Word: defaultations
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...frozen, despite the Fed's liquidity fire hose. With WaMu and Wachovia wiped out, the stampede out of bank stocks and bonds will surely claim new victims. As the recession bites, Main Street firms will start going bust too. And the impact on the $62 trillion market for credit-default swaps could be explosive...
...markets and red-in-tooth-and-claw capitalism were the essential underpinnings of successful modern societies. Granted, he has been moving away from such neoliberal fundamentalism for years. I remember a conversation with him precisely 10 years ago - after the collapse of Long Term Capital Management and Russia's default, the last time when it looked as if the market revolution were in peril - when he lamented that neoliberals had "underestimated the revolutionary nature of global capitalism," with its power to upend the familiar landscape and turn it into a churning place of impermanence. But I doubt that even Gray...
...these so-called securities are 'mortgage backed' and the mortgages are in default, would the money be better spent just buying up the mortgages themselves instead of the securities? And re-negotiating mortgage rates to make it more likely that homeowners can pay down their mortgages and hold on to their homes? A number of economists think that buying up the mortgages themselves would make more sense. I think the reason Treasury doesn't want to do it is that it would be a far more time-consuming and labor-intensive process than simply buying securities on the open market...
...profit, are having the toughest time of it. The reason: those students are more likely to use private loans (whose credit standards have tightened), and lenders under profit pressure are less willing to write loans for shorter, one- and two-year programs - especially at schools with historically high default rates...
...Monday the House of Representatives saved us from the greedy fingers of Wall Street. Rather than surrender a single nickel of taxpayer money to the mob that gave us Alt-A mortgages, collateralized debt obligations (CDOs) and credit-default swaps, the House voted down the big bailout. Mr. Market was a very unhappy camper, dropping 777 points and change - or $1.2 trillion in market value. "This is a huge cow patty with a piece of marshmallow stuck in the middle of it, and I am not going to eat that cow patty," vowed Representative Paul Broun, Republican of Georgia...