Word: feds
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Dates: during 2000-2009
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Moore acknowledges that there is also some intriguing data suggesting that diet itself may have a profound effect on behavior. A University of Oxford researcher recently published controversial findings hinting that prisoners who were fed vitamin supplements - and therefore presumably getting well-balanced nutrition - had lower rates of disciplinary events and aggressive outbursts than a control group who were given placebo pills. While the association is preliminary, says Moore, "I think looking at diet is a fairly novel way to think of behavior over the life course...
Milanese social psychologist Chiara Volpato recently wrote that Italy's women are fed up with Berlusconi's antics and their own boobalicious image and are preparing to revolt. In the Madonna-frescoed courthouse in Perugia, a city of churches and narrow lanes plastered with sacred images of mothers nursing holy babies, the professionalism of these Italian women is definitely on the line. They bear little resemblance to their pole-dancing sisters on Berlusconi's channels. They are absolutely fierce, and the defendant, popularly known as Foxy Knoxy, finds no pity among them...
...Federal Reserve didn't think letting Lehman go bankrupt would be a disaster. Those same officials have since argued that the law gave them no choice. But it's also clear that the authorities--then Treasury Secretary Hank Paulson, in particular--didn't want to intervene. The Fed and Treasury had taken a lot of flak for their earlier bailouts of Bear Stearns, Fannie Mae and Freddie Mac. It was time to let the market work...
That brings us to lesson No. 2. Early in the Great Depression, powerful voices at Treasury and the Fed argued that financial crisis was a necessary corrective. "Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate," Treasury Secretary Andrew Mellon advised President Herbert Hoover. "It will purge the rottenness out of the system." This time around, after Lehman went under, no one at Treasury or the Fed talked that way. Instead, policymakers in the U.S. and overseas agreed that the panic had to be stopped at any cost. And it was, through a bailout that placed trillions of taxpayer...
...securities regulation, creating the Federal Deposit Insurance Corporation and segregating commercial banks from Wall Street. It's not obvious that we need such a drastic overhaul now, but the contrast with the 1930s is stark. Ironic, too. By leaving financial markets alone, Mellon and his kindred spirits at the Fed ushered in an economic collapse that led to permanent government intervention in the financial sector. By intervening, Paulson and his kindred spirits at the Fed seem to have headed off a re-enactment of the New Deal...