Word: bankses
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The latest way for the government to decide what it should do with troubled banks is to put them though what it calls a "stress test". The criteria that will be used, among others, is how a bank will do if unemployment rises to 10% and housing prices drop another...
A number of banks being put through the system probably will not make the grade. These will have to raise more capital. Since private money is not abundant, the cash will come from the government and that means the U.S. will end up owning significant pieces of the largest banks...
Putting banks through a series of "war games" will not work for the same reason that they do not work well for the military. The officers who set up the games do not have any imagination. They use past experience to determine what it likely to happen in the future...
The one thing that all financial calamities have in common is that they are unexpected, at least by the officials who are supposed to keep an eye out for these things. There were no plans for oil prices to spike up before the Arab Oil Embargo in the 1970s and...
All is not joy for Obama, of course. He has to govern. He has to manage situations - the banks at home, the deterioration of Pakistan overseas - that might prove unmanageable. For all the spiritual success of his budget speech, there were precious few details about his policy priorities. No one...