Word: chairmans
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...obvious difference between then and now is that Fed Chairman Ben Bernanke has learned from history - not surprising, given that he once studied the Great Depression intensively. Since the onset of the credit crunch in August 2007, Bernanke has repeatedly cut the federal-funds rate from 5.25% down to an effective rate at one point last week of about 0.25%. He has pumped money into the financial system through a variety of channels: in all, about $1.1 trillion over the past 13 months...
...This tends to occur as responsible institutions see their market share fall while those of irresponsible institutions rise, and decide to emulate the reckless practices they previously eschewed. The phenomenon was particularly prevalent in the mortgage market. Central bankers cannot escape censure, either. In his memoirs Alan Greenspan, former chairman of the U.S. Federal Reserve, writes: "I was aware that the loosening of mortgage credit terms for subprime borrowers increased financial risk, and that subsidized home-ownership initiatives distort market outcomes. But I believed then, as now, that the benefits of broadened home ownership are worth the risk...
...there are methods of communicating risk in a way that stills the heart, with words that inject dread into the populace. And Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and President George W. Bush used none of them. "The case wasn't made as to why the little guy needs this," says Paul Slovic, author of The Perception of Risk and a psychology professor at the University of Oregon. "The numbers and vague warnings are too abstract...
There is anxiety, of course. And that has fueled some support for a bailout - or a "buy-in or rescue," as Jesse Stone, a bankruptcy attorney and chairman of the Burke County Republican Committee, calls it. "I hate that it has to be done, but I don't know of any other alternative. I'm just afraid that credit will dry up and the markets will plunge further. My whole retirement is based on what I have invested, and that could be wiped out." (Stone's Representative, a Democrat, did not support the bill in Congress...
...those positions belongs to district chairman Rob Haney, a longtime activist who says that what started as policy differences with McCain and his allies has turned over the years into personal vendettas. In 2005, Haney introduced a resolution in the Maricopa County party that censured McCain "for a lot of things he had done that would take our freedoms away," as Haney puts it. Back then Haney wasn't focused on immigration but campaign finance reform, another McCain priority that was anathema to bedrock conservatives. Haney's resolution passed, and that, he says, is when McCain and his allies really...