Word: creditably
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...argument over the Treasury Department's use of new TARP funds and other stimuli focused a great deal on putting $500 billion into propping up banks and another $1 trillion into freeing up credit. Some media outlets put the total number closer to $2 trillion. The truth is there are so many moving parts in the programs that it is easy to see how even the most sophisticated observers might miss a detail...
...depression. Time is more important than money, if the money is enough to make a good start. It would have been uncomfortable for Secretary Geithner to say out loud that he might well have to come back to Congress for more money. If the damage to credit markets gets worse, Congress will probably be cooperative even if it results in more fighting...
...hardly bears pointing out that during these days of 7.6% unemployment, when the business pages of the local newspaper look more like the obituaries, no industry is doing well - and that includes green business. Wind and solar manufacturers, starved for credit, are cutting back on projects and laying off workers. Whole Foods, the organic food superstore, has seen its stock price drop more than 70% over the past year, and has cut back on planned expansions. Companies - including Time Inc., which publishes TIME and Time.com - have eliminated their sustainability officers, and the business press seems more concerned with plotting financial...
...There are two aspects of the ongoing recession that may come as a surprise to some observers as events unfold. The first will be the failure of central banks to re-ignite credit growth in the ailing banking system. The second will be the failure of governments' debt expansions to increase the cost of funding. In other words, the long end of the yield curve will continue to be depressed, just as it has been in Japan for the past 16 years. In the early 1990s observers in Japan argued that 10-year Japan government-bond yields of 3.5% could...
...yields on U.S. 10-year Treasury notes will fall to between 1.5% and 2% by the end of 2009. This is because the banks are broken and their customers are keen to spend less. The monetary base, the money element that the Fed can control, is a fraction of credit outstanding in the U.S. system ($2 trillion versus $47 trillion). No matter how fast base money is pumped up, the reduction in credit outstanding will overwhelm it. During this phase we should expect credit contraction and its attendant deflationary effects on asset prices and consumer goods and services...