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...Treasury Department says the TARP funds were never meant to solely prop up failing banks. In fact, officials say one of the criteria for getting funds under the TARP's Capital Purchase Program, in which the government injects money into a bank in return for preferred shares, is proof that a bank could survive on its own. While the Treasury is winding down some of its programs meant to assist the financial sector, it has no plans to end the TARP program early. The Treasury Department says it is still getting new requests from banks for TARP funds. (Small banks...
...undoubted benefit of the U.N. meeting is that it put climate change back in the headlines, at least for a day. Between the recession, the wars in Afghanistan and Iraq, the problems with Iran - even the fact that it hasn't been a dramatically warm year for much of the world - climate change had dropped somewhat on the international agenda. That will always be a risk for this most long-term of challenges, where the penalties and payoffs of policy changes will unfold over decades. "The true test of leadership is to take the long view," Ban said...
...fact, leaders have had no problem taking the long view on climate change; G-8 nations have agreed to reduce global emissions 50% by 2050. But as India's Environment Minister Jairam Ramesh told reporters, "It's the height of dishonesty to have a target for 2050 because none of us will be around to be held accountable." What the world really needs is for its leaders to think short term, to make the hard pledges that are required to start bringing global carbon emissions down. They can start at Copenhagen. And they should remember the words of Mohamed Nasheed...
...sudden flurry of conversation about Xi and his future underscores both how little is known about the inner workings of the Party and the fact the Party itself is struggling to adapt to the blinding speed at which China's society and economy are changing. That fact was acknowledged in the otherwise content-free and jargon-laden Communiqué issued at the close of the Plenum. According to the official Xinhua news agency, the Communiqué stated that "many problems exist inside the Party that run counter to new circumstances and the Party's character, which 'are severely weakening...
...succession is not a done deal by any means," says Beijing-based analyst Russell Leigh Moses. "Not every succession process in China goes exactly as planned." In fact, the uproar surrounding Xi's non-appointment may well be overblown anyway, Moses argues, noting that senior Party officials are still trying to put in place concrete rules on succession and other procedures. "They all agree that there is a problem but they can't agree on how exactly to fix it or where to start," Moses says. "I don't see any signs of impatience inside the Party on this issue...