Word: cash
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...three were picking up signs of an even bigger nightmare, one that most Americans were yet unaware of: the whole financial system was seizing up, from formerly rock-solid banks and money-market funds to the esoteric but vital market for foreign-exchange swaps. Credit--the access to cash that keeps the U.S. and other economies oiled--was simply drying up. Banks stopped lending to other banks, out of fear they would not get the money back. Big companies were having trouble raising cash on the overnight commercial-paper markets. If left unchecked, it would be only a matter...
...suffocating health-insurance responsibilities and does it without socializing medicine. Senators Ron Wyden (Democrat, Oregon) and Bob Bennett (Republican, Utah) have made such a proposal, the Healthy Americans Act, which has gained the support of 15 Senate co-sponsors, evenly divided between Democrats and Republicans. It would have employers "cash out" their health-care benefits to employees and then would provide a tax deduction of up to $15,210, according to income and family status, for individuals to buy into a government-supervised group of private insurance plans. According to the Congressional Budget Office, the Wyden proposal would eventually...
...cash that Sweden poured into its banks at the time amounted to about 4% of the country's Gross Domestic Product. The comparable share of the U.S. GDP would be about $850 billion, or not much more than what Paulson has recently proposed . But in Sweden's case at least one half of that money, and possibly more, depending on the source, was recouped by subsequent equity sales...
...proposed $700 billion bailout of the nation's beleaguered financial markets has become a taffy pull between the Bush Administration and lawmakers from both parties. Many on Capitol Hill believe Treasury Secretary Henry Paulson is seeking too much unregulated cash and power in his effort to stabilize the economy by buying up toxic mortgage-backed securities. He's also asking Congress to lift the ceiling on the national debt to a record $11.3 trillion from the current $10.6 trillion, which could weaken the U.S. dollar, raise interest rates and act as an additional drag on the economy. All that money...
...There are, for sure, legitimate criticisms of the SEC under Cox. The agency, by most accounts, could have taken a more active role in going after firms that misleadingly sold long-term auction-rate securities as cash-like investments, as the Secretary of the Commonwealth of Massachusetts, who filed complaints against a number of companies, has suggested. In April, when the Treasury Department put out a blueprint for reforming financial markets, which included a possible abolition of the SEC, Cox probably didn't bolster his staff's spirits by not immediately standing up for his agency's autonomy...