Word: feds
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Dates: during 2000-2009
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...York Federal Reserve says the second round of TALF lending amounts to just two issues for $1.7 billion in loans, divided roughly equally between auto and credit cards. The $1.7 billion is well below the $4.7 billion in loans from last month. Fed officials say they will return after the holiday weekend to try and get a sense of why the subscription was so light. (Read "Doubts Raised About Government Plan to Boost Consumer Lending...
There are three possible reasons for the shortfall in demand. First, there have been disagreements over terms between some of the dealers who are packaging consumer loans and the investors they want to sell them to. The New York Fed has engaged both sides in several of these disputes and believes it can resolve the problems, says the Fed official. The second potential reason for the TALF shortfall is fear of retroactive penalties from Washington. "There's nervousness about the possibility of retroactive action by Congress," says a government official...
...last possibility may be the most worrying - that there has been a fundamental shift in the appetite for nonbank securitized loans, which previously represented some 40% of U.S. consumer lending. "The Fed and Treasury have said we're prepared to lend up to $200 billion for small business, auto, student and other kinds of loans, but what is the market for them?" says the Fed official. "You still have to figure out what the demand is at this point, because of the state of the economy and whether people are comfortable doing these [securitized nonbank loans...
Zardari's helplessness reflected one reality - the Pakistani army holds the real power in the country - but it also fed the parallel reality of an infantile political class, constantly squabbling, incapable of acting effectively even in a dire crisis. Holbrooke and Mullen saw it firsthand when a shouting match broke out before dinner at the U.S. embassy between a prominent Zardari aide and a leading member of the lawyers' group that had successfully forced the reinstatement of Pakistan's Chief Justice. "They're both moderate, secular leaders," one of those present commented later. "They should be focused on the desperate...
...increased. "There are a handful of extremely wealthy people whose lives have changed dramatically," Suzman told Time before she died. "But the vast majority has been left behind. And there is a very clear link between that nondelivery and the violence and protests we experience. People are getting fed up, and understandably...