Word: feds
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...Friedman and Schwartz saw it, the Fed could have mitigated the crisis by cutting rates, making loans and buying bonds (so-called open-market operations). Instead, it made a bad situation worse by reducing its credit to the banking system. This forced more and more banks to sell assets in a frantic dash for liquidity, driving down bond prices and making balance sheets look even worse. The next wave of bank failures, between February and August 1931, saw commercial-bank deposits fall by $2.7 billion - 9% of the total. By January 1932, 1,860 banks had failed...
...Only in April 1932, amid heavy political pressure, did the Fed attempt large-scale open-market purchases - its first serious effort to counter the liquidity crisis. Even this did not suffice to avert a final wave of bank failures in late 1932, which precipitated the first state "bank holidays" (temporary statewide closures of all banks...
...course of the match. Junior co-captain Lily Durwood led the game with 51 assists. “The comeback in the second game was a testament to our team’s strength not only physically but mentally,” Durwood said. “The win fed into our concentration and excitement and really helped us mentally going into the third game.” After edging out the Wildcats in the first two sets, the Crimson lost the third match, 25-21. Harvard came out firing, winning the first three points, but it could not hold...
...more currently outstanding mortgages default, won't the problem just keep going on and on? Yes, that's a big part of the concern at Treasury and the Fed. That economic trouble emanating from the financial system will cause even more people to fall behind on their mortgage payments which will lead to even more trouble in the financial system...
...effects will be invisible. The Yard is undergoing a comprehensive soil restoration project that will revitalize its heavily-trodden grass and, within the next year, eliminate the use of herbicides, pesticides, and synthetic fertilizers. Three organic test plots were implemented in Harvard Yard in March 2008. The plots were fed compost in lieu of conventional chemicals, and have been monitored biweekly for soil health and texture for the past six months. The ongoing results of the plots “exceeded expectations” according to Eric T. Fleisher, who was a fellow last year at the Graduate School...