Word: congressed
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...that point, pressure mounted from regulators, the Federal Reserve and Congress on the Financial Accounting Standards Board to loosen accounting rules so that the toxic assets' book value could be marked up to buttress the banks' balance sheets - conveniently raising the assets' potential sales price at the same time. And in late March, days before the meeting with the bank CEOs, Geithner and Obama unveiled the government subsidies for buyers, drawing big names like Blackstone and Pimco into the market to purchase the assets from the banks and resell them...
...enough to fill their capital needs. In that case, the stress tests may prove useful in another way. Geithner has only about $35 billion of TARP money left to plug the remaining holes for the 19 largest banks. After that, he has to go back to Congress for more money - at which point he'll need the stress tests to convince bailout-weary Representatives to shell out even more for the banks...
...globally competitive our nation's economy will be in the future. Forty years ago, the U.S. had the best graduation rates in the world. Now it ranks 18th. In math scores on international tests, the U.S. ranks 25th; in reading, 15th. As Obama said in his speech to Congress a few weeks ago, "This is a prescription for economic decline, because we know the countries that outteach us today will outcompete us tomorrow." We can already see the signs. Major drug companies such as Merck and Eli Lilly used to outsource much of their manufacturing to India and China...
...achieving clear goals rather than producing various versions for different states. Just because the standards are national does not mean, thank goodness, that they need to be written by the Federal Government. Indeed, it's hard to imagine a more frightening sight than that of all 535 members of Congress grappling with a congregation of bureaucrats and voting on whether high school graduates should or should not be required, for example, to be able to plot real and complex numbers as points on a plane. Even at the state level, there were times when standards became tangled in political debates...
...China, countries with militaries known to be pursuing cyberwarfare capabilities - had penetrated the computer systems that control the power grid. It was unclear when these intrusions had taken place, but they had left a software signature. If that wasn't disturbing enough, the North American Electric Reliability Corp., a Congress-authorized regulator, issued an alert that the utilities had not adequately surveyed their computer systems to detect vulnerabilities. (Read "Can We Prevent Another Blackout...