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☆ 8 of the biggest stock market crashes in history — and how they changed our financial lives
▼ + stars: | 2024-07-19 | by ( Rebecca Reisner | Richard Richtmyer | ) www.businessinsider.com time to read: +20 min

While the triggers for stock market crashes vary, the ultimate outcome is always the same: the market recovers. Here's a summary of eight of the most notable stock market crashes in history, their causes, and their fallout. Stock market crash FAQWhat happens when a stock market crashes? Numerous things can cause a stock market to crash, including:PanicNatural or man-made disastersEconomic crisesSpeculationCan a stock market crash be prevented? Unlike a bear market, stock market corrections are often short and usually work themselves out.

Persons: It's, Terry Marsh, Here's, Stocks, Carola Frydman, J.P, Morgan, —, Blair Hull, Alan Greenspan, Marc Chandler, Marsh, weren't, Tyler Muir, Thai bhat, Paula Bronstein, Stringer, Chandler, chipmaker, WebVan.com, Muir, The, Lehman Brothers, NICHOLAS ROBERTS, homebuyers, Bear, Lehman, Fannie Mae, Freddie Mac, Dodd, Frank Wall, Europe —, Italy — Organizations: Federal Reserve System, SEC, FDIC, Haas School of Business, University of California, Federal Reserve, United Copper Company, UCC, Kellogg School of Management, Northwestern University, Federal, System, Dow Jones, Gross, Federal Deposit Insurance Corporation, Securities and Exchange Commission, Dow, Nasdaq, Chicago, Black, Bannockburn Global Forex, UCLA Anderson School of Management, Getty, Asia, International Monetary Fund, chipmaker Qualcomm, The Sarbanes, Oxley, Investors, Financial, Bear Stearns, Lehman Brothers, Nikkei, US, Asset, Frank Wall Street Reform, Consumer, Consumer Financial, Dow Jones Industrial, Center, Budget, Stock, Corrections Locations: University of California Berkeley, AFP, Iran, Bannockburn, Japan, Thai, Asia, Thailand, Malaysia, Indonesia, South Korea, COVID, China, Europe, Italy, Chevron

☆ Biden nominates Christy Goldsmith Romero to lead FDIC at pivotal time for the banking regulator
▼ + stars: | 2024-06-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —President Joe Biden has nominated Christy Goldsmith Romero as chair of the Federal Deposit Insurance Corporation. Goldsmith Romero, a Democrat, served as special inspector general for the Troubled Asset Relief Program at the Treasury Department that was borne out of the Great Recession. As incoming head of the FDIC, she will largely be viewed as the figure responsible for fixing the longstanding problematic culture at the agency. An independent investigation commissioned by the FDIC released in early May confirmed the Wall Street Journal’s reporting from last year. Gruenberg’s exitUnder pressure from the top-ranking Democrat on the Senate Banking Committee, Sherrod Brown of Ohio, Gruenberg announced he would vacate the position once a new chair is confirmed.

Persons: Joe Biden, Christy Goldsmith Romero, Martin Gruenberg, Goldsmith Romero, Goldsmith Romero “, ”, “, wrongdoers, Sherrod Brown of, Gruenberg, Travis Hill Organizations: New, New York CNN, Federal Deposit Insurance Corporation, Democrat, Troubled Asset, Treasury Department, FDIC, ”, Senate Banking, Republican Locations: New York, ”, Gruenberg’s, Sherrod Brown of Ohio

☆ Biden Nears Pick for Next F.D.I.C. Chair
▼ + stars: | 2024-06-11 | by ( Emily Flitter | ) www.nytimes.com time to read: +1 min

Three weeks after President Biden vowed to pick a new leader for the Federal Deposit Insurance Corporation, the bank regulator shaken by a vast workplace abuse scandal, a front-runner has emerged: Christy Goldsmith Romero, who sits on the five-member Commodity Futures Trading Commission, according to two people with knowledge of the administration’s thinking. Ms. Goldsmith Romero is a lawyer who, after the financial crisis, spent more than 12 years in an office created by Congress to investigate fraud and other misconduct by banks that received money from the government’s roughly $450 billion crisis rescue package, the Troubled Asset Relief Program. From 2011 to 2022, Ms. Goldsmith Romero led the office as the special inspector-general for the program. Mr. Biden has not made a final decision. Ms. Goldsmith Romero’s position as the front-runner for the job was first reported by The Wall Street Journal.

Persons: Biden, Christy Goldsmith Romero, Goldsmith Romero, Goldsmith Organizations: Federal Deposit Insurance Corporation, Futures Trading Commission, Troubled Asset, Wall Street

☆ Big government will drive the next market cycle
▼ + stars: | 2023-10-31 | by ( Francesco Guerrera | ) www.reuters.com time to read: +8 min

Growth picked up while quiescent inflation permitted interest rates to fall. Bereft of government support, central banks tried to stimulate their economies by pushing interest rates to new lows. That means interest rates will struggle to return to the ultra-low levels seen after 2008. The first takeaway is that higher debt levels, inflation and interest rates should be bad for bonds. Vincent Deluard of StoneX has proposed a division between intangible and tangible companies.

