Liberty Street Economics
Return to Liberty Street Economics Home Page

91 posts on "Historical Echoes"

August 15, 2014

Historical Echoes: Caricatures of Financial Leaders in the National Portrait Gallery

Amy Farber

Kascht-greenspan-buffett-caricatures-300px-(2) Caricatures of Alan Greenspan and Warren Buffett in the National Portrait Gallery? Are we hearing correctly? The National Portrait Gallery indeed collects and has great respect for caricatures. The Gallery had a 1998 exhibition and post entitled “Celebrity Caricature in America.” Caricature is quite an old art form: According to Werner Hofmann’s 1957 “Caricature from Leonardo to Picasso,” caricature in the Western world dates back to Leonardo da Vinci. Caricatures of bankers and financiers have been around probably as long as bankers and financiers.

Continue reading "Historical Echoes: Caricatures of Financial Leaders in the National Portrait Gallery" »

Posted by Blog Author at 7:00 AM in Historical Echoes | Permalink | Comments (0)

July 18, 2014

Historical Echoes: The Worst Bank Robbers in Mendham, New Jersey

Megan Cohen

There are many methods by which financial institutions can ready themselves for worst-case scenarios: they participate in the federal deposit insurance system, they follow a variety of banking regulations, and they prepare for natural disasters, for starters. But what about bank robberies, which typically strike their targets with little or no warning?

Continue reading "Historical Echoes: The Worst Bank Robbers in Mendham, New Jersey" »

Posted by Blog Author at 7:00 AM in Historical Echoes | Permalink | Comments (0)

June 27, 2014

Historical Echoes: The United States’ First Credit Union–Run Out of a Gentleman Lawyer’s Front Parlor

Amy Farber

St. Mary’s Bank was the first credit union created in the United States, in Manchester, New Hampshire, in 1908. A website honors both the centennial of the institution and the credit union concept. A small museum (see article about its opening) was created near the site of the credit union, which is still functioning.

Continue reading "Historical Echoes: The United States’ First Credit Union–Run Out of a Gentleman Lawyer’s Front Parlor" »

Posted by Blog Author at 7:00 AM in Historical Echoes | Permalink | Comments (1)

May 30, 2014

Historical Echoes: Aye, That Piece of Eight You Be Thinkin’ of Were a Precursor to Today’s Dollar

Amy Farber

Why do we associate pieces of eight with pirates? Perhaps it has to do with the role of the phrase “pieces of eight” in one of the greatest pirate adventures in literature, Treasure Island* (Robert Louis Stevenson, 1883). It’s Captain Flint the parrot, belonging to the pirate Long John Silver, who’s continually screaming “pieces of eight!” The last few sentences of the book read:

The bar silver and the arms still lie, for all that I know, where Flint buried them; and certainly they shall lie there for me. Oxen and wain-ropes would not bring me back again to that accursed island; and the worst dreams that ever I have are when I hear the surf booming about its coasts or start upright in bed with the sharp voice of Captain Flint still ringing in my ears: “Pieces of eight! Pieces of eight!”

Continue reading "Historical Echoes: Aye, That Piece of Eight You Be Thinkin’ of Were a Precursor to Today’s Dollar" »

Posted by Blog Author at 7:00 AM in Historical Echoes | Permalink | Comments (2)

May 23, 2014

Historical Echoes: The Trouble with Money

Marja Vitti

“The trouble with money,” said a Federal Reserve Bank of New York publication in the 1960s, “as with all material things in the world, is that it does not last forever.” The Federal Reserve has the important task of adding liquidity to the market, but did you know that it is also responsible for removing money—literally—through currency destruction? U. S. currency is made of 25 percent linen and 75 percent cotton, which makes it pretty durable, but even so, currency is removed from circulation at a surprising rate. Each denomination of notes has its own life cycle, and $1 bills, for example, have to be replaced every 5.9 years or so.

Continue reading "Historical Echoes: The Trouble with Money" »

Posted by Blog Author at 7:00 AM in Historical Echoes | Permalink | Comments (1)

February 28, 2014

Historical Echoes: Open a Kiddie Book and Read about Economic Principles, or Read it and Sleep

Amy Farber

Would it ever occur to anyone that Charlie and the Chocolate Factory (Roald Dahl, 1964) teaches economic lessons about “incentives, poverty, scarcity, producers, consumers, and competition”? Or that The Lorax (Dr. Seuss, 1971) covers “natural resources, choices, and scarcity”? Or that Curious George Goes to a Chocolate Factory (Margret and H. A. Rey, 1998) is an examination of “producers, capital resources, and goods”?

