Word: creditably
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...could accuse Willie Walsh of being downbeat in the face of adversity. "Being the CEO is great," says the boss of British Airways with a chuckle. "You get all the credit. And you get to blame other people when things go wrong." He's joking. He has to be, for if he lived by this credo, he'd have been pointing his finger nonstop in recent months...
...boot. Soon afterward, he unveiled a blueprint for shrinking BA's costs by close to $1 billion, partly through further job cuts. With fewer bills to pay, BA looks set to hit its target operating margin of 10% next year, its highest ever. With its debts reduced, credit agencies have raised the company's rating to investment grade after it tumbled in the wake of 9/11...
While Stewart's George Bailey had to make do with his powers of persuasion and his honeymoon fund to save the Bailey Building and Loan, Bernanke has the full faith and credit of the U.S. government behind him. The Fed can effectively print U.S. dollars at will. It can even, as Bernanke famously suggested in 2002, drop them out of helicopters, if that's what it takes...
...securities you've bought or the corporate loans you've made or the money-market funds you've invested in, it's entirely rational to pull out your money if you can. When everybody does that, though, the system freezes up. It gets called a liquidity crisis or a credit crunch, but the mechanics are the same as those of a bank...
...first big global liquidity crisis came a few years later, on the morning after the 1987 stock-market crash. Fearful banks stopped lending until new Fed Chairman Alan Greenspan restored confidence with reassuring words and piles of cash. Greenspan did the same when credit markets froze after the Russian government defaulted on its debts in 1998. But he was criticized afterward for being perhaps too generous and reassuring and for launching an era of overly easy money...