Word: fed
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Dates: during 2000-2009
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While Stewart's George Bailey had to make do with his powers of persuasion and his honeymoon fund to save the Bailey Building and Loan, Bernanke has the full faith and credit of the U.S. government behind him. The Fed can effectively print U.S. dollars at will. It can even, as Bernanke famously suggested in 2002, drop them out of helicopters, if that's what it takes...
...Fed failed its first big test--the bank runs of the early 1930s, which it allowed to snowball into the Great Depression. After that, tight domestic regulations and global exchange-rate controls kept financial-market panics at bay for decades, essentially by keeping markets themselves at bay. But when the exchange controls and bank regs proved too inflexible in the 1970s, markets made a comeback...
...first big global liquidity crisis came a few years later, on the morning after the 1987 stock-market crash. Fearful banks stopped lending until new Fed Chairman Alan Greenspan restored confidence with reassuring words and piles of cash. Greenspan did the same when credit markets froze after the Russian government defaulted on its debts in 1998. But he was criticized afterward for being perhaps too generous and reassuring and for launching an era of overly easy money...
...Bernanke's turn. He and his Fed colleagues have sprinkled cash around and made loans to banks, but they've also made a point of moving so slowly and deliberately as to enrage some on Wall Street. Are they getting the balance right? We should know by the time the movie version comes...
...refreshing and indeed surprising to read Andrew Lee Butters' report "A sort of Peace in Gaza." For far too long, we in the Western world have been fed a one-sided view of the Israeli-Palestinian conflict, in which Israel is portrayed as the victim of Palestinian obstinacy and aggression without any questioning why Palestinians are so aggrieved. Those who cared to look beyond the rhetoric of U.S. and Israeli policy and familiarize themselves with the appalling injustice that has befallen the Palestinian people over the past 60 years could not fail to sympathize with their struggle for justice, freedom...