Word: crediteer
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Geither was wise to use his unexpected popularity to ask for something that Congress would normally be reluctant to give. Spreading the regulation of the financial and credit systems around to a number of agencies has meant that one never became terribly powerful. Consequently, Congress could always keep its hand in the game by helping to decide which arms of the government should care for the most complex and, at this point, most troubled part of the system...
...profligate investment practices of the financial sector not only caused the current credit crisis but also allowed for the inappropriate compensation decisions of companies like American International Group and Merrill Lynch. Many would argue that the absence of effective regulatory oversight also contributed to both of these problems. However, equating these misdeeds with the financial system itself poses a grave risk to the economy's recovery...
...increase in the rate of home sales was viewed by many as the beginning of a bottom in the housing market. The slide of nearly three years has been blamed for a great deal of the collapse in the banking and credit systems...
...Little wonder. Even before the financial crisis hit last year, Hungary had one of the largest budget deficits in the E.U. Since last September, things have grown progressively worse. Not only has Hungary needed the life support of a US $25.1 billion credit line from the International Monetary Fund, its currency has been in free fall. Since the beginning of this year, the Hungarian Forint has slid 19% against the U.S. dollar, and 13% against the Euro. The government now predicts the economy could shrink by 3% this year, a modest estimate compared to the 7.5% drop predicted by some...
...some worthy priorities" to make his budget responsible. White House aides say that the president has already made significant sacrifices by scaling back his campaign promises in the current budget. To make the numbers balance under a rosier outlook, Obama shrunk the size of the "Make-Work-Pay" tax credit by 20%, to $800 per family. He slowed down his foreign aid spending plans, scrapped a plan to reduce income taxes for the elderly, and proposed higher taxes for wealthy taxpayers who make charitable contributions...