Word: bankses
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Aside from its sheer enormity, this heap of cash is also intriguing because of the “public-private investment fund” included in Treasury Secretary Timothy Geithner’s recent proposal. The potentially $1 trillion vehicle would aim to combine public and private capital to buy...
Picture this: a Federalist fortress in the Financial District of Manhattan, whose members represented 52 national and state banks, as well as the U.S. Treasury itself. Not the Federal Reserve Bank of New York, not the Federal Reserve System, not any central bank—this node of finance was...
The 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 At the beginning of March, $700 million were withdrawn from banks, plunging the Dow to only 50 points.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...
Banks lend money to one another and charge interest in the process. The risk of borrowing from a firm owned by the government should be extremely low. Borrowing from a U.S. regional bank is, on paper, more risky. All inter-bank borrowing would almost certainly move toward taking money from...
Last December, E.U. leaders agreed on a joint $250 billion economic stimulus plan for the region's economy. But since then, many governments have announced their own national measures aimed at supporting their own banks or economic growth. And now individual sectors are beginning to line up for handouts.