Word: creditably
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...wave swamping bank earnings has moved away from being caused solely by derivatives. LBO loans, commercial real estate, consumer credit cards, and corporate bankruptcies are building and will not peak until the momentum in joblessness and falling GDP stops accelerating. That could take well over a year...
...form of the next bailout is not the critical issue. Banks will get the money they need to keep the global credit system from collapse. What is at stake is how the government will handle owning a majority stake in what used to be the pillars of the nation's financial system...
...popular with tourists, was effectively expropriated by the city. The entrepreneurial founder of Kelon, China's most successful refrigerator maker, had his company seized in a backdoor takeover by local officials who then ran it into the ground. Land grabs by officials intent on real estate development soared. Rural credit cooperatives backed away from entrepreneurial finance and morphed into "policy pawns and cashiers of local government." The government abandoned attempts to develop village-level democracy and instead strengthened the Communist Party in the villages. And finally, fiscal and administrative controls were centralized. The result: depressed income growth and slower growth...
...foundation, but Lugar stuck to his guns and issued one final, powerful warning. "I am hopeful that as we go through the history of this, that people will not say, well, Senator Lugar and Senator Kerry and others were prescient; they saw the problems. And we'll get full credit, but that will not be helpful to our foreign policy, to you, your husband and the foundation. And this is why I plea for you really to give even more consideration. It need not be a decision made today, because I appreciate the negotiations have been sizable ... But this seems...
...York Federal Reserve Bank and a vice chairman of the Federal Open Market Committee (which sets interest-rate policy), had quietly been raising red flags among his colleagues. Earlier that month, the European Central Bank had startled traders by pumping close to 100 billion euros into the short-term-credit markets - an unexpectedly massive intervention. It was as if the global financial system had had an angina attack, a brief, unexpectedly painful episode that signaled what a few senior Fed officials were beginning to fear: a full-blown economic heart attack might well be coming. During the Jackson Hole meetings...