused by simply a lack of trust or that's absolutely true and in such a crisis we always have to expect that financial institutions among each other the trust why because it is so park what is in their portfolios what about the

trust of economists you're an economist and the head of the o.e.c.d. said today that economists forecasts need to better reflect reality do you take that personally. i think we are very careful in making forecasts about financial crises matter that is certainly a lesson that we have taken and what we now know is that on financial markets there can always be let's say new types of problems that arise and that how contagious to an extent that is hard to predict what we know is that a crisis of the type we have seen in two thousand a ten years ago will most likely not repeat itself because we have built a lot of fortifications what about you ways of focusing these types of events though i mean couldn't they be better predicted in this day and age with all the

data we now have access to. or whatever is easy to leave predictable i think that's been covered so if you are a supervisor who sees pockets of risk in financial institutions or in markets you would be on try to cover it with more capital or with other requirements i think the true risk in is in those pockets that we don't imagine at the moment and the financial world is changing all over so all every year you have new products new markets that develop and to keep an eye on them to understand them even to see the interconnections that's the hard one and we need and that is is for this but you say that the world is better fortified what what are your lessons learned from the g.s.t. from the global financial crisis. i think the world is better for to fight but it's clearly having the leaning towards i would say traditional or classical

types of crises the one that we have seen for the new ones we need an open eye an open mind we need to discuss the new products that come around and that's a tussle that also researchers are trying to deal with as well as sought and parts of the supervisory agencies so that's my main lesson we have to be more critical with the functioning of financial markets there's no clear stability there's no safe equably on that we can expect to prevail and healthy skepticism is a good thing economists young peter khan and thank you very much for joining us thank you and let's take you to our correspondent in singapore. what is some of the lessons that asia has learned from the lehman brothers crisis. well less is just now actually some issues that come up about trust as well as which banks if i lend

money to you at that point in time are you going to fail me you not going to pay me back so after that we actually have bank adequacy ratio where you know if the fiscal regulator the central bank is in asia make sure that you banks have actually enough money in order that they don't youth that the money to actually invest always best and then they won't be able to pay deposit is that so this is actually one very important it has been learned and actually there's also been the trade crisis in asia because rather than the financial crisis because we have actually you know quite a bit from the asian financial crisis and we have actually learned to expand outreach links more with other countries apart from the u.s. and to europe who are very much affected during the lehman brothers global financial crisis briefly lindau economist there was saying that he can't imagine another crisis is just around the corner but could asia withstand another crisis like the lehman brothers crisis. well you know asia actually filed that pretty

quickly and actually we actually have some stress test that went on you know to ensure that banks actually could withstand that shocks and actually one of the singapore monetary authority of singapore which is the central bank actually found that business in asia as was based can actually withstand shocks that were fog in one thousand nine hundred seventy eight a financial crisis as well as the recent global financial crisis linda thank you very much in the aftermath of the lehman brothers collapse the venue u.s. administration introduced stricter banking regulations and as the dodd frank wall street reform and consumer protection act president donald trump has long been a critic of thought frank back in may he scrapped some of the small medium lenders but many of wall street one deep regulation to go even further. critics say a raising restrictions on banks could prompt the next financial crisis. it

was the car that defined a generation and one of germany's most iconic brands but now the beatles' time is up for its wagon has announced it will hold all production of the con next year ending its seventy year history. a full wheeled legend it's the biggest selling car of its time with twenty two million units sold its thirty horsepower engine was the sound of germany's post-war economic boom. but it all started back in the one nine hundred thirty s. commissioned by the nazis ferdinand portia designed a cheap economical focus of people's car in one nine hundred thirty eight the first model was ready though it mainly saw military service during the war but when the fighting finally stopped the v.w. beetle was back. the car sold rapidly around the world the beetle was an immediate hit in the u.s. even making it to hollywood and it broke the record after record in one nine

hundred fifty five the one millionth beetle rolled off the belt involves resilience was its middle name. runs and runs and runs and it did until the love affair was over in the one nine hundred sixty s. the darling of v.w. lost its sex appeal critics complained about its boring design and high running costs ten and a half liters to one hundred kilometers. things looked bad for v.w. in fact the person asked and gulf models only just saved it from the brink then in one thousand nine hundred seventy eight that was it the end of german production fans had to import them from abroad continue to run its plant in mexico and in one thousand nine hundred one the factory sold v.w. used twenty millions beetle in two thousand and three though that was it the end. but in one thousand nine hundred nine a revival had happened in the u.s.

the new beetle a jubilant first year was followed by flatus sales figures the beetle clone was strictly a collector's item its role as the people's car what in the past but now the new beetle itself is set to become a thing of the past v.w. is stopping production in july two thousand and nineteen. and finally the c.e.o. of amazon jeff bezos and his wife mackenzie have launched a two billion dollar fund for charity it'll help homeless families and create a network of kinda got things in low income communities is also is among the world's richest people his net worth has risen by more than sixty billion dollars this year alone but the founder of amazon faces criticism many feel his company exploits its workers and pays them poorly bezos has now joined a list of wealthy individuals contributing huge amounts of money to charity. business with a. mom

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make a corporation the scope is more to. her own for food water production. and his neighbors in the french town old peter are gearing up for a war to fight. next to double. team sixty one crime occurred around the world. young people held against their parents' generation. but it wasn't on city downstream from the stupidity inclusion. they demanded. that home society. wanted maelstrom of conflicts with the feel of the war playing the role of my

generation watch to be more every day. our documentary takes a little touch of those murders committed on. the first time i had a feeling of being on somethings. who claims of those events today. consumes the civil rights. peace movement the women's movement planned during this period. sixty years in the middle. east we don't. need. a low end to very well welcome to focus on europe live you could join me there are

places that will forever be willing to set events or cry like in the case of rather ham in the united kingdom and all the things.