Word: dollarization
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...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...
...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...