Continue reading "Historical Echoes: Open a Kiddie Book and Read about Economic Principles, or Read it and Sleep" »

Posted by Blog Author at 7:00 AM in Historical Echoes | Permalink | Comments (2)

February 21, 2014

Historical Echoes: Thomas Jefferson Slept Here on Maiden Lane/The Compromise of 1790

Mary Tao

In a prior blog post, we saw how Maiden Lane evolved over time. It was here that a momentous event occurred in 1790, changing the history of the United States.

     While serving as Secretary of State in 1790, Thomas Jefferson rented a “mean house” at 57 Maiden Lane "for 106 pounds per year" and “not approving much of the stiff style and etiquette of New York he gave up all his time to the establishment of his new department, foreign affairs, and home." There was much to occupy Jefferson’s time while he was in residence here—in particular, the debt crisis of 1790.

Continue reading "Historical Echoes: Thomas Jefferson Slept Here on Maiden Lane/The Compromise of 1790" »

Posted by Blog Author at 7:00 AM in Historical Echoes | Permalink | Comments (1)

January 17, 2014

Historical Echoes: Maiden Lane, Where Now Such Waves of Commerce Flow

Mary Tao and Vernon Lovejoy

In the 1600s, a stream flowed near the land now occupied by the Federal Reserve Bank of New York, running all the way to the East River. At that time, maidens followed a footpath to the stream’s banks to wash laundry in its fresh water, earning the path the name Maidens’ Path (or in Dutch—Maagde Paatje). When the English arrived in 1664, the name of the street changed to Maiden Lane. As New York City expanded beyond its downtown origins over the years, city planners covered over the stream—but the street’s name stuck.

Continue reading "Historical Echoes: Maiden Lane, Where Now Such Waves of Commerce Flow" »

Posted by Blog Author at 7:00 AM in Historical Echoes | Permalink | Comments (1)

December 23, 2013

Historical Echoes: Santa, the Grinch, and Scrooge for the Holidays

Amy Farber

The Grinch (from the Dr. Seuss children’s book) and Santa are often invoked to describe what’s happening with consumer spending around the holidays. If consumers are able to spend more, then Santa’s responsible. But if they’re unable to spend more, then they’re forced to be more penny-pinching (which isn’t like the Grinch really, but more like Scrooge; either way, there’s the sense of Christmas being ruined).

Continue reading "Historical Echoes: Santa, the Grinch, and Scrooge for the Holidays" »

Posted by Blog Author at 7:00 AM in Historical Echoes | Permalink | Comments (0)

November 22, 2013

Historical Echoes: What Color Is My Day of the Week?

Amy Farber

Black Monday, Black Friday, Green Monday, Black Thursday, Silver Thursday, Red Thursday, Black Tuesday—How to keep track? The more famous of these phrases refer to either political or economic/financial events. Black usually symbolizes something negative (and when finance-related, usually refers to a market crash), but it also suggests something positive (being “in the black,” or out of debt). All the days near Thanksgiving called “black” are “black” in this way. Red seems to refer to fire, communism, being “in the red” (in debt), or anger (Red Thursday is caused by retail workers being forced to work on Thanksgiving). “White” days are often religious. “Blue” and “purple” and sometimes “pink” tend to be for social causes. For some reason, British miners like these appellations—they have Red Friday and White Thursday. Silver does come up—Silver Thursday refers to a commodities market panic that began with a steep drop in the price of silver in 1980.

Continue reading "Historical Echoes: What Color Is My Day of the Week?" »

Posted by Blog Author at 7:00 AM in Historical Echoes | Permalink | Comments (0)
About the Blog
Liberty Street Economics features insight and analysis from economists working at the intersection of research and Fed policymaking.

The views expressed are those of the authors, and do not necessarily reflect the position of the New York Fed or the Federal Reserve System.

Upcoming Posts
Useful Links
Feedback & Custom Guidelines
Liberty Street Economics invites you to comment on a post.
Comment Guidelines
We encourage you to submit comments, queries and suggestions on our blog entries. We will post them below the entry, subject to the following guidelines:
Please be brief: Comments are limited to 1500 characters.
Please be quick: Comments submitted more than 1 week after the blog entry appears will not be posted.
Please try to submit before COB on Friday: Comments submitted after that will not be posted until Monday morning.
Please be on-topic and patient: Comments are moderated and will not appear until they have been reviewed to ensure that they are substantive and clearly related to the topic of the post. The moderator will not post comments that are abusive, harassing, or threatening; obscene or vulgar; or commercial in nature; as well as comments that constitute a personal attack.  We reserve the right not to post a comment; no notice will be given regarding whether a submission will or will not be posted.
Archives