Originally published 02/10/2017
"Case-method history asks students to put themselves in the shoes of historical decision-makers and to try to wrestle with those decisions looking forward, as if the students were there at the time.”
Originally published 03/25/2013
...If the nation has a father of bank insurance, it is Joshua Forman, one of the promoters of the Erie Canal. Early in the 19th century, New York State had a string of bank failures, and Martin Van Buren, then governor, asked him to restructure the banking industry. Forman’s insight was that banks were vulnerable to chain-reaction panics. As he put it — in a line unearthed by the Harvard Business School historian David Moss — “banks constitute a system, being peculiarly sensitive to one another’s operations, and not a mere aggregate of free agents.”In 1829, Forman proposed an insurance fund capitalized by mandatory contributions from the state’s banks. Debate in the State Assembly was heated. Critics said failures could overwhelm the fund; they also argued that its very existence would reduce the “public scrutiny and watchfulness” that restrained bankers from reckless lending. This remains the intellectual argument against insurance today. But Forman’s plan was enacted, and subsequently five other states adopted plans.All did not go smoothly. In the 1840s, during a national depression, 11 banks in New York State failed and the insurance fund — as prophesied — was threatened with insolvency. The state sold bonds to bail it out....
- Defense Secretary James Mattis tells high school student to study history
- Dunkirk survivors’ terror didn’t end when they were rescued
- Site of Germany’s Biggest World War II Battle in the News
- Champion of the Black Community Is Given Her Rightful Due in Richmond
- CIA Plans to Destroy Some of Its Old Leak Files
- Rick Perlstein joins criticism of Nancy MacLean's "Democracy in Chains"
- Daniel Pipes says it’s time for the Palestinians to recognize they lost
- Wm. Theodore de Bary, Renowned Columbia Sinologist, Dies at 97
- Iran sentences Princeton history grad student to 10 years for spying
- Medievalists, Recoiling From White Supremacy, Try to Diversify the Field