Word: facto
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...estate assets after bank failures, and thus to avoid a further decline in real estate prices through the usage of federal funds. The current proposal is explicit about its monumental cost: $700 billion, a sum larger than the 2009 budget of Medicare and Medicaid, which also dwarfs the de facto nationalization of Fannie Mae and Freddie Mac just weeks...
...positive sign in this week's mess is that both the turf battles and unyielding attachment to deregulation have been abandoned, perhaps forever. The Fed and Treasury have together seized de facto control of the regulation of all financial institutions of significance, and nobody at either agency seems willing to believe anymore that financial markets are invariably right. In March, Treasury Secretary Hank Paulson proposed a system in which there would be one regulator (the Fed) in charge of market stability, another tasked with prudential regulation of institutions that rely on government guarantees (at the time it meant just banks...
Take the manufactured Oprah-Palin controversy. Oprah Winfrey endorsed Obama in 2007 and said she would not have him or any other candidates on her show again until after the election. The Drudge Report ran a story that Oprah had "banned" Palin, although 1) Oprah had also de facto "banned" McCain, Joe Biden and Obama, and 2) it's uncertain that Palin even wanted to be interviewed by Obama's most famous backer. Nonetheless, it became a big story. Tom Brokaw asked whether Oprah's decision was "élitist," probably the first and last time the term will ever...
...Hirst was the de facto leader of the pack and a bad boy at the center of every party. He drank heavily and knew all about the business end of a cocaine straw. A turning point came when he met Frank Dunphy, his genial but very shrewd business manager and empire builder. Dunphy is a 70-year-old Irishman who once handled the books for acrobats, jugglers and "exotic" dancers. In the mid-'90s he agreed to help Hirst straighten out a tax problem. Hirst says Dunphy promised to make him money. "I said, 'You're an accountant - you mean...
...Sarkozy's Syria visit may prove conveniently prophylactic in other ways, too. In the wake of the Russia-Georgia conflict and Moscow's de facto occupation of South Ossetia and Abkhazia, Assad declared his support of Moscow amid widespread international condemnation. Assad even proposed that Syria host Russian missile systems to counter the interceptor system the U.S. is establishing, over Moscow's objections, in Poland and the Czech Republic. The Russians promised Assad military training and arms sales during his visit to Moscow late last month...