Word: crediteers
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...Because most of the money earmarked to come from the government into the financial and credit system will not arrive until the second half of the year, unemployment may well be over 9% before aid can support job creation. The retail industry is bleeding jobs. Circuit City has just liquidated, leaving 30,000 people out of work. Unless these newly and soon-to-be unemployed have special skills that will allow them to work in areas other than retail, the economy has no place to employ them...
What a difference a credit crunch can make. In the past year, the FDIC has become the most active dealmaker in the banking industry, taking over 25 banks in 2008, up from just three the year before, and auctioning them off to the highest bidder. Its chairwoman, Sheila Bair, who was early in warning about rising foreclosures, has become a key policymaker in helping resolve the nation's financial crisis. At her urging, Congress in October upped the limit on FDIC insurance, albeit temporarily, to $250,000 from $100,000. The agency is staffing up too, and plans to hire...
...Selling failed banks is never a profitable business. But recently, as the credit crunch has gotten crunchier, the cost of cotton-balling kaput countinghouses has gotten a lot costlier. The FDIC had an average loss (based on deposits) of nearly 30% for the 23 bank deals it did in 2008, for which the FDIC released details, according to financial industry consulting firm Ely & Co. That is more than double the average loss of 13% the agency registered on bank rescues in the 17 years prior...
...Obama camp says that while the swearing-in ceremony may be limited to Protestant clergy, they deserve credit for putting together a diverse cast of supporting characters. "The program of religious leaders that we have assembled for this Inaugural committee has achieved the goal of being one of the most inclusive," says transition spokeswoman Linda Douglass. "Whether at the swearing-in ceremony or the national prayer service or the prayer on the Mall, there are several places where you will hear from all walks of the faith community." The national prayer service that will be held on Wednesday does indeed...
...Perhaps it should. While the death toll was low compared with other recent attacks, the bomber - Shamsullah Rehman, according to the Taliban spokesman who took credit for the blast - was able to penetrate the very center of Kabul. He detonated his Toyota Corolla in front of the German embassy and across the street from a U.S. military base on one of the most well-guarded roads in the capital. The attack took place less than two months after a similar bombing in front of the U.S. embassy that killed four, and just over a year after an audacious commando-style...