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...public Fed, ensured the failure of the Fed’s intervention in March 1933. At the beginning of March, $700 million were withdrawn from banks, plunging the Dow to only 50 points. In an effort to avoid further turmoil, New York Fed Governor George L. Harrison contacted Clearinghouse Chairman George W. Davison about declaring a bank holiday. With no incentives to act despite the damage this holiday might do to bank reputations, and with much criticism from an increasingly populist Congress, the Clearinghouse had no reason to partner with the Fed. Davison refused to galvanize his member banks...
...Obama’s aides, the nightmare is a depression like the one that struck Japan in the 1990s, and a slow government response is the bogeyman. Geithner and National Economic Council Chairman Larry Summers were Clinton officials when a real-estate bubble in Japan burst, dragging the country into a decade-long slump. Alarmed by the downfall, they watched Tokyo gradually approve stimulus spending and scatter funding across projects—to no avail...
...hospital in another city. In 2007, the percentage of cases that require immediate medical attention within total emergency transportation for the year was 11% for the general population, 1% for maternal cases, and 8% for children. "These [numbers] are not high," says James Kondo, president and vice chairman of Health Policy Institute, Japan, a Tokyo-based healthcare think-tank, "but when things go wrong in these areas, it could be fatal." The number of emergency transportation cases for Japan hit 4.92 million in 2007, and the number of serious emergency cases continues to increase. The problem of handling admission requests...
...heart," the spokesman said. Republicans, meanwhile, celebrated the ability of one of their own to embarrass the President. "Senator Gregg made a principled decision," crowed House Republican leader John Boehner in a press release. "The Administration is taking another one on the eyelid here," said Michael Steele, the new chairman of the Republican National Committee, in an interview with Fox News. (Read "How Maine's GOP Senators Are Key to Obama's Agenda...
...bigger problem is money: HBCUs are chronically underfunded, and Savannah State--with an endowment of just $3.4 million, compared with Armstrong's $7.9 million--is no exception. Harp expects the merger to help close that gap, an aspect of the plan that is winning over some critics. Emanuel Jones, chairman of Georgia's Legislative Black Caucus, says his "ears perked up" at talk of funding disparities, and he is co-sponsoring a resolution to study the merger's impact in detail. For now, the proposal is "not actually being considered by the [board of] regents," the only group with...