Word: bankes
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Dates: during 2000-2009
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...first glance Ottawa's C$125 billion pales in comparison to the $1-trillion "bad bank" being contemplated by Obama to jump-start lending in the U.S.; however, accounting for differences in size between the two economies, the figures are nearly identical. If Canadian banks, ranked best capitalized in the G7 according to the Geneva-based World Economic Forum, are sitting on massive cash injections to healthy balance sheets, what can Obama expect from U.S. banks...
...Canada, the Harper government is purchasing good assets from financial institutions, including TD Bank Financial Group and Royal Bank of Canada, with a low probability of default, and does not expect EFF to cost taxpayers a single penny...
...same is not true south of the border. Under the best-case scenario in the U.S., unsteady financial institutions will need to off-load toxic assets to Washington's "bad bank" in order to start rebuilding balance sheets. Others, like Citigroup and Bank of America, that are teetering on the brink of insolvency will need new capital just to remain on life support. (See 25 people to blame for the financial crisis...
...animosity between these two competitors, the private Clearinghouse and the public Fed, ensured the failure of the Fed’s intervention in March 1933. At the beginning of March, $700 million were withdrawn from banks, plunging the Dow to only 50 points. In an effort to avoid further turmoil, New York Fed Governor George L. Harrison contacted Clearinghouse Chairman George W. Davison about declaring a bank holiday. With no incentives to act despite the damage this holiday might do to bank reputations, and with much criticism from an increasingly populist Congress, the Clearinghouse had no reason to partner with...
...Geithner, fortunately, does not face this old-fashioned run on the bank. Yet cooperation from the private sector is just as crucial today as it was in 1933. Creating an effective public-private fund requires incentives for private investment, and incentives depend on specific terms. This is exactly what Geithner’s fund is missing and exactly why future Friedmans and Schwartzes might criticize Geithner for “absence of vigorous intellectual leadership...