The excited voices on CNBC radio riveted financial adviser John Bacci's attention as he drove to Chestertown five years ago for a routine client visit.

The stock market was in freefall that Sept. 29 after Congress rejected a $700 billion rescue of the financial industry and the Dow Jones industrial average plunged 778 points — the largest one-day point loss ever.

As he walked into the client's house, he avoided shaking her hand.

"My hands were clammy," said Bacci, president of the Linthicum firm Foundation Financial Advisors. "I didn't want her to feel my palms."

The stock market crash was among the many reverberations following the bankruptcy two weeks earlier of Lehman Brothers, one of the oldest and largest investment banks. The bankruptcy was a turning point in the 2008 crisis, which was precipitated by the collapse of the housing bubble. In its wake, the federal government bailed out banks and automakers, investors lost confidence in the markets, and many questioned the viability of the financial system.

That day, Bacci said, was one of the few times in his career he was truly terrified.

"The computers couldn't keep up with the numbers," he said. "You didn't know where it might end."

Until Lehman's bankruptcy, the federal government had intervened when very large financial institutions were in dire trouble. It facilitated the sale of investment bank Bear Stearns earlier that year to JPMorgan Chase. And it took over mortgage giants Fannie Mae and Freddie Mac after they sustained billions of dollars in loan losses from defaults and falling home prices.

But the government let Lehman go. The markets spooked. Credit froze, with big banks wary of lending to one another. It was uncertain whether Congress would do anything — or knew what to do.

After failing once to pass a rescue plan and causing a market panic, lawmakers approved a bailout in early October.

"We still have a very fragile financial system," said Sheila Bair, former chair of the Federal Deposit Insurance Corp., who was in Baltimore last week to speak at University of Baltimore's Merrick School of Business.

Since the crisis, mortgage lending standards have been developed and banks are less highly leveraged and carry more capital, she said. But more needs to be done, such as reforming the securitization of mortgages, she added. The problem is Wall Street banks continue to lobby against reforms.

"Regulators need to show leadership and get this done," said Bair, who left the FDIC in 2011 and wrote a book about the crisis called "Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself."

Now Bair said she's concerned that inflated bond and stock markets could become volatile unless the Federal Reserve successfully tapers its quantitative easing policy, which is meant to keep interest rates low and stimulate borrowing.

Asked where she invests her money, Bair said, "I keep a lot of money in cash."

Here are others' thoughts about the crisis five years later:

Daniel McHugh, president of Lombard Securities Inc.

The day after Lehman's bankruptcy filing, the Reserve Primary Fund — the oldest money market fund and an investor in Lehman debt — announced its shares would fall below $1 each, what the industry calls "breaking the buck" and investors know as losing principal.

Money market funds always had been reliably safe, but some invested in riskier securities to boost returns and now paid the price.

McHugh's chief operating officer called him at home in the early evening about Reserve's news. Baltimore-based Lombard was one of many brokerages that used Reserve Primary to park clients' money.