Word: bankses
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Following the deregulation of savings and loan associations (S&Ls) in the early 1980's, several of these banks began taking greater liberties with depositors' money, sinking it into risky real estate ventures and junk bonds in an effort to reap maximum profits. Fearful about the future of the vast...
For consumers, retailers, lenders and anyone else who depends on credit, these are worrisome times. Even the $700 billion bailout that President Bush signed last week to buy Wall Street's bad mortgage-backed debt was not enough to calm credit jitters. Consumer borrowing fell at an annual rate of...
That's what Cleveland resident Mildred Maldonado realized last week when the timing belt of her 1994 Saturn broke, causing the engine to seize. She would like to borrow money for a used car. If her Saturn had died two months ago, perhaps she could have qualified. But Maldonado has...
But not yet. The indefatigable Paulson, along with Federal Reserve Chairman Ben Bernanke, this week unveiled a slew of new initiatives to try and restore confidence in the markets. On Tuesday, Bernanke unveiled a plan to try and gig the frozen market for commercial paper, offering to loan companies unlimited...
The result was a parallel system almost as big as the banking system that had none of its post-Depression stabilizing pillars: no deposit insurance, no access to the lender of last resort, no resolution regime and only a patchworky, inadequate framework of restraints for risk-taking. In the old...