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Financial crisis five years later: Rick Santelli remembers

September has traditionally been the worst month for stocks, with an average 0.6 percent decline in the S&P 500 index over the past 62 years.

But few can remember a worst September than the one of 2008 when the market plummeted 9.1 percent.

Five years ago this month was the beginning of the global credit meltdown and one of the most dramatic and volatile periods for financial markets since the stock market crash of 1929.

(Read more: Special Report: Back from the brink)


Wall Street and the world were stunned by the downfall of Lehman Brothers, the sale of Merrill Lynch and the rescue of insurance giant AIG by the Federal Reserve thanks to an $85 billion loan.

Despite a huge government bailout that totaled hundreds of billions of dollars and nearly nine million jobs, the financial crisis cost the U.S. economy $6 trillion to $14 trillion maybe even more, according to a new report. Also lost, the faith many have in the free-market economy.

Rick Santelli looks back at the root causes of the crisis and says its effects are still being felt and will be for years.

(Read more: Mom and pop are still not believers in the market)

- Posted by CNBC's Gloria McDonough-Taub

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