Former Federal Reserve Chair Ben Bernanke and two other U.S.-based economists won the Nobel Prize in economics for research that helped shape America’s aggressive response to the 2007-2008 financial crisis.
One of the most destructive financial crises in American history hove into the public eye on Feb. 26, 1893, when a vital railroad went bankrupt and set off a four-year depression.
As the metastasizing COVID-19 public health crisis has threatened to turn into an economic disaster, lenders have had to move quickly to help their small business borrowers find ways to stay solvent.
The federal government’s failure to get a coronavirus testing system running has left businesses, investors and everyday Americans to grapple with uncertainty.
The president’s bungled response to the coronavirus pandemic has landed America on the verge of another real estate-driven financial crisis.
A group of senior economists at Massachusetts’ largest universities, lenders, the Federal Reserve Bank of Boston and the FDIC have declared “a global recession is a virtual certainty”
In its latest emergency action, the Federal Reserve is establishing a lending facility to try to ease the flow of short-term credit to banks and businesses as the economy grinds to a halt from the viral outbreak.
The Federal Reserve took massive emergency action Sunday to help the economy withstand the coronavirus by slashing its benchmark interest rate to near zero and saying it would buy $700 billion in Treasury and mortgage bonds.
Many of the same mechanisms that fuel financial crises are driving the panic buying many have experienced at grocery stores in recent weeks.
The U.S. Attorney’s Office in Massachusetts has settled with another banking giant for its role in the financial crisis.
Since launching in 2014, Stage Point has lent more than $40 million to 120 local investors, most of whom are contractors, to help them renovate over 250 single and multifamily homes. Banker & Tradesman caught up with Bart Quillen, Stage Point Capital’s COO, to discuss the fund and its progress.
As a senior vice president at Wachovia and then Morgan Stanley during the dark months of the 2008 and 2009 financial crisis, Derek Peterson watched as colleagues lost their jobs and life savings and wondered if he was next.
