Posts Tagged ‘Banking System’

This Day in Wall Street History 1933: Roosevelt declares bank holiday

When Franklin Roosevelt started his first term in the White House in 1933, he inherited a nation in the depths of the Depression. A record 13 million Americans were unemployed and businesses were drowning in red ink.

Perhaps even more pressing was the head-spinning string of bank failures that had triggered a frantic run on the nation’s savings vaults.

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This Day in Wall Street History 1913: ‘Federal Reserve Act’ is approved

President Woodrow Wilson’s first few years in office were marked by the passage of an array of fiscal reforms and initiatives. Dec. 23, 1913, saw Congress give the nod to one of Wilson’s economic initiatives: the “Federal Reserve Act,” which promised to change the nation’s banking system.

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Seven U.S. Banks Are Seized, Raising Year’s Failure Toll to 140

Seven U.S. banks were seized by regulators, bringing this year’s total of failed lenders to 140 as financial companies are tested by the recession and the Federal Deposit Insurance Corp.

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Geithner, Brown Split on Tobin Tax at G-20 Meeting

(Bloomberg) — Group of 20 governments split on whether to tax financial trading as part of a broader strategy to ensure the global economy’s expansion is less crisis-prone.

U.K. Prime Minister Gordon Brown told a meeting of finance chiefs in St. Andrews, Scotland yesterday that such a levy could prevent excessive risk taking and fund future bank rescues, adding momentum to a debate begun by France.

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BlackRock chief questions Obama’s housing programs

Larry Fink, chairman and CEO of BlackRock, said he is concerned about programs from the Obama administration that might curb foreclosures but also hurt the mortgage-market recovery. “I am just very worried,” Fink said. “How do we get a vibrant securitization market back when we are doing these things in the short run that are good for the banking system and good for the homeowner but not as good as it should be?”

U.S. spending against crisis almost as much as GDP

The government and the Federal Reserve have guaranteed, spent or lent $12.8 trillion to curb the economic downturn and stabilize the banking system. In comparison, the country’s GDP was $14.2 trillion last year. President Barack Obama and Treasury Secretary Timothy Geithner met Friday with leaders of the nation’s largest banks as well as industry representatives to garner their support.

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This Day in Wall Street History 1933: Roosevelt declares bank holiday

When Franklin Roosevelt started his first term in the White House in 1933, he inherited a nation in the depths of the Depression. A record 13 million Americans were unemployed and businesses were drowning in red ink. Perhaps even more pressing was the head-spinning string of bank failures which had triggered a frantic run on the nationÝs savings vaults.

Click to continue reading

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