Word: bankses
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I could see that they were shams. There was no way Fannie Mae was producing 15% growth every quarter. They had giant derivatives positions, and they couldn't know what they were. I remember being on the telly, telling people that Fannie Mae was going to zero, and they'd...
And that wouldn't be the end of it. In November 2002, during his first stint on the Fed - as a mere member of the board, not the chairman - Bernanke gave a now somewhat infamous speech about what central banks could do to fend off deflation even after short-term...
We've already seen some of this throwing-the-kitchen-sink-at-the-problem approach over the past year. Expect much more in the coming months. Bernanke is committed to avoiding serious deflation, because he's convinced that serious deflation makes an economic downturn much worse by making it much...
One key issue is whether the money will come from $25 billion in loan guarantees Congress approved in September specifically for the automakers and their suppliers or from the $700 billion in federal assistance that Congress approved to bail out struggling banks. GM wants the money to come from the...
Joffe claims that Europe has "no will, no purpose, no power," that it does "less than required" and does it "slowly." I find this point of view pretty mistaken since on the day I received that issue of TIME, European leaders decided to put in place a rescue plan that...