Great Recession

Ten years ago this month, you may not have noticed the cracking and crumbling under you.

At the time, you may have had a job, a home and rising retirement savings. Sure, the housing market was hurting a lot, but stock prices were still holding up and Federal Reserve policymakers were offering reasons for calm, saying they expected strong consumer spending.

Ariana Cubillos / AP via Miami Herald

COMMENTARY

Here we go again, only in reverse.

If you remember the Great Recession, then you remember every liberal coming out of the woodwork in those days to denounce capitalism.

Not just the capitalist excesses that caused the U.S. financial collapse. Free-market mutants like subprime mortgages and the deranged securities they were bundled into. But capitalism itself.

Rowan Moore Gerety / WLRN

Next year’s state budget boasts what Governor Scott has called record funding for K-12 education. After deep cuts spurred by the Recession, per-pupil spending, known as FEFP, or Florida Education Finance Program has indeed hit a new high—but not when you account for inflation.

Keys InfoNet

  

The former CEO of a Keys-based vacation rental investment company has been sentenced to 40 years in federal prison on bank fraud and obstruction charges.

Fred Davis Clark Jr., known as "Dave," 57, was convicted in December of bank fraud, making a false statement to a financial institution  and obstruction of the Securities and Exchange Commission.

"We have reason to believe that it was one of the largest frauds in the history of Monroe County," said Assistant U.S. Attorney Jerrob Duffy.

Daniel Reichert (Creative Commons License: https://creativecommons.org/licenses/by-sa/2.0/)

Miami’s post-recession recovery is going relatively well; Hialeah’s is not, according to a new study from WalletHub.

The company, which provides online financial analysis tools for individuals and small businesses, looked at 18 different metrics to develop their own recovery ranking: changes in home value, the poverty rate and the foreclosure rate, to name a few.

A federal jury in New York City has found that Fabrice Tourre, the former Goldman Sachs trader who regulators say caused investors to lose $1 billion, is liable in the mortgage securities fraud case filed against him by the Securities and Exchange Commission.

Regulators say Tourre, 34, a native of France who was nicknamed "Fab" in his office, packaged toxic subprime mortgages into a collateralized debt obligation that was sold to investors under the name Abacus in 2007.