https://www.rba.gov.au/speeches/2018/sp-dg-2018-12-06.html  2/13  12/6/2018  Lessons and Questions from the GFC | Speeches | RBA  Graph 1  These tensions continued to increase with a rolling series of flare-ups, including notably the rescue of Bear Stearns by JP Morgan in March 2008. By this stage, these concerns were increasingly reflected in the equity market too.
GDP growth in a number of economies started to slow, but it was not until the fourth quarter 2008 when the economic forces took hold with a vengeance. Lehmans filed on the Monday morning Australian time. It is interesting to look back at the time. That day was a relatively quiet one in financial markets. Lehmans wasn't the turning point.