Dr. Philip J. Lane
Associate Professor of Economics
o: Donnarumma Hall Rm 322
Connecticut banks among the stingiest with interest rates
Dr. Philip Lane, Associate Professor of Economics, comments on Connecticut banks' ranking as among the worst in the nation for interest rates being offered on savings account.
Published in Hearst Newspapers on 1/31/13
Economic issues overseas drag down U.S. stock market
Michael Tucker, professor of Finance at Fairfield University, emphasizes that the Greek debt crisis poses a serious threat to the stability of this country's economy. Not to pile on the bad news, but the economies of Spain, Portugal, Italy and Ireland are also sucking wind, which could drag the European Union into a deeper recession. "The Greek debt crisis is a serious issue," Tucker said. "Several European banks hold large chunks of the Greek debt. If it defaults that could be a bad situation for Europe and us. The influence of events elsewhere are correlated and connected to us, too."
Philip Lane, professor of Economics at Fairfield University, sees no apparent signs of a stock market crash on the horizon, but warns that it would be foolish to assume that the worst has passed and investors should rush in to reap large payoffs. "I see no signs of a big crash," Lane said. "Some pundits are talking about a double-dip recession. The bailout in Greece should bring stability, but it's not a fix. The Greeks need to fix their economy. Retirement age there is somewhere in the 50s and the government struggles to collect taxes. The system isn't working."
Published in Fairfield and Westport Minuteman on 5/13/10
In state, larger banks unscathed by bailouts
"I'm a little surprised that the smaller banks didn't get more market share, but when you see some of the larger banks on the list, it didn't surprise me as much," said Phil Lane, an economist with Fairfield University. "A lot of the larger banks in Connecticut gobbled up former smaller institutions, which has given them a stranglehold on market share."
Published in the Hartford Business Journal on 10/26/09
Tough times test Darien Rowayton
Darien Rowayton Bank has some issues, including that it has high operating costs, recently built a new headquarters and is in a troubled real estate market, said Philip Lane, chairman of Fairfield University's economics department and a banking expert.
Published in Connecticut Post, Stamford Advocate, Greenwich Time, Norwalk Advocate, Danbury News-Times on 7/31/09
Speculation abounds in bank acquisitions
Philip Lane, chairman of the Fairfield University economics department and a banking expert, discussed the status of the three major banks in an interview earlier this week... Lane said he doesn't expect merger and acquisition activity to take off in Connecticut because many banks outside the state are weak although the desirable banks in the state are strong and could not be picked up at a bargain price.
Published in Connecticut Post, Greenwich Time, Danbury News-Times, Stamford Advocate, Norwalk Advocate on 8/6/09