Word: bankes
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Dates: during 2000-2009
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...told, the three plans address about $420 billion in toxic loans and assets that the government hopes to get off the balance sheets of banks. Will that be enough to nurse our nation's biggest banks and financial markets back to health? It's not clear. The plan leaves out tens of billions of dollars in bonds that were never AAA-rated and were hard to sell even in good times. The plan triggered a strongly positive stock-market reaction on Monday, when the Dow Jones industrials soared nearly 500 points. On Tuesday the market slipped 1.5%, as doubts about...
Geithner's success in convincing the world that hedge funds would use government money to buy bank paper of questionable value was all the more extraordinary because so few experts believe that the plan has any chance of working. It may be that the markets have been through such a long cycle of hopelessness that they are ready to grasp at any straw...
...history of momentum in politics, Geithner decided to strike while the iron was hot. He and hapless Fed chairman Ben Bernanke went before Congress. Geithner, who was supposed to be unemployed last week, aimed high. He asked that Treasury to be given the power to essentially liquidate large non-bank financial institutions. The department would have the ability to seize a company like AIG, sell its assets, and manage its business to do as little harm to the global financial system as possible. All of this would be accomplished using taxpayer money, but there was no way for Geithner...
Read "Geithner's Bank Plan: Only a Partial Solution...
...Asset backed securities ("ABS") gave banks the opportunity to bundle loans into a pool that could then be sold to other banks. The bank purchasing the loans would then hold them as an investment or resell them in the secondary market. This market improved the ability of banks to lend by transferring the risk of the loan default to a third party while providing financing to the bank to make new loans. In time, the public grew accustomed to the increased availability of credit. (See pictures of the printing of money...