Persons: Kevin Lamarque, ” Ronald Reagan’s, Milton Friedman –, Britain’s Margaret Thatcher –, Reaganomics ”, Réka Juhász, Nathan J, Lane, Dani Rodrik, government’s, Vincent Deluard, StoneX, Lockheed Martin, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Republicans, Capitol, REUTERS, Reuters, Bank, Asset, Monetary Fund, Treasury, Capital Economics, Reuters Graphics Reuters Graphics, Capital, Facebook, Meta, Lockheed, Micron Technology, U.S, Congress, Nasdaq, Energy, Exxon Mobil, Labour Party, Thomson Locations: Washington , U.S, “, Ukraine, Covid, Europe, United States, United Kingdom, Germany, Japan

Signage is seen outside of the US Commodity Futures Trading Commission (CFTC) in Washington, D.C., U.S., August 30, 2020. A centralized registry would also make it easier for the government to identify repeat offenders and deter potential fraudsters, Goldsmith Romero said. Goldsmith Romero had suggested the registry several years ago while serving as the watchdog of a key 2009 financial crisis bailout program. In Goldsmith Romero's previous role, the government watchdog did launch a database of such financial crimes related to the Troubled Asset Relief Program. Such a centralized database could serve as a model for a larger, national registry that federal regulators could organize and that state regulators could also participate in.

Persons: Andrew Kelly, Christy Goldsmith Romero, Goldsmith Romero, Goldsmith Romero's, Chris Prentice, Leslie Adler Organizations: US, Futures Trading Commission, Washington , D.C, REUTERS, fraudsters, CFTC, Reuters, Troubled Asset, Thomson Locations: Washington ,, U.S

☆ Regional banks slide after Fed's Kashkari advocates 'significantly further' capital regulation
▼ + stars: | 2023-08-15 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Neel Kashkari, President and CEO of the Federal Reserve Bank of Minneapolis, speaks during an interview with Reuters in New York City, New York, May 22, 2023. Minneapolis Federal Reserve President Neel Kashkari favors getting tougher on regional banks, following a crisis earlier this year that he said may not be over. Regional bank shares fell as Kashkari spoke. Those banks holding longer-dated Treasurys faced capital losses as rates went up and bond prices fell. Should the Fed have to keep raising rates, that could affect banks in the same situation.

Persons: Neel Kashkari, Kashkari, Treasurys Organizations: Federal Reserve Bank of Minneapolis, Reuters, Minneapolis Federal, Regional Banking, Troubled Asset Relief, Bank Locations: New York City , New York, Minneapolis

☆ 'Potential minefield': Value investor Guy Spier talks U.S. bank risks, reveals his top stock to own
▼ + stars: | 2023-08-11 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Renowned value investor Guy Spier has said U.S. regional banks are a "potential minefield" in the current market environment. Moody's left the larger banks' ratings unchanged. Consolidation risks Spier explained that his view stems from the fact that the U.S. banking system remains highly fragmented, with around 12,000 banks nationwide. While not a "massive advantage," Spier believes larger money center banks like Bank of America have a slight edge in profitability over regional banks. Technology threat Aside from the risks highlighted by Moody's, Spier suggested that technology and innovation also pose major threats to regional banks.

Persons: Guy Spier, Spier, Warren Buffett, CNBC's, Moody's, he's Organizations: Bank of America, Spier . Technology, of America, Federal Reserve, U.S, JPMorgan, Citi, Asset Relief, CNBC Locations: Spier, U.S, Bank

☆ 'Close call' on US June rate hike or pause, says Fed's Kashkari-CNBC
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

May 22 (Reuters) - Minneapolis Federal Reserve President Neel Kashkari said on Monday it was a "close call" on whether he would vote to raise interest rates at the central bank's meeting next month or take a pause and leave rates where they are. Speaking on CNBC, Kashkari also said services inflation remains "pretty darn entrenched" and that "it may be that we have to go north of 6%" to get it back to the Fed's 2% target. The Fed raised interest rates for a 10th straight meeting earlier this month, lifting its benchmark overnight rate to a range of 5% to 5.25%. If SVB and the other banks that recently collapsed had "had significantly more equity capital, their depositors would have been reassured because the banks could have absorbed their market-to-market losses," Kashkari wrote. Reporting By Dan Burns; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Why we may need a stock market plunge to solve the debt ceiling crisis
▼ + stars: | 2023-05-22 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

They know how it ends: with politicians waiting until the last minute before giving in and finally raising the debt ceiling before disaster strikes. On Friday, it looked like the White House and Republicans were getting closer to a deal on the debt ceiling before talks unexpectedly broke down. In 2011, the most serious near-default in American history, markets experienced volatility in the days and weeks before Washington reached a last-minute deal to raise the debt ceiling. None of this is to say markets are completely ignoring the debt ceiling drama today. The debt ceiling is a manufactured crisis that officials could have dealt with months ago.

☆ Jamie Dimon is riding to the rescue again. This time, he's poised to come out on top.
▼ + stars: | 2023-03-31 | by ( Carter Johnson | ) www.businessinsider.com time to read: +15 min

Why, then, has Dimon been so willing to swing back into action in the wake of Silicon Valley Bank's collapse? But it's starting to look like JPMorgan — and Dimon — will end up winners no matter how things turn out. In backstopping First Republic, JPMorgan helps a client and a bank that experts say would fit nicely into its business. By saving First Republic, JPMorgan also stands to gain goodwill from Silicon Valley startups, which are customers of the smaller bank. The paper also reported that regulators asked Dimon, Bank of America, and other banks to buy Silicon Valley Bank and pay out depositors over the insured limit.

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