Word: bankses
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Faced with a $42 billion loss at RBS and credit markets which appear to become more frozen as each day passes, the U.K. will move its economic rescue package beyond the banks into the system of private debt.
At the front end of the process, the U.K. has essentially begun that nationalization of some banks. It will end up with a 70% share in RBS. The stunning part of the program is, according to Bloomberg, that the government will require aid recipients to sign "specific and quantified" agreements...
If banks want money, most of it will have to be loaned into the financial system. The Bank of England will further buttress the credit system by buying corporate loans and commercial paper.
Most economists believe that the Achilles Heel of the current U.S. bank rescue plan is that it gets money into banks, but the capital does not come out the other end in the form of loans to businesses and individuals. Businesses cannot conduct their affairs in the normal course. The...
One way to get the money: the expanded tax credits for renewables in Obama's stimulus plan. The problem is that credits reduce a company's tax bills, but many renewable energy companies are start-ups that have yet to become profitable - meaning they don't pay enough taxes to...