Word: bankses
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But let's go back to be beginning, to being a do-nothing. At this point, there is a greater risk from mass redemptions - like a run on the bank - than there is from a rash of money funds declaring that their assets have gone bad. Money market funds are...
The Treasury Department and Federal Reserve now are making plans to buy troubled mortgage securities en masse from banks and other financial firms. This would amount to moving from ad hoc loans and bailouts to a more systematic approach to resolving the bad-debt problems at the heart of the...
The closest historical parallel to this effort is the Resolution Trust Corporation, which was formed by Congress in 1989 to buy up and dispose of the assets of failed savings and loans. The difference is that while the RTC took over the assets of corporate corpses already in government hands...
Why should government (and by extension taxpayers) even be contemplating such action? The clearest explanation is probably that of Paul McCulley, a managing director of the money-management firm PIMCo, who wrote an essay last summer on "The Paradox of Deleveraging" that continues to resonate in financial and economic circles...
With the United States’ own economy facing growing problems, such actions would also demonstrate a true commitment to promoting African democracy and economic growth. The collapse of major investment banks and mortgage giants in the United States should not hinder the country from sending diplomatic aid abroad. Instead...