November Headline Round-Up Tells the Story of a Historic Month
December 1, 2011
December 1, 2011
November 2011 was a historic month, one that shook up the financial services industry, beginning with Bank of America canceling its debit-card fee on Nov. 1. Bank Transfer Day played a role in the mass exodus of consumers from big banks on Nov. 5, and the subsequent spider web of activity in the financial services industry has changed the landscape.
The month was capped by yesterday’s sudden news that several of the world’s central banks were simultaneously making U.S. dollars available for lending through what is called a swap line, an action that lifted the markets and signaled, at least temporarily, that these institutions are willing to go to extraordinary lengths to stop a catastrophic failure of the world’s banking system.
By only releasing dollars, it also shows that the United States remains the reserve currency of choice among the world’s nations.
While the news and its initial positive result were celebrated by some, for others it sounded an alarm. One financial services blogger asked, “For the world’s banks to make this move, how close to disaster were we yesterday?”
The answer to this question is likely to be pondered at great depth in the coming days and weeks. For now, take a look back at a month’s worth of news to see how we got to today’s headline: Europe’s debt crisis echoed in Washington.
Bank of America Drops $5 Debit Card Fee
B of A employees flood bank’s rivals with resumes
Credit Union Business Grows as Consumers Sour on Banks
Bank Transfer Day – People Dumping Their Banks
Banks closed in Neb, Utah; 87 failures in 2011
Bank Transfer Day a boon to credit unions, small banks
Credit Unions Poach Clients
Move Your Money Day a Success; Over $50 Million Withdrawn From Big Banks
Italy’s Debt Dilemma: Too Big to Fail and Too Big to Rescue?
Georgia Bank Is Closed in Year’s 88th Failure
China says 2011 economic growth set to slip to 9.2%
US urges Asia to help save global economy
Silvio Berlusconi bows out after Italian MPs vote for savage cuts
IMF Warns China’s Banks Face Growing Risks
Citi and Deutsche Banks Settle Claims Over Securities
Occupy Rockford protesters call on Lisa Madigan to Punish Banks
EU crisis biggest risk to world economy
Nearly 1 in 3 US Children live in Poverty
Portland Protesters Try to Occupy Foreclosed Home
Spanish voters set to swing to the right over euro crisis
Bank Chief Rejects Calls to Rescue Euro Zone
15 Arrested at Bank of America Anti-Foreclosure Sit-In
Euro Fails to Holds Support On Failed Bond Auction
President Acknowledges Tough Economy This Thanksgiving
Shoppers Say Black Friday Shopping Worth It
Residents Taking Part in Small Business Saturday
Europe’s Austerity to Bring Cold, Bleak Winter
Supercommittee impasse cause for concern
Bank Regulators Abandon Credit Ratings to Measure Risk
Rabobank: The last triple-A rated bank falls
Questions or Concerns? Contact Matt Halvorson, Anthem Editor: email@example.com.
Posted in Economy.