Word: congresses
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...failing companies in an orderly fashion without panic, as was the Wachovia bailout. The opening of the discount window to investment banks was the first effort to provide access to a lender of last resort. As for regulation, that will have to be something the Fed, Treasury, SEC and Congress tackle after the crisis crests...
...countries and continents, yet regulation still takes place on a national or even more local basis. When banks run into trouble, it's unclear who is supposed to help or how. The favored solution so far - direct government intervention, like the $700 billion rescue package approved by the U.S. Congress or the British plan - isn't an option everywhere. Banks have become so big and so leveraged that their balance sheets can exceed the gross domestic product of the country in which they are based. That's the case in Belgium, the Netherlands and a host of smaller countries, including...
...Another possible repercussion: a reexamination of the freewheeling, free-market practices - what the French like to call "Anglo-Saxon capitalism" - that led to this crisis. French President Nicolas Sarkozy kicked off that debate as Wall Street was reeling from the collapse of Lehman Brothers and Congress was first debating the bailout package. In a speech in Toulon on Sept. 25, he said the crisis marked "the end of a world that was built on the fall of the Berlin Wall and the end of the Cold War - a big dream of liberty and prosperity." As for capitalism, he called...
Luckily, there is an easy way to improve upon the status quo: Congress should vote to make Election Day—that is, the first Tuesday after the first Monday in November—a federal holiday. This is no new idea: Election Day is already a holiday in states such as Delaware, Hawaii, Kentucky, Maryland, Montana, New Jersey, New York, Ohio, and West Virginia. The idea has even been contemplated on the federal level, too. In 2005, Michigan Representative John Conyers proposed the establishment of “Democracy Day,” a holiday that would fuse Election...
...their value; Germany's Commerzbank fell 14%, and Deutsche Bank was down 8.9%. The pummeling followed a black Monday in which stock exchanges across Europe dropped as much as 9%, suggesting that the markets were casting a doleful eye on the $700 billion U.S. bailout package passed by Congress on Friday...