Word: panic
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Dates: during 2000-2009
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...that, for the first time ever, the economy of the United States of America was at risk. Not just one bank, but the whole financial system. If Wachovia failed to open, or did open but blocked depositors from continuing the run on cash that had begun the previous Friday, panic could have spread to other banks, big and small. The crisis could have become a financial catastrophe in a matter of hours...
...FDIC has a clear message for Americans who are beginning to awaken to the size of the problem: Don't panic. Banks will fail, but it is highly unlikely that depositors will lose their money. The FDIC now guarantees up to $250,000 in individual deposits at the banks it insures. And by law it gets its hands on a failed bank's assets before any other creditors do. FDIC chair Sheila Bair is eager to talk about how no insured depositor has ever lost a penny of his or her deposits...
...years ago, Harvard Business School opened its doors with the intention of training the next generation of business and financial leaders in the wake of the Panic of 1907 when bank runs brought the financial system to a standstill...
...collective package "isn't of an immediate miracle", and many more trials and jittery nerves would have to be overcome before the nightmare of the past months would be over. Still, the mere framework of a strategy proved sufficient to calm the fear that that drove last week's panic-driven sell...
Here's their take: it was a big mistake to allow Lehman Brothers to fail, because that just sparked panic in the banking world and led to a seizure of the global system. And they also believe that the $700 billion bailout plan was badly misdirected because it didn't set out to recapitalize the banks in a swift and clear fashion, but rather aimed to buy up the portfolios of toxic assets, which would be far more complicated and time-consuming. Paulson himself is now changing tack and looking to inject money directly into U.S. banks, too, which...