Word: bankses
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The major initiatives unveiled by Paulson, Bernanke and New York Fed chairman Tim Geithner over the past months have all been efforts to do for the shadow banking system what was done for the regular banking system in the 1930s. To stop the institutional run on money markets, Paulson announced...
Will the moves work? Not even Paulson and Bernanke know. And what is most worrisome about the current crisis, and the latest moves it has necessitated, is that it shows how badly the shadow banking system has managed to undermine the traditional banking system by incentivizing those bad loans. Fueled...
Silver linings, alas, aren't liquid assets. And so, the Dow Jones Industrial Average scratched its head over how to interpret the decision by six central banks, including the Fed, to lower their key lending rates - the average moving first slightly up, then down, then up again till the last...
The upward momentum that seemed to dominate in the afternoon came because of the coordinated action between the central banks of the U.S. - which cut its rate half a point to 1.5% - the E.U., the U.K., Canada, Sweden and Switzerland, which all also cut their key lending rates. The decision...
The action was carefully coordinated for maximum effect. First came an early-morning announcement by the British government that it had crafted a $90 billion rescue package for its banks. Then five central banks from around the world, including the two big ones - the U.S. Federal Reserve and the European...