The morning of September 15, 2008, began with the unthinkable: Lehman Brothers Holdings Inc., the storied Wall Street firm that had survived the Civil War, the Great Depression, and two world wars, filed for Chapter 11 bankruptcy protection. With more than $600 billion in…
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On December 23, 1913, President Woodrow Wilson signed the Federal Reserve Act into law, fundamentally reshaping the financial and economic structure of the United States. This legislation established the Federal Reserve System, commonly known as the Fed, as the nation’s central banking authority. Its…
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