Word: ben
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Where will the $700+ billion go? What exactly will it buy and from whom? That's the, uh, $700 billion question. Mortgage-backed securities were to be the main target, and banks the main sellers. But Hank Paulson and Ben Bernanke wanted a fund that could buy pretty much anything from anyone...
Will you play with Ben Folds Five again...
...epitomized vigor and modernity. With a degree from Harvard, Oz went into journalism, first with the Journal of Commerce and then with TIME. In 1955 he was hired by Newsweek, then TIME's distant competitor, and rose rapidly up the editing ranks. In 1960 he worked with his friend Ben Bradlee - then Newsweek's Washington bureau chief, later the editor of the Washington Post - to persuade the Graham family, which owned the Post, to buy the newsmagazine. Oz became Newsweek's editor...
...supporters of the plan - which had been crafted by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke - argued that as painful as it would be to commit such an unprecedented amount of taxpayer money to cleaning up Wall Street's mess, the price of not doing it would be even greater, because the crisis would spread to hurt ordinary businesses and their workers. Supporters of the plan argued that the only way to keep the financial system operating was to have the government buy the junk assets in order to take them off the balance sheets...
...asking Congress 11 days ago for the authority to spend up to $700 billion to buy troubled assets, Paulson and Fed Chairman Ben Bernanke were hoping to share some of the responsibility and the blame - and get the freedom to boost companies that weren't already on the brink of failure. Instead, they're back to being crisis managers for the moment - and maybe for the duration of the crisis...