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Full-text articles to support research in history and genealogy and lesson plans to support student learning.
21) Flash crash: a trading savant, a global manhunt, and the most mysterious market crash in history
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"The riveting story of a trading prodigy who amassed $70 million from his childhood bedroom--until the US government accused him of helping trigger an unprecedented market collapse. On May 6, 2010, financial markets around the world tumbled simultaneously and without warning. In the span of five minutes, a trillion dollars of valuation was lost. The Flash Crash, as it became known, represented the fastest drop in market history. When share values...
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Beginning in January 2009, The Payoff lays bare Washington's culture of power and plutocracy. It's the story of the twenty-month struggle by Senator Ted Kaufman and Jeff Connaughton, his chief of staff, to hold Wall Street executives accountable for securities fraud, to stop stock manipulation by high-frequency traders, and to break up too-big-to-fail megabanks. This book takes us inside their dogged crusade against institutional inertia and industry...
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"The definitive account of the crash of 1987, a cautionary tale of how the U.S. financial system nearly collapsed ... Monday, October 19, 1987, was by far the worst day in Wall Street history. The market fell 22.6 percent--almost twice as bad as the worst day of 1929--equal to a loss of nearly 5,000 points today. But Black Monday was more than just a one-day market crash; it was seven years in the making and threatened the entire U.S. financial system....
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"Eight years on from the biggest market meltdown since the Great Depression, the key lessons of the crisis of 2008 still remain unlearned--and our financial system is just as vulnerable as ever. Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate...
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"In 2011, Carmen Segarra took a job as at the Federal Reserve Bank of New York supervising for Goldman Sachs. It was an opportunity, she believed, to monitor the big bank's behavior in order to avoid another financial crisis. Segarra was shocked to discover, however, the full extent of the relationship between Goldman and the Fed. She began making secret recordings that later became the basis of a This American Life episode that exposed the Fed's...
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Didier Sornette is professor of entrepreneurial risks at the Swiss Federal Institute of Technology in Zurich, professor of finance at the Swiss Finance Institute in Geneva, and the director of the Financial Crisis Observatory at ETH Zurich.
The scientific study of complex systems has transformed a wide range of disciplines in recent years, enabling researchers in both the natural and social sciences to model and predict phenomena as diverse as earthquakes,...
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Hard Times presents a comprehensive account of economic depressions in America, from colonial times to the "great recession" that began in 2008. Written in crisp prose for a general audience, the book synthesizes a narrative account-presenting the known facts about how particular depressions started, the effects upon people in different walks of life, the policy debates about what (if anything) to do in order to ameliorate the situation, and how these...
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Deeply sourced within Obama's economic team, Noam Scheiber is uniquely qualified to profile the squad of elite administration insiders who have set and managed the president's economic policies from before the start of his term in office, through the crisis, and into our current prolonged recovery. These are people we know-or think we know: Obama, Geithner, Summers, Orszag, and a host of others.Scheiber shares his profound understanding of each member...
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The Panic of 1907 takes a historical look at what is considered the third worst market crash in history and defines how it relates to the financial markets in 2007, exactly 100 years later. In a detailed and well-written narrative, authors Bruner and Carr take the reader through the story of the crash, beginning with the dramatic story of Charles T. Barney's death (Barney was the deposed president of the Knickerbocker Trust Company, one of the first...
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"In 2009, at the peak of the financial crisis, AIG-- the American insurance behemoth-- was sinking fast. It was the peg upon which the nation hung its ire and resentment during the financial crisis-- the pinnacle of Wall Street arrogance and greed. When Bob Benmosche climbed aboard as CEO, it was widely assumed that he would go down with his ship. In mere months, he turned things around, pulling AIG from the brink of financial collapse and restoring...
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"From the author of the bestseller The Rise of the Creative Class, a book that frames the economic meltdown of 2008-09 not as a crisis but as an opportunity to "reset," and, in doing so, paints a fascinating picture of what our economy, society, and geography will look like--of how we will work and live--in the future"--Provided by publisher.
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"James Howard Kunstler, author of The Long Emergency, which sold approximately 36K copies, returns with a new book exploring the looming collapse of the techno-industrial economy, featuring profiles of individuals who have drastically altered their lives due to financial difficulties"--
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"TheNew York Times's Pulitzer Prize-winning columnist reveals how the financial meltdown emerged from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders. In Reckless Endangerment, Gretchen Morgenson, the star business columnist of The New York Times, exposes how the watchdogs who were supposed to protect the country from financial harm were actually complicit in the actions that finally blew up the American economy. Drawing...
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You know what happened during the financial crisis--now it is time to understand why the financial system came so close to falling over the edge of the abyss and why it could happen again. Journalist Suzanne McGee examines the forces that transformed Wall Street from its traditional role as a capital-generating and economy-boosting engine into a behemoth operating with only its own short-term interests in mind and with reckless disregard for the broader...