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Panic Of 1792
The Panic of 1792 was a financial credit crisis that occurred during the months of March and April 1792, precipitated by the expansion of credit by the newly formed Bank of the United States as well as by rampant speculation on the part of William Duer, Alexander Macomb, and other prominent bankers. Duer, Macomb, and their colleagues attempted to drive up prices of United States (U.S) debt securities and bank stocks, but when they defaulted on loans, prices fell, causing a bank run. Simultaneous tightening of credit by the Bank of the United States served to heighten the initial panic. Secretary of the Treasury Alexander Hamilton was able to deftly manage the crisis by providing banks across the Northeast United States with hundreds of thousands of dollars to make open-market purchases of securities, which allowed the market to stabilize by May 1792. Bank of the United States and the crisis of 1791 In December 1790, Hamilton called for the creation of the Bank of the United Sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Types Banking crisis When a bank suffers a sudden rush of withdrawals by depositors, this is called a ''bank run''. Si ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Forbes
''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also reports on related subjects such as technology, communications, science, politics, and law. It is based in Jersey City, New Jersey. Competitors in the national business magazine category include ''Fortune'' and ''Bloomberg Businessweek''. ''Forbes'' has an international edition in Asia as well as editions produced under license in 27 countries and regions worldwide. The magazine is well known for its lists and rankings, including of the richest Americans (the Forbes 400), of the America's Wealthiest Celebrities, of the world's top companies (the Forbes Global 2000), Forbes list of the World's Most Powerful People, and The World's Billionaires. The motto of ''Forbes'' magazine is "Change the World". Its chair and editor-in-chief is Steve Fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lender Of Last Resort
A lender of last resort (LOLR) is the institution in a financial system that acts as the provider of liquidity to a financial institution which finds itself unable to obtain sufficient liquidity in the interbank lending market when other facilities or such sources have been exhausted. It is, in effect, a government guarantee to provide liquidity to financial institutions. Since the beginning of the 20th century, most central banks have been providers of lender of last resort facilities, and their functions usually also include ensuring liquidity in the financial market in general. The objective is to prevent economic disruption as a result of financial panics and bank runs spreading from one bank to the others due to a lack of liquidity in the first one. There are varying definitions of a lender of last resort, but a comprehensive one is that it is "the discretionary provision of liquidity to a financial institution (or the market as a whole) by the central bank in reaction ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve Bank Of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is responsible for the Second District of the Federal Reserve System, which encompasses the State of New York, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. Located at 33 Liberty Street in Lower Manhattan, it is by far the largest (by assets), the most active (by volume), and the most influential of the Reserve Banks. The Federal Reserve Bank of New York is solely responsible for implementing monetary policy on behalf of the Federal Open Market Committee and acts as the market agent of the entire Federal Reserve System (as it houses the Open Market Trading Desk and manages System Open Market Account). It is also the sole fiscal agent of the U.S. Department of the Treasury, the bearer of the Treasury's General Account, and the custodian of the world's largest gold storage reserve. Aside from these distinct f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
A Description Of The Money Market
A, or a, is the first letter and the first vowel of the Latin alphabet, used in the modern English alphabet, the alphabets of other western European languages and others worldwide. Its name in English is ''a'' (pronounced ), plural ''aes''. It is similar in shape to the Ancient Greek letter alpha, from which it derives. The uppercase version consists of the two slanting sides of a triangle, crossed in the middle by a horizontal bar. The lowercase version can be written in two forms: the double-storey a and single-storey ɑ. The latter is commonly used in handwriting and fonts based on it, especially fonts intended to be read by children, and is also found in italic type. In English grammar, " a", and its variant " an", are indefinite articles. History The earliest certain ancestor of "A" is aleph (also written 'aleph), the first letter of the Phoenician alphabet, which consisted entirely of consonants (for that reason, it is also called an abjad to distinguish it fro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry Thornton (reformer)
Henry Thornton (10 March 1760 – 16 January 1815) was an English economist, banker, philanthropist and parliamentarian. Early life He was the son of John Thornton (1720–1790) of Clapham, London, who had been one of the early patrons of the evangelical movement in Britain. At the age of five, Henry attended the school of Mr Davis at Wandsworth Common, and later with Mr Roberts at Point Pleasant, Wandsworth. From 1778 he was employed in the counting house of his cousin Godfrey Thornton, two years later joining his father's company, where he later became a partner. Career In 1784 Thornton joined the banking firm of Down and Free of London, later becoming a partner of the company which became known as Down, Thornton and Free. It was under his direction that this became one of the largest banking firms in London, with regional offices in other British cities. In 1782 Henry Thornton had been urged to seek a seat in Parliament, and applied to contest one of the two seats for Hull ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collateral (finance)
