Word: failed
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After IndyMac failed, you said you didn't think institutions of any significant size were going to fail. To what extent were you wrong and to what extent was that being in a position where you have to smile? I was trying to provide some assurance in making that statement, and at that time things had not gotten as bad as they are now. I do think people need to understand that we are there and their insured deposits are protected and come what may they don't need to worry about that. Overall, banks are safe and sound. Some...
Could you give the average American an idea of what to expect going forward? More banks will fail, but if people are insured they just don't have anything to worry about. It's still a low probability that their bank is going to fail, and even if their bank does fail their insured deposits are absolutely protected. We really need credit to keep our economy going and deposits are an important part of keeping credit going. We are asking Main Street to keep faith in the banking system and keep their deposits in banks...
...what finally forced Paulson's hand? Pressure mounted from abroad when Ireland, the U.K., France and Germany moved almost sequentially to insure deposits and recapitalize banks--nearly $3 trillion worth. For the Treasury to fail to match that offer would have risked a capital flight by institutional depositors that could have started emptying U.S. banks...
...demands for more money suggest that, as Bair told TIME, "more banks will fail." The FDIC's list of troubled banks jumped from 90 to 117 in the second quarter and will surely grow again. Bair is worried about all the new responsibilities her agency is taking on. The new rescue plan requires the FDIC to guarantee not just the new lending by banks but also unlimited deposits in special accounts used primarily by small businesses for things like payroll. Little wonder Bair is cautious: the new program is expected to cover $1.9 trillion, a stunning 42% increase in total...
...semester’s grades may not be out just yet, but for our nation’s public schools, report cards are looking somewhat dismal. This year, according to newly released state-by-state data, the number of schools failing to reach testing targets under No Child Left Behind (NCLB) was far greater than in any other year. Indeed, children are getting left behind, but not because they’re slow. It’s because the NCLB school bus is trying to go 70 miles per hour in the suburbs. The original NCLB legislation had the lofty...