Word: bankes
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Dates: during 2000-2009
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Once some banks do sell, though, it could force a widespread, and revealing, revaluation of similar assets on every bank's books. The banks have been asking regulators and accountants for, and getting, relief from having to mark some of their assets to market prices because the markets for many debt securities are so clearly broken. But the prices prevailing in a smoothly functioning government-subsidized market will be hard to ignore. This has led to speculation in the economics blogosphere that banks might game the program by conniving with investors to overbid for assets. That's not inconceivable...
...Still, even small differences can cause major rifts in families, and the competing budgets suggest the challenges Obama's agenda faces. Both the House and Senate, after all, removed Obama's $250 billion-$750 billion placeholder request for more bank bailout funds. And they both slashed the Administration's proposed 10% increase in nondefense discretionary spending (for education, environment and health initiatives, among other things), to 7% in the Senate and 7%-9% in the House. The Senate stripped the President's signature middle-class tax cuts, known as "Making Work to Pay," of $400 for individuals...
...displays the same pragmatism in world affairs. While many of Manuel's developing-world counterparts spurn the "Washington consensus" of the World Bank and IMF, Green says "he uses these organizations as a chance to get powerful leaders to listen to him." It works, in part because he is so good at convincing people that change is possible. "I come from South Africa, where at various points in our history it seemed like we would not be able to resolve our problems," he says. "But we did. How? We all had to give up something." That...
These lessons will be particularly important as Obama this week tries to persuade skeptics in Congress to pass his $3.6 trillion budget and, as Geithner warned, the Administration is forced to go back to ask Congress for upwards of $750 billion to fund the bank-bailout plan. "We recognize it's going to be extraordinarily difficult, particularly in the wake of not just the events of the last two weeks, but the last nine months, frankly," Geithner conceded in the hearing...
...have felt for some time that you've got this vast global process at work, and somehow the rules that govern [it] have got different from the rules you practice in your everyday life. [But] the rules that make for a successful community are also now necessary for the banking system. We have to build our banking system for the future around stronger principles of accountability and transparency and integrity and sound practices. Americans are shocked by what they see happening on Wall Street. People in Britain look at what happened with RBS [Royal Bank of Scotland] or HBOS...