Word: fallout
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...Bailout Fallout This notion of a government bailout is not a question of liberal vs. conservative but one of right or wrong [Oct. 6]. This one is wrong. The burden will fall on the people who need this money much more than greedy executives do. The executives should go down, just as any of us would have to. I realize the economic implications, but this country was built on sacrifice, and we may have to sacrifice again. Nicholas Gamba, Sayreville, New Jersey...
Even hints from Federal Reserve Chairman Ben Bernanke, testifying on Capital Hill today, of a possible rate cut did not help. His prognosis that slow growth in the American economy, not inflation, is now the Reserve's primary concern only added bad news to a day that included fallout from yesterday's after-hours Bank of America announcement that it will need to cut its dividend and raise $10 billion in capital. The bank, which has acquired Countrywide Financial and plans to do the same with Merrill Lynch, dropped almost 25% on the announcement. Morgan Stanley shares also plummeted...
...fears that the fallout from the U.S. subprime mess might cripple reform of China's financial system - now only partly open to the world - may be overwrought. Earlier this week Beijing sent a clear signal that, notwithstanding the mess in the U.S. and Europe, it still seeks to develop, slowly but surely, a more sophisticated capital market. China's State Council has approved a plan to allow margin trading and short-selling, giving domestic investors in China's A-share market "new opportunities to hedge and leverage their positions," says Jing Ulrich, head of China Equities at JPMorgan Securities...
...future risks for China, most analysts believe, are tied more to the second-order effects - the global macroeconomic fallout from the crisis - than to the subprime credit crunch itself. "China's exposure comes from its concentrated bet on the dollar and the risk that the U.S. policy response to a slowing economy and investors' aversion to U.S. debt will combine to put pressure on the dollar going forward," says Brad Setser, a former U.S. Treasury Department official now at the Council on Foreign Relations. That would mean further upward pressure on China's currency, the renminbi, at a time when...
...city's third-term mayors, of whom there have been four; the most recent, Ed Koch, saw his popularity plummet during a tumultuous final term. A third Bloomberg administration would be forced to confront massive challenges, not the least of which would be steering the city through the fallout from Wall Street's implosion while coping with budget cuts. Even if Bloomberg secures a third term, there's no guarantee his legacy would emerge unscathed. We have an electoral system in place to throw bad politicians out of office; term limits, by contrast, can protect good ones from themselves...