Ten Years from the Bottom

A reflection on the financial crisis and its lasting impact

March 20, 2019

Fuqua School of Business

About

March 9th, 2009, marked the bottom of the worst stock market decline the United States has seen since the Great Depression. That night the Dow closed at 6,547.05, its lowest close in 12 years. The value of all U.S. stocks had dropped from a peak of $22 trillion to $9 trillion in just 17-months, a staggering loss of wealth.

The effects of the financial crisis extended far beyond financial markets. Nearly nine million Americans lost their jobs, and the rate of long-term unemployment doubled its historical high. The crisis also influenced political dynamics in the U.S. and abroad. The bank bailouts that were initiated by the Bush administration and continued under the Obama administration gave rise to the Tea Party Movement, which emerged as a formidable political force in 2009. In many European countries, the financial crisis and the austerity policies that followed paved the way for new, or resurgent, nationalist and populist political parties.

Inevitably, the crisis led to a wave of new rules and regulations applicable to the financial sector. In the U.S., the Dodd–Frank Wall Street Reform and Consumer Protection Act brought the most significant changes to financial regulation since the reforms following the Great Depression. Less than ten years later, parts of Dodd-Frank have been altered or repealed through the legislative and regulatory process.

Please join us on March 20th as we reflect back on the lasting impact of the financial crisis. The conference is free to attend and open to the entire Duke community.

Lehaman Brothers Photo

Agenda and Videos

9:30-10:45am
  • Doug Breeden, Distinguished Professor and former Dean at Fuqua School of Business (Moderator)
  • Laurie Goodman, Urban Institute and member of the Fixed Income Hall of Fame
  • Eugene Flood, Jr., Former Stanford professor and CEO of Smith Breeden
  • John J. Mack, Former Chairman and CEO of Morgan Stanley
11:00-12:15 pm
  • Jennifer Francis, Duke University Executive Vice Provost and Distinguished Professor at Fuqua School of Business (Moderator)
  • Sarah Bloom Raskin, Duke Rubenstein Fellow and former Deputy Treasury Secretary and Federal Reserve Board Governor
  • Jim Cox, Distinguished Professor, Duke Law
  • Steven Schwarcz, Distinguished Professor, Duke Law
12:15-12:45 pm

Lunch (Kirby Reading Room)

12:45-1:15pm
  • Emma Rasiel, Eads Professor and Teaching Director of the Duke Financial Economics Center
1:15-2:00pm
2:15-3:30pm
  • Mercy B. DeMenno, Principal at MBD Consulting and Senior Fellow at Duke University (Moderator)
  • Fritz Mayer, Distinguished Professor and Director of The Center for Political Leadership, Innovation, and Service at the Sanford School of Public Policy
  • Lawrence Baxter, Distinguished Professor and Faculty Director of the Global Financial Markets Center at Duke Law.
  • Brad Miller, Former member of the U.S. House of Representatives from North Carolina
3:45-4:45pm
  • Bill Boulding, Dean and Distinguished Professor at Fuqua School of Business (Moderator)
  • Joe Davis, Global Chief Economist at Vanguard
  • Gerald Hassell, Former Chairman and CEO of The Bank of New York Mellon
  • Rick Wagoner, Former Chairman and CEO at General Motors
5:00-6:00pm

Conversation with David Rubenstein, Co-founder and Co-Executive chairman of The Carlyle Group and Alan Schwartz, Executive Chairman of Guggenheim Partners LLC and former CEO of Bear Stearns Cos.

David Rubenstein

Co-founder and Co-executive Chairman of The Carlyle Group

Alan Schwartz

Executive Chairman of Guggenheim Partners LLC and former CEO of Bear Stearns Cos

Sarah Bloom Raskin

Duke Rubenstein Fellow and former Deputy Treasury Secretary and Federal Reserve Board Governor

mack

Former Chairman and CEO of Morgan Stanley

Gerald Hassell

Former Chairman and CEO of The Bank of New York Mellon

wagoner_hires_0

Former Chairman and CEO at General Motors

Brad Miller

Former member of the U.S. House of Representatives from North Carolina

Bill Boulding

Dean and Distinguished Professor at Fuqua School of Business

Joe Davis

Global Chief Economist at Vanguard

Eugene Flood

Former Stanford professor and CEO of Smith Breeden

Laurie Goodman

Urban Institute and member of the Fixed Income Hall of Fame

Jennifer Francis

Duke University Executive Vice Provost and Distinguished Professor at Fuqua School of Business

Lawrence Baxter

Distinguished Professor and Faculty Director of the Global Financial Markets Center at Duke Law.

Fritz Mayer

Distinguished Professor and Director of The Center for Political Leadership, Innovation, and Service at the Sanford School of Public Policy

Jim Cox

Distinguished Professor, Duke Law

Steven L. Schwarcz

Distinguished Professor, Duke Law

Emma Rasiel

Eads Professor and Teaching Director of the Duke Financial Economics Center

Jon Hilsenrath

Chief economics correspondent for The Wall Street Journal

Mercy B. DeMenno

Principal at MBD Consulting and Senior Fellow at Duke University

Conference Co-Chairs

Doug Breeden, Co-Chair

Doug Breeden, Distinguished Professor and former Dean at Fuqua School of Business

Lee Reiners, Co-Chair

Lee Reiners, Executive Director of the Global Financial Markets Center at Duke Law

Venue

Geneen Auditorium at Fuqua School of Business

Venue Address

Geneen Auditorium
The Fuqua School of Business
Duke University
100 Fuqua Dr.
Durham, NC 27708

Parking Options

Alternative Modes of Transportation

  • Stretch your legs and walk to the event.
  • Download the Duke Mobile app and utilize the connected bus services by selecting the Transportation feature. (via Apple and Google Play
  • Take an ridesharing service or taxi
  • Take the Bull City Connector if coming from downtown Durham.

Sponsors