Word: bankses
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Daniel Everett came to the Pirahã as a Christian missionary. Thirty years later, he left an atheist. The indigenous Brazilian tribe had no need for his Jesus, just as they had no need for numbers, colors, rituals, sound sleep, daily meals, permanent shelter, the concept of God or stories...
The Treasury Department says nothing has been finalized, but reportedly Paulson and his advisers are looking into using TARP funds along with some money from outside investors to buy up credit card, auto loans and other, non-mortgage consumers debt. The financing mechanism for that type of debt, often called...
"This is riskier for taxpayers," says Andrew Jakabovics, an associate director at the Center for American Progress. Worse, it's not clear the program would do anything to boost the economy. Yes, consumer spending is dropping, but some economists think that is a function of confidence, not credit. "Paulson seems...
This deleveraging also occurred among investment banks. The failings of major financial institutions have directly fueled the decline in oil prices. Many banks' internal commodities-trading funds - Citigroup, for instance, owns Phibro, a major commodities trader - have generated excellent returns over the past few years.
Translation: the banks were long on oil and probably helped effect high oil prices. But with these banks failing, and prices already declining, they too closed out those long positions and helped bring prices lower. Oil prices may have risen on panic, and fear may have played a role in...