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20221776 Club

Bernanke wins the Nobel; a former Fed chair is honored for explaining why banks fail

Diamond and Dybvig share the prize for the models that explain why bank runs happen in the first place.

Fourteen years after the 2008 financial crisis, the Royal Swedish Academy of Sciences turned to the economists who explained why banking collapses do so much damage. On October 10, 2022, Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig were jointly awarded the Nobel Memorial Prize in Economic Sciences for research on banks and financial crises. Bernanke was cited for showing how bank runs deepened and prolonged the Great Depression; Diamond and Dybvig were recognized for their model of why runs happen and how deposit insurance can stop them. The three split the prize equally…

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More from October 10
1814

Beached and outgunned, Eagle's crew fights the Royal Navy from shore for three days

Captain Frederick Lee ran his cutter aground rather than let the British sink her, then hauled her cannon up a hill and kept firing.
1957

Turned away at a Howard Johnson's, Ghana's finance minister gets a White House apology

Gbedemah left his orange juice and his change on the counter in Dover; Eisenhower asked him to breakfast instead.
1973

Agnew quits the vice presidency; pleads no contest to tax evasion

A Baltimore courtroom deal ends a kickback investigation that reached back to his days as county executive.
19851776 Club
The Egyptian airliner was bound for Tunisia when F-14s off the USS Saratoga boxed it in over the Mediterranean.
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Read the full October 10 edition →Everything that happened on October 10 →
More from Modern America
1998

Thirteen Tomahawks hit a Khartoum medicine factory; Washington says it made nerve gas

The strike came thirteen days after the embassy bombings in Nairobi and Dar es Salaam, and the target was a plant that made most of Sudan's antibiotics.
2020

Biden accepts the nomination alone in a Delaware ballroom, no crowd, no roar

A pandemic convention ends with the nominee speaking to a camera instead of a stadium.
1994

Thirty-three years after his death, the Air Force finally makes Eugene Bullard an officer

France called him a hero and gave him a pilot's license in 1917; his own country waited until 1994 to make it official.
2012

Voyager 1 leaves the Sun's bubble; no craft has gone farther

Thirty-five years after launch, its instruments detect the plasma signature of true interstellar space.
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