Word: dollarization
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Dates: during 2000-2009
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...four sides by Harvard-owned property, too much of which seems to be mothballed till who knows when. Harvard’s Allston Development Group has begun construction of the mega-Science Complex, while its new consulting firm prepares a 50-year master plan for the new multi-billion dollar Allston Campus...
...about how this credit crunch would affect the global financial system. “We will certainly see a fundamental shift,” said David A. Moss, a professor of business administration at the Business School. “The implications of the bailout are much larger than dollar value.” The real question is what American taxpayers want the government to do, he added. “By allowing this bailout to go forward, we are putting greater weight on financial stability than financial innovation, and the government will have more responsibility for the financial system...
...seeking too much unregulated cash and power in his effort to stabilize the economy by buying up toxic mortgage-backed securities. He's also asking Congress to lift the ceiling on the national debt to a record $11.3 trillion from the current $10.6 trillion, which could weaken the U.S. dollar, raise interest rates and act as an additional drag on the economy. All that money has led to lots of questions from lawmakers and taxpayers alike. Here are a few answers...
...Will it really cost $700 billion? The dollar estimate of this bailout is just that - an estimate. Think of it as that bubble that slides up or down inside a level: it keeps moving, and where it ends up depends on who's talking. Some optimists think the mortgages the Treasury will buy are basically sound, and that the ultimate loss to the government after it sells them could be as little as $100 billion. Others point to a drop in housing prices of nearly 20% since mid-2006 and say the government's eventual loss could approach $1 trillion...
Only two things stopped the panic. One was Paulson's move to guarantee the money market funds with a special hoard of Treasury money usually reserved for stabilizing the dollar against other currencies. The other was the announcement Thursday night of the plan to lift the bad loans (and the myriad complex assets made up of them) out of the system and put them, at least temporarily, on the taxpayers' balance sheet. If the deal falls through, the panic will almost surely begin again...