Word: banking
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...California Anatomy of a Bank Run The fall of IndyMac, the second largest financial institution in U.S. history to collapse, alarmed depositors and caused a run on the bank akin to the savings and loan crisis of the 1980s. How the panic spread...
JULY 8 The bank blames mass withdrawals on Schumer's statement...
...some extent, every economic transaction is psychological. There's no inherent value to a house, a stock or even the U.S. dollar--just the value on which a buyer and seller can agree. IndyMac bank failed because of a perception that it was dangerously overextended. Once the panic began, the reality was irrelevant. McCain himself has argued that eliminating a moratorium on offshore drilling would have a positive "psychological impact" that could reduce gas prices...
There has been dramatic progress in many other parts of the country. Since 2001, 6.4 million children have been educated, and there has been a massive increase in access to basic health care. Western funding and assistance have helped create an efficient central bank, a stable currency, an elected parliament, telecommunications and infrastructure projects and a credible army. Some foreign aid goes directly into the hands of elected councils in over 20,000 villages, allowing them to initiate their own rural-development projects. Many of the villages I visited six years ago now have electricity and access to clinics...
Many of these problems cannot be solved by the West, however many billions we spend or thousands of troops we deploy. Our money and expertise, which have helped make the central bank and the Afghan National Army professional and competent, cannot prevent the widespread corruption in the police and legal system. A central bank is relatively small, dealing with narrow issues such as currency and interest rates on which international economists can offer practical, technical advice. An army is able to develop its esprit de corps and drills in barracks, isolated from the broader society. But policemen and judges...