Word: bankses
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Ben Bernanke recently said that banks would need another large infusion of capital. Even he may not know how large.
But, the form of the next bailout is not the critical issue. Banks will get the money they need to keep the global credit system from collapse. What is at stake is how the government will handle owning a majority stake in what used to be the pillars of the...
It wasn't a popular view back then. "He had taken a lot of heat" for the position inside the Fed, a colleague says. Some regional Fed presidents thought he was excessively gloomy. As an insider put it, they thought Geithner had been captured by his constituents - the heads of...
As it is, there is little apparent daylight between them on the urgency of action once they take office. "I agree with Larry [on macroeconomic policy] - or maybe I should say Larry agrees with me," Geithner has joked. And as Treasury Secretary, he will oversee the most critical component of...
It is clear now that the Paulson team has made mistakes. Not enough of the TARP money that banks have received has been pumped back into the economy in the form of loans. And many question the judgment calls Washington made as the crisis escalated last fall. "No one has...