Word: centralizes
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...market and almost certain death? "The University of Chicago training in me says the market should prevail," says Schrager. "But the Chrysler bailout was a success, and, gosh, I'd love to save it." That sentiment is not shared by everyone, and it goes to the heart of the central economic debate facing the country - between hard-nosed capitalists, who believe the market should decide, and public-policy types who view the economy as something far more organic than a balance sheet. But ultimately, whether GM is dead or alive, the taxpayers are on the hook for billions, for everything...
Make yourself indispensable. Figure out your company's central mission and be part of it. When companies retrench, they say, "What do customers come to us for? What are we good at? Maybe we shouldn't be experimenting around in these other fields." And be visible...
...current crisis may only be highlighting deeper flaws in the hedge-fund model. In 2006, the European Central Bank warned that too many hedge funds were investing in the same way. Because those sophisticated computer models were crunching the same data, there was a higher probability that hedgies would make the same bad bets, potentially causing a devastating cascade of failures. With so many fund managers following the herd, in other words, there was a greater chance that they would go over a cliff together. "A bank run doesn't affect just one bank," says Andrew Lo, a finance professor...
...That fear is palpable on the streets of Seoul. South Koreans have begun to scale back. Song Jae Hyun, a vegetable seller at central Seoul's Nandaemun market, sells his broccoli and bell peppers for only about 50 cents apiece, much cheaper than in many of the grocery stores, but his stall still sees few customers. "People are spending less money for sure," he says, shaking his head. "One year ago, there would be double the amount of people here. These are terrible times." At a nearby restaurant, only four of the 16 tables are occupied at dinner time. "Everyone...
...financial sector began to teeter in September, South Korea's government believed that it was in a far stronger position than a decade ago. Its financial institutions seemed sturdy, with a mere $70 million of those toxic mortgage-backed securities that doomed banks in the U.S., while the central bank was well stocked with $240 billion of hard-currency reserves - more than sufficient, economists believed, to protect the economy from any external shocks. "We didn't need a special spotlight," says Yi Jong Goo, standing commissioner at the Financial Services Commission (FSC), the government agency that oversees the country...