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Evolution not revolution: Financial services of the future
There is a paradigm shift happening in banking and financial services as a whole. Of that, there can be no doubt. While no-one can reliably predict how the sector will be structured in the future, banks that digitally adapt, stay nimble – and above all, put customers first – will win in the long-run.
tech  finance  banking  future 
5 days ago by corrales
The 2008 Crash Was Not a Singular Event - WhoWhatWhy
How a Decade of Financial Crisis Changed the World
The holy grail of physics is a unified field theory that somehow explains both the micro and macro aspects of how the world works. The same holds true for what Thomas Carlyle called the “dismal science” of economics, as we seek to understand the causes and consequences of the 2008 financial meltdown.
In this week’s WhoWhatWhy podcast, Jeff Schechtman talks with economic historian Adam Tooze, professor of history at Columbia University and award-winning author, about a reinterpretation of the 2008 financial crisis through the lens of what came before and what followed in its wake.
On this tenth anniversary of the collapse of Lehman Brothers, Tooze explains how, contrary to popular mythology, this was not just a problem that started in the US and rippled outward, but a global problem: the first real crisis of the global age.
economics  finances  banking  stock_market  2000s  gov2.0  politics  podcast  transcript 
7 days ago by rgl7194
The bank bailout of 2008 was unnecessary. Fed Chairman Ben Bernanke scared Congress into it
The banking system started to freeze up. Banks typically extend short-term credit to one another for a few hundredths of a percentage point more than the cost of borrowing from the federal government. This gap exploded to 4 or 5 percentage points after Lehman collapsed. Federal Reserve Chair Ben Bernanke — along with Treasury Secretary Henry Paulson and Federal Reserve Bank of New York President Timothy Geithner — rushed to Congress to get $700 billion to bail out the banks. “If we don’t do this today we won’t have an economy on Monday,” is the line famously attributed to Bernanke.

The trio argued to lawmakers that without the bailout, the United States faced a catastrophic collapse of the financial system and a second Great Depression.

None of that was true.
dean_baker  credit_crisis  federal_reserve  ben_bernanke  bailout  banking 
10 days ago by perich

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