Word: aig
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Treasury Secretary Henry Paulson and his team are starting to look like short-order cooks stuck in a perpetual lunch-hour rush. The worse the economic crisis gets, the more confidence- and liquidity-boosting measures they cook up, from the Bear Stearns deal last spring to the AIG bailout last month...
...access to the lender of last resort, no resolution regime and only a patchworky, inadequate framework of restraints for risk-taking. In the old system, Americans' deposits in regular banks financed the system. In the shadow banking system, Americans' deposits in money market funds provided the asset anchor. As AIG teetered on the brink in mid-September, a run began by institutional investors on the money market funds...
...this was Commencement, and your audience was too busy thinking of all the drunken Facebook photos they would have to de-tag before moving to Manhattan. They were gone, President Faust, but at that moment you figured that by crippling Fannie Mae, Freddie Mac, Lehman Brothers, Merrill Lynch, AIG and WaMu you could save future Harvard students from pursuing careers they cared little about...
...know where Mark Halperin spent his week, but here in the real world, McCain--a "winner" on The Page--looked lost and frantic [Sept. 29]. He praised our economic fundamentals, then redefined them. He opposed the AIG bailout until he was for it. He attacked the U.S. Securities and Exchange Commission, then confused it with the Federal Election Commission. He even misplaced Spain. Senator Barack Obama, by contrast, was calm and reassuring, meeting with economic grownups and continuing his longtime advocacy of the kind of realistic regulations that might have helped prevent the financial catastrophe we find ourselves...
...attractive" Palin is; made a widely ridiculed remark about President Franklin Roosevelt addressing the nation on television during the 1929 stock market crash (Roosevelt, of course, was not President then, and TV didn't even exist); contradicted his own running mate on the wisdom of the government bailout of AIG; colorfully confronted Obama's stance on gun laws; and objected to his own campaign's negative television advertisement disparaging John McCain's computer illiteracy...