In this episode, Escala Partners CIO, Tracey McNaughton, shares her views on the tremors in the banking industry and its spread to Europe from the US. She discusses how the financial system came within a day of experiencing a Lehman moment that would have turned the tremor into a full-blown quake. The lessons learnt 15 years ago, have never been more important.

(0:50) - It was another big couple of weeks in financial markets, this time the focus of attention shifted the Europe where the fate of Credit Suisse.

(2:30) - Is there anything we can take away from all of this. Lessons learnt or lessons we were reminded of?

(7:00) - How credible are the comparisons that are being made between what is happening today and what happened in 2008?

(8:52) - European markets fell again on Friday. In particular, the share price for Germany's largest bank, Deutsche Bank, came under fire. Could this crisis spread further?

(11:02) - Speaking of financial conditions, the Federal Reserve opted to tighten financial conditions itself last week by lifting interest rates for a ninth time.

(12:35) - What does this mean for the Reserve Bank of Australia?