Word: creditably
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...billion still left from the money that was allocated for the TARP, a great deal of it may be going right back out to banks. The forecast now is that Citigroup (C) could lose $10 billion this quarter. A look at what is happening to consumer credit, LBOs, and the alarming increase in corporate bankruptcies means that Citi may need more than one injection of capital this year. The same holds true for Bank of America and a number of other financial firms which have not yet telegraphed their Q4 numbers...
...quarter profit of $702 million, was the bearer of troubling news, as CEO Jamie Dimon spoke of more hard times to come. "The worst of the economic situation is not yet behind us," he said, noting that the bank's most worrisome businesses going forward are consumer loans and credit cards. (See pictures of scared traders...
...Geithner's view prevailed that week with his boss, Ben Bernanke. A few weeks later, the Fed slashed its key interest rate by half a percentage point, and soon it was trying to figure out other, less conventional ways to deal with the growing crisis in the global credit markets. It has been frantically trying to contain that crisis ever since...
...will be tugging on the economic levers himself - levers that are, thanks to outgoing Secretary Hank Paulson, far more powerful than they had been. Colleagues say Geithner privately acknowledges that the U.S. economy is still sinking fast and the root cause of the problem - the housing bust and ensuing credit crunch - is still very much with the nation. Critics will ask at his confirmation hearing how the incoming Administration plans to prevent things from getting even worse. His personal finances may be called into question, in light of the revelation that he initially failed to pay part of his taxes...
Those days in Tokyo underpin Geithner's current worldview. Remember: Japan went from boom to bust because a credit-fueled housing bubble burst. Sound familiar? The result was Japan's infamous Lost Decade of little to no economic growth. And it was, in part, the withdrawal of Japanese capital from the region that helped set off the Asian crisis in 1997 and '98 - when countries from Thailand to Russia to Indonesia to South Korea devalued their currencies and saw their economies crash. The lesson for Geithner was clear. "From my time in Japan and then dealing with the crisis...