Word: bailouts
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...indirectly owned and controlled by the government. This means, analysts say, that Dubai authorities could effectively stave off a bubble burst by keeping finished projects off-line until market conditions improved. In the event of a systemic threat, Dubai can probably rely on super-rich Abu Dhabi for a bailout. "We consider it highly likely that the authorities will step in at some level to support entities that are strategically important for the economy," Moody's analyst Tristan Cooper tells TIME...
...Administration has veered from one half-baked solution to another. Wall Street panicked, but so did the White House, and in that panic, they had a hard time figuring out what to do. The weeks that Paulson and Bush spent pushing Paulson's orignal bailout plan - in the face of massive opposition - were weeks that could have been spent actually fixing the problem. At this point, we need a comprehensive approach. Another failed faint attempt could be disastrous. Here's a five-step, comprehensive approach...
...first debate to get "in the arena," as his hero Teddy Roosevelt put it. He returned to Washington and attempted to demonstrate a type of leadership on the financial crisis that would distinguish him from Obama's more hands-off approach. The effort to help craft a bipartisan bailout plan had muddled results, mainly because McCain's influence among House Republicans, the crucial voting bloc, was limited. Nonetheless, after an initial bailout plan was crafted, his campaign declared victory, saying McCain had helped give the House GOP a real bargaining position. This posture might have worked had the House Republicans...
While the banking bailout may address the supply side of credit, it doesn't necessarily stimulate the demand side--where we all live. Across America, there is growing evidence that demand for credit--and everything else--is shrinking, with recessionary consequences. Two days after the Washington drama, the Fed's Beige Book report revealed that business was weakening everywhere, prompting the Dow to regurgitate 700 points. GM is shutting plants earlier than anticipated, idling 2,800 workers; PepsiCo, which reported falling sales in the U.S., is chopping 3,300 jobs worldwide. Demand for Samsung's DRAM chips is dropping...
...stand behind loans between banks. To Bair, that meant a whole new category of risks on her ledger and the prospect of greater FDIC payouts if the big banks cratered. In the end, Paulson and Geithner agreed to Bair's demand for higher insurance fees from banks getting federal bailout money; Bair agreed to guarantee the interbank lending...