Word: bankes
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Dates: during 2000-2009
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...good news Thursday coincided with figures showing that American industrial production in September dropped by 2.8% - the steepest fall since December, 1974. That came on the heels of statistics showing all-important consumer spending in the U.S. had tightened more than forecast. Meanwhile, despite government rescue plans and central bank rate cuts, there is little sign so far that frozen credit flows are thawing fast enough to get badly needed funds moving to businesses and households quickly...
...line of reassurance for American account holders. How are you doing in the war against fear? BAIR: We've undertaken a vigorous public education campaign about deposit insurance and our strong record of nobody ever losing a penny on their insured deposits in over 75 years. In terms of bank failures, we have dealt with a lot worse than this. During the S&L days, they were closing one bank a day for a while. As bad as things are, to some extent depository institutions have been a little bit insulated because there is a stronger system of regulation...
...smaller than what it was, and though sectors like the car and financial-services industries have been hit hard by the current downturn, none is nearly as sick as agriculture was throughout the 1920s. And for all the current ills of megabanks like Washington Mutual and Wachovia, the national banking system still enjoys a measure of stability far greater than in the 1930s--or even the '20s. The kinds of "runs" on savings institutions that we watch Jimmy Stewart battle every Christmas season are all but unimaginable, thanks in large measure to the psychological reassurance provided by a landmark...
...government's effort to boost bank lending to end the credit crisis is hurting one of the areas critical to the nation's recovery: mortgage rates. In the past week, the average mortgage rate on a 30-year fixed home loan has jumped more than one half a percentage point to 6.74%, according to Bankrate.com. That might not sound like much, but it is the biggest one-week rise in the normally stable lending rate in 21 years. Some economists say mortgage rates could soon top 7%, a level they have not seen in more than six years...
...problem is that other moves the government has made to render bank debt safer has had the unintended consequence of making Fannie and Freddie's bonds less safe by comparison. So Fannie and Freddie's investors have to be compensated for the increased risk. In particular, traders say, the move in the past week by the Federal Deposit Insurance Corp. to temporary offer unlimited deposit insurance for non-interest bearing accounts and guarantee roughly $1.4 trillion in new unsecured bank debt has caused a rush of selling of the bonds of Fannie and Freddie. That's because the FDIC...