Word: dollarization
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Dates: during 2000-2009
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What is to stop speculators from buying up these bastardized securities for pennies on the dollar anticipating enormous profit when the government buys them at higher rates? The current owners of those securities aren't going to want to sell them for pennies on the dollar if they think the government will come in soon and buy them for dimes. That said, I think Treasury would love it if there were private vulture investors bidding for mortgage assets...
...billion dollar losses and complex financial assets, Santander's fortunes speak to the advantages of a simpler approach. Spain's largest bank "lends to their clients, takes deposits from their clients, and runs a network of branches," says Antonio Ramirez, analyst at investment bank Keefe, Bruyette & Woods in London. "It's quite simple, quite traditional." Focused on retail banking, with limited investment banking operations, and with a long-buoyant domestic market to lean on, Santander side-stepped the toxic assets caught up in the collapse of the U.S. sub-prime mortgage market. Enjoying "good growth at home, they were never...
...Passim hopes to create a traveling archive that will allow students to listen to recordings of legendary musicians, while also learning about culture in the ’60s and ’70s. Passim also continues to strengthen its ties to Harvard students. In addition to offering 10-dollar rush tickets to Harvard undergraduates for special events like their anniversary concert, it has formed a close relationship with Veritas Records, a student-run group that provides musicians on campus the services of a record label. Starting last spring, the club has scheduled roughly two nights a semester for Veritas...
...Asked what impact this trillion-dollar crisis might have on his expansive and expensive array of policy proposals, Obama essentially answered, Maybe none. That's defensible in theory, because each of Obama's big ideas could be, in the long run, good for the U.S. economy. Overhauling the energy sector by selling credits to emit carbon could ignite a big new industry around alternative fuels. Reforming the inefficient health-care system could rein in the cost of insurance and allow employers to put more money into wages rather than into benefits. Drastically improving education ought to lead to a more...
...problem that underlies the financial meltdown in the first place. At every level of American life - from the struggling homeowner who can't afford his mortgage to the failing investment banks that can't meet their collateral requirements to the Federal Government, which can't prop up the drooping dollar - the bottom line is that we've borrowed too much money. We're all over-leveraged...