Word: fed
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
...When rumors that the new Roosevelt Administration would devalue the dollar led to widespread flight from dollars into gold, the Fed raised the discount rate, setting the scene for the nationwide bank holiday proclaimed by President Franklin Roosevelt on March 6, 1933, two days after his Inauguration - a "holiday" from which 2,500 banks never returned...
...Friedman and Schwartz saw it, the Fed could have mitigated the crisis by cutting rates, making loans and buying bonds (so-called open-market operations). Instead, it made a bad situation worse by reducing its credit to the banking system. This forced more and more banks to sell assets in a frantic dash for liquidity, driving down bond prices and making balance sheets look even worse. The next wave of bank failures, between February and August 1931, saw commercial-bank deposits fall by $2.7 billion - 9% of the total. By January 1932, 1,860 banks had failed...
...Only in April 1932, amid heavy political pressure, did the Fed attempt large-scale open-market purchases - its first serious effort to counter the liquidity crisis. Even this did not suffice to avert a final wave of bank failures in late 1932, which precipitated the first state "bank holidays" (temporary statewide closures of all banks...
...obvious difference between then and now is that Fed Chairman Ben Bernanke has learned from history - not surprising, given that he once studied the Great Depression intensively. Since the onset of the credit crunch in August 2007, Bernanke has repeatedly cut the federal-funds rate from 5.25% down to an effective rate at one point last week of about 0.25%. He has pumped money into the financial system through a variety of channels: in all, about $1.1 trillion over the past 13 months...
...course of the match. Junior co-captain Lily Durwood led the game with 51 assists. “The comeback in the second game was a testament to our team’s strength not only physically but mentally,” Durwood said. “The win fed into our concentration and excitement and really helped us mentally going into the third game.” After edging out the Wildcats in the first two sets, the Crimson lost the third match, 25-21. Harvard came out firing, winning the first three points, but it could not hold...