Word: crediteers
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...Danner, executive vice president of the National Federation of Independent Business, says most of his 350,000 members are "some combination of nervous, scared, in the trenches. At the moment, credit is not a problem only because they're in survivor mode, waiting to see if they're going to have customers tomorrow." David Guernsey, who owns an office-products firm in Chantilly, Va., knows the feeling. While less expensive items are selling, purchases of office furniture that are normally bank-financed are lagging. Customers are telling his sales staff, "We just need to circle the wagons and wait this...
...poorly regulated banking system had managed to wobble its dysfunctional way into the modern era. Some 25,000 banks--most of them highly fragile "unitary" institutions with tiny service areas, little or no diversification of clients or assets, and microscopic capitalization--composed the astonishingly vulnerable foundation of the national credit...
...World Bank and the WTO has nurtured habits of international economic cooperation in times of crisis, as witnessed by the recent round of consultation among the G-7 countries and the coordinated efforts of finance ministries and central banks around the world to restore confidence and liquidity in the credit markets...
Recent events have demonstrated, though, that rampant globalization has outpaced intellectual and political innovation. Exotic investment instruments like credit-default swaps and collateralized debt obligations have eluded meaningful monitoring, baffled regulators and investors alike and raised hob with markets worldwide. What is now manifestly needed is a round of creative institutional invention like what the New Deal gave us. Then history will have repeated itself neither as tragedy nor as farce but as common sense and consequential reform...
...L.B.J. at all, and a lot of people would say that the L.B.J. in press conferences and in public was not nearly as effective. That L.B.J. probably couldn't get a lot done. But the L.B.J. in private was able to get things done, and you could--you can credit that type of personality, that kind of temperament, where he was sort of hot and cold to Congressmen and Senators, that he would sort of reel them in, push them back, reel them in. I mean, it wasn't just intimidating them; it was also reeling them in. The number...