Word: feds
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Dates: during 2000-2009
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...Wall Street's bad mortgage-backed debt was not enough to calm credit jitters. Consumer borrowing fell at an annual rate of 3.7% in August, the first decline in over a decade, the Federal Reserve reported yesterday. In a surprise coordinated move with central banks around the world, the Fed sliced interest by half a point on Wednesday morning before the markets opened...
...banker as temporary head of the agency charged with using the $700 billion to lift bad loans out of the financial system. The banker, Neel Kashkari, immediately took bids from companies interested in running a market to price the bad loans. On Wednesday morning, in a surprising move, the Fed announced a half-point interest rate cut in unprecedented coordination with central banks in Asia and Europe...
...system as panicked as Americans' is. "This isn't going to be the new Treasury program that saves the world," says department spokeswoman Michele Davis. "That's not going to happen." But there is a unifying theme that explains much of what the big brains at the Fed and Treasury have been doing. And the efforts this week fit with the pattern...
...major initiatives unveiled by Paulson, Bernanke and New York Fed chairman Tim Geithner over the past months have all been efforts to do for the shadow banking system what was done for the regular banking system in the 1930s. To stop the institutional run on money markets, Paulson announced on Sept. 19 an insurance fund for them that would be backed up by funds usually reserved for currency stabilization. The AIG and Merrill Lynch interventions were attempts to dissolve failing companies in an orderly fashion without panic, as was the Wachovia bailout. The opening of the discount window to investment...
...move into them? So what if people took out numerous credit cards and bought homes they couldn't afford? I had nothing to do with these securitizations, yet my children, my grandchildren and I will be paying for all of it over the next 30 years, thanks to the Fed's bailout. And if excessive lending and borrowing got us into this mess, how is the Fed acting differently by taking out a 30-year mortgage on our nation's future? Please stop the backlash against Wall Street; do not criticize me for my place of business. Kevin M. Nichols...