Word: congressed
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...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 in support of a statewide banking holiday. Harrison quickly gave up, delegating responsibility to a lesser state official. As a result, the New York Fed sustained over $350 million in gold and cash...
...When Congress extended emergency loans to General Motors and Chrysler in December, lawmakers required the companies to deliver detailed plans for getting their houses in order. Management, labor and bondholders would all have to give ground - and the car czar was supposed to be the enforcer...
...most obvious way for a financial firm to end run the new government rules is to give its top money makers huge base salaries and move the compensation system almost totally away from one that depends on bonuses. Congress and the Administration won't like that. Count on any attempts to change pay packages to keep compensation high to be knocked down before they gather momentum...
...Wall St. won't get a chance to humiliate Congress even if the new rules will damage the most profitable parts of the financial system...
...mistakes. Tokyo spent $2.1 trillion between 1991 and 1995, yet the economy stagnated. Politicians built roads to nowhere, starving businesses of capital and workers of jobs. Washington should fund some infrastructure repairs, but such projects should undergo cost-benefit analyses. Lacking such oversight, the bill recently rushed through Congress will breed fraud and waste...