In lending agreements, collateral is a borrower's pledge of specific property to a lender, to secure repayment of a loan. The collateral serves as a lender's protection against a borrower's default and so can be used to offset the loan if the borrower fails to pay the principal and interest satisfactorily under the terms of the lending agreement. The protection that collateral provides generally allows lenders to offer a lower interest rate on loans that have collateral. The reduction in interest rate can be up to several percentage points, depending on the type and value of the collateral. For example, the Annual Percentage Rate (APR) on an unsecured loan is often much higher than on a secured loan or logbook loan. If a borrower defaults on a loan (due to insolvency or another event), that borrower loses the property pledged as collateral, with the lender then becoming the owner of the property. In a typical mortgage loan transaction, for instance, the real estate being acq ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Jay
John Jay (December 12, 1745 – May 17, 1829) was an American statesman, patriot, diplomat, abolitionist, signatory of the Treaty of Paris, and a Founding Father of the United States. He served as the second governor of New York and the first chief justice of the United States. He directed U.S. foreign policy for much of the 1780s and was an important leader of the Federalist Party after the ratification of the United States Constitution in 1788. Jay was born into a wealthy family of merchants and New York City government officials of French Huguenot and Dutch descent. He became a lawyer and joined the New York Committee of Correspondence, organizing American opposition to British policies such as the Intolerable Acts in the leadup to the American Revolution. Jay was elected to the First Continental Congress, where he signed the Continental Association, and to the Second Continental Congress, where he served as its president. From 1779 to 1782, Jay served as the ambassador ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Edmund Randolph
Edmund Jennings Randolph (August 10, 1753 September 12, 1813) was a Founding Father of the United States, attorney, and the 7th Governor of Virginia. As a delegate from Virginia, he attended the Constitutional Convention and helped to create the national constitution while serving on its Committee of Detail. He was appointed the first United States Attorney General by George Washington and subsequently served as the second Secretary of State during the Washington administration. Early life Randolph was born on August 10, 1753, to the influential Randolph family in Williamsburg in the Colony of Virginia. He was educated at the College of William and Mary. After graduation he began reading law with his father John Randolph and uncle, Peyton Randolph. In 1775, with the start of the American Revolution, Randolph's father remained a Loyalist and returned to Britain. Edmund Randolph returned to America where he joined the Continental Army as an aide-de-camp to General Geor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Jefferson
Thomas Jefferson (April 13, 1743 – July 4, 1826) was an American statesman, diplomat, lawyer, architect, philosopher, and Founding Fathers of the United States, Founding Father who served as the third president of the United States from 1801 to 1809. He was previously the nation's second vice president of the United States, vice president under John Adams and the first United States Secretary of State, United States secretary of state under George Washington. The principal author of the United States Declaration of Independence, Declaration of Independence, Jefferson was a proponent of democracy, republicanism, and individual rights, motivating Thirteen Colonies, American colonists to break from the Kingdom of Great Britain and form a new nation. He produced formative documents and decisions at state, national, and international levels. During the American Revolution, Jefferson represented Virginia in the Continental Congress that adopted the Declaration of Independence. As ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Adams
John Adams (October 30, 1735 – July 4, 1826) was an American statesman, attorney, diplomat, writer, and Founding Fathers of the United States, Founding Father who served as the second president of the United States from 1797 to 1801. Before Presidency of John Adams, his presidency, he was a leader of the American Revolution that achieved independence from Kingdom of Great Britain, Great Britain, and during the war served as a diplomat in Europe. He was twice elected vice president of the United States, vice president, serving from 1789 to 1797 in a prestigious role with little power. Adams was a dedicated diarist and regularly corresponded with many important contemporaries, including his wife and adviser Abigail Adams as well as his friend and rival Thomas Jefferson. A lawyer and political activist prior to the Revolution, Adams was devoted to the right to counsel and presumption of innocence. He defied anti-British sentiment and successfully defended British soldiers agai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of New York
The Bank of New York Mellon Corporation, commonly known as BNY Mellon, is an American investment banking services holding company headquartered in New York City. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financial Corporation in 2007. It is the world's largest custodian bank and securities services company, with $2.4 trillion in assets under management and $46.7 trillion in assets under custody as of the second quarter of 2021. It is considered a systemically important bank by the Financial Stability Board. BNY Mellon is incorporated in Delaware. Through its Bank of New York predecessor, it is one of the three oldest banking corporations in the United States and among the oldest banks in the world, having been established in June 1784 by a group that included American Founding Fathers Alexander Hamilton and Aaron Burr. T. Mellon and Sons Bank, was founded in Pittsburgh in 1869 by Thomas Mellon and his sons Richard and Andrew, the latter of wh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
