Word: banking
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What, then, needs to be done? Government and central bank action, around the world, must have two objectives. The first is speedy intervention to prevent a self-perpetuating downward spiral, which means protecting depositors at minimal long-term cost to the taxpayer. The second is to ensure so far as possible that future booms are less exaggerated. This has implications for the form of any rescue package, and for the system of financial oversight that is put in place...
...rescue packages are concerned, the presumption must be that, for institutions that avail themselves of a government or central bank rescue operation, the managements concerned lose their jobs, and the shareholders lose their money. This is not vindictiveness: it is needed to prevent moral hazard and to ensure more prudence in future, and of course to protect the taxpayer. As for oversight, banks and other financial institutions clearly need to be far better capitalized than the existing rules require...
...political lame duck's views expressed in interviews and public comments reveal the sweeping reversals that have taken place among some of Israel's ultra-nationalists. Olmert says Israel should withdraw from "almost all" of the West Bank and Golan Heights. A former mayor of "the undivided capital of the Jewish state," he now advocates dividing Jerusalem with the Palestinians. He wants to keep some of the Jewish settlements that adjoin Israel's pre-1967 border but accepts giving the future Palestinian state Israeli territory in a land swap with a "close to 1-to-1-ratio." "The notion...
...career, always refused any dealings with the PLO or even to recognize its demands for Palestinian independence. Indeed, Sharon invaded Lebanon in 1982 with a grand vision of redrawing the Middle East map with no place for a Palestinian state. The expansion of Jewish settlements in the West Bank proceeded rapidly in the ensuing decades. With his about-face, Olmert effectively acknowledges that the Palestinian uprisings of 1987 and 2000 succeeded in forcing Israel to address Palestinian rights. Everybody, including Camp David host Bill Clinton, loved to blame Yasser Arafat for the collapse of the peace process. When Sharon succeeded...
...sentence: "The international community is starting to view Israel as a future binational state." In other words, forget about Iranian President Mahmoud Ahmadinejad's threats to wipe Israel off the map. Echoing views he initially expressed in 2003, Olmert reasons that without an Israeli withdrawal from the West Bank, the Jewish state faces the self-inflicted, mortal danger of being destroyed by demographics, overwhelmed by Muslim and Christian Arabs demanding political representation. Olmert fears that the international community could ultimately favor a one-state solution, thus spelling the death of the two-state partition that has been at the core...