Word: fed
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Dates: during 2000-2009
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...amounts to the biggest debt transfer since money was created, Lehman Brothers goes broke, and Merrill Lynch feels compelled to shack up with Bank of America to avoid a similar fate. Then, having sworn off bailouts by letting Lehman fail and wiping out its shareholders, the Treasury and the Fed reverse course for an $85 billion rescue of creditors and policyholders of American International Group (AIG), a $1 trillion insurance company. Other once impregnable institutions may disappear or be gobbled...
...regulatory approach had continued into the Bush years, some emerging financial market excesses might have been nipped in the bud. Until very recently, the Bush Administration has showed no interest whatsoever in tightening financial regulation, and at the Federal Reserve Alan Greenspan was if anything even less interested. The Fed had the power to impose stricter mortgage lending rules even on non-banks, which it finally did earlier this year - banning, among other things, the making of loans "without regard to borrowers' ability to repay the loan from income and assets other than the home's value." Greenspan, though, rejected...
...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...
...trans fats myself, I am still uncomfortable with the government legislating what we can or cannot eat.” Richey alluded to recent bans on foie gras in cities such as Chicago and Los Angeles. The French delicacy remains controversial because geese and ducks are force-fed to enlarge their liver. Augustus co-sponsored a similar state ban on foie gras in Massachusetts, but the issue has yet to gain sufficient traction. Students at Harvard said they were concerned that the ban could increase menu prices at local eateries. “I’m not sure...
...Sanlu scandal has revived longstanding concerns about the safety of Chinese products. In 2004, 13 babies in eastern China died after they were fed milk made with powder that contained little nutritional value. That incident, know as the "big headed babies" scandal because the malnourished children developed swollen heads, touched off domestic demands for greater scrutiny of Chinese food products. Last year, the food supply chain became an international concern when a series of faulty export products were uncovered including fish contaminated with banned drugs, toothpaste and cough syrup made with toxic chemicals and lead paint used on toys...