Word: chairman
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...indefatigable Paulson, along with Federal Reserve Chairman Ben Bernanke, this week unveiled a slew of new initiatives to try and restore confidence in the markets. On Tuesday, Bernanke unveiled a plan to try and gig the frozen market for commercial paper, offering to loan companies unlimited amounts of money three months at a time, sometimes with little or no collateral, a move unseen since the Great Depression. And at the Treasury, Paulson appointed a 35-year-old former Goldman Sachs banker as temporary head of the agency charged with using the $700 billion to lift bad loans...
...major initiatives unveiled by Paulson, Bernanke and New York Fed chairman Tim Geithner over the past months have all been efforts to do for the shadow banking system what was done for the regular banking system in the 1930s. To stop the institutional run on money markets, Paulson announced on Sept. 19 an insurance fund for them that would be backed up by funds usually reserved for currency stabilization. The AIG and Merrill Lynch interventions were attempts to dissolve failing companies in an orderly fashion without panic, as was the Wachovia bailout. The opening of the discount window to investment...
...year. The economic slowdown has shrunk those prices just as quickly, with oil now dipping below $95 a barrel. That makes renewable energy projects like wind and solar, which have to compete with fossil fuels on straight cost until a carbon price is passed, less attractive. Michael Liebreich, the chairman of the research group New Energy Finance, argued in a recent briefing that the financial crisis might make governments less willing to extend preferential subsidies and incentives for clean power, as a sinking economy makes high energy prices sting a little more. "In country after country, the web of support...
...mantra: Regulation is bad. The Reagan, Bush I and Bush II administrations believed in three main things: deregulation, tax cuts that provide little relief for most Americans and government subsidies for huge corporations. John McCain now has a "comprehensive" plan for the economy that begins with firing the chairman of the Securities and Exchange Commission. Yet in September his initial response to this crisis was, once again, to make the Bush tax cuts permanent and to increase Federal Government support for corporate America. Maybe McCain hasn't noticed, but this isn't working. Ruth Parente, MIDDLETOWN, CONN...
...surprisingly, current events are almost impossible to judge rationally from the headlines. Bill Isaac, former chairman of the Federal Deposit Insurance Corporation, recently described them as a “senseless destruction in the U.S. financial system” and a well-known executive exclaimed on the pages of The Financial Times that “Greenspan’s sins return to haunt us.” Finger-pointing, whining and semi-fake expressions of compassion with homeowners are all mixed in print and the airwaves with serious analysis. A surefire recipe for confusion has thus emerged. Although many...