Word: feds
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Dates: during 2000-2009
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...weight of history has become too heavy. As the events of the last week unfolded, ad hoc solutions from Bernanke’s Fed and the Treasury, led by the vigorous former Goldman Sachs CEO Henry M. “Hank” Paulson, proved unable to bring lasting calm to the market: Neither lower interest rates, nor greatly expanded liquidity helped thaw frozen credit markets. Even after brokered shotgun weddings like those of Merrill Lynch and Bank of America or Bear Stearns and JP Morgan Chase, what Professor Kenneth Rogoff once called the “flagship?...
...Thursday evening, however, the Fed and the Treasury proposed a more fundamental solution to the meltdown, and it curiously seems to embrace the idea of eternal return. The bailout package sent to Congress envisages the purchase of toxic mortgage-related assets from banks by a government agency directly dependent on the Treasury. It has a direct precedent in the Resolution Trust Corporation (RTC), an institution created during the Savings and Loans crisis to avoid dumping real estate assets after bank failures, and thus to avoid a further decline in real estate prices through the usage of federal funds. The current...
...History is not in vain. Not only does it offer memories, but also precedents. And those precedents may continue to make housing crises recur. Perhaps next time a scholar of the 2008 housing meltdown will be Chairman of the Fed...
...pressed to say which bailout was the most egregious in Randian terms, but suggested that the takeover of AIG by Treasury and the Federal Reserve was particularly troubling because there is a chance that the government will actually profit from the selective sale of AIG's assets someday. "The Fed might make a lot of money on the AIG deal," he said. "We're turning the Federal Reserve into a hedge fund...
...government this week "are victims," he said, "and the government set it up." Washington underreacted to previous crisis, let Fannie Mae and Freddie Mac spin wildly out of control as quasigovernment agencies while taxpayers piled up unsecured debt in their names. The crisis, he added, was "really fed throughout by government policies...