Robust Thrift

Thrift doesn’t start with seeking sales and clipping coupons, but with a character of contentment. Disasters strike, both in nations and in families. Hurricanes happen, jobs are lost, and terrorists crash airliners into buildings. Our first reaction is disbelief and disorientation. On 9/11/2001 many Americans spent the day staring at the television, unable to accept… Read More Robust Thrift

The Year in Business, Educational and Financial History

7 Jan – The first commercial bank in the United States, the Bank of North America, opened for business (1782). 16 Jan – The Pope appointed the Medici family as the official bankers of the Papacy (1412). 8 Feb – The NASDAQ, originally the National Association of Securities Dealers Automated Quotations, started business (1971). 23… Read More The Year in Business, Educational and Financial History

The Financial Crisis and the Concentration of Financial Power

One of the most troubling realizations during the financial meltdown of 2008 was that some companies were “too big to fail”. Chrysler and General Motors were “too big to fail” because of their strategic importance to American industry and because of the thousands of jobs that would be lost if they collapsed. So they received… Read More The Financial Crisis and the Concentration of Financial Power