Word: streets
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Dates: during 2010-2019
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This week the commission to investigate the causes of the financial crisis will hold its first public hearing. First up to be accused of causing massive foreclosures, nearly bankrupting our financial system and robbing us all of our retirement savings: Wall Street CEOs. On Wednesday, four top financial executives are scheduled to testify in front of the commission, including Bank of America's recently appointed chief Brian Moynihan, Goldman Sachs' Lloyd Blankfein, JPMorgan's Jamie Dimon and Morgan Stanley's John Mack...
...officially called the Financial Crisis Inquiry Commission (FCIC), could trigger some fireworks in part because of the severe damage caused by the financial-industry meltdown. What's more, the commission's chair Phil Angelides, a Democrat and former California state treasurer, has already come out swinging against Wall Street, calling the bonuses financial firms are planning to hand out soon for last year "unjustifiably wrong." So it's no real surprise that the first ones to be in the hot seat are the bankers themselves. (See pictures of Americans in their homes...
...economic indicators were not recovering, then bank lending would be prime culprit," says top Wall Street strategist Edward Yardeni. "The weak borrowing market just doesn't seem to be stopping the economic turnaround...
...inflation. When asset prices rise and loan values don't, that can signal economic stagnation. But at a time when many asset prices are falling, it makes sense that loan volumes would be falling as well. After all, the collateral is worth less. (See pictures of TIME's Wall Street covers...
Bank analyst John McDonald of Wall Street firm Bernstein Research says most people are focused on how the lack of loans will hurt bank earnings. Lending is, after all, how banks make money. But in the past year or so, banks have had to sock away more and more cash into their reserves to account for their growing number of bad loans. That's caused earnings to plummet. With loans falling, reserve ratios - the measure of reserves to loans - are growing. That means banks will be able to divert less profit into those rainy-day accounts, which should boost bottom...