Word: feds
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...regulatory approach had continued into the Bush years, some emerging financial market excesses might have been nipped in the bud. Until very recently, the Bush Administration has showed no interest whatsoever in tightening financial regulation, and at the Federal Reserve Alan Greenspan was if anything even less interested. The Fed had the power to impose stricter mortgage lending rules even on non-banks, which it finally did earlier this year - banning, among other things, the making of loans "without regard to borrowers' ability to repay the loan from income and assets other than the home's value." Greenspan, though, rejected...
...positive sign in this week's mess is that both the turf battles and unyielding attachment to deregulation have been abandoned, perhaps forever. The Fed and Treasury have together seized de facto control of the regulation of all financial institutions of significance, and nobody at either agency seems willing to believe anymore that financial markets are invariably right. In March, Treasury Secretary Hank Paulson proposed a system in which there would be one regulator (the Fed) in charge of market stability, another tasked with prudential regulation of institutions that rely on government guarantees (at the time it meant just banks...
...this time we've been fed not one, but a series of promises that aren't worth the subprime paper they were printed on. First, there's the one about the price of real estate never going down. It got repeated so often that even banks and mortgage lenders who should have known better started to drink their own Kool-Aid and lowered their lending standards. It was a mantra compounded by the hard sell that real estate agents used all over the country: Get in now, because it's going to be more expensive tomorrow. Hope you weren...
...York Fed asked Goldman Sachs and JPMorgan Chase & Co. to try to arrange a $70 billion private loan for AIG, but that didn't go anywhere. Treasury officials mulled a government conservatorship as with Fannie Mae and Freddie Mac, but it might have required an act of Congress to make that happen. So the Fed devised a deal in which AIG agrees to repay the loan with asset sales and give the government (and thus taxpayers) a 79.9% equity stake in the company...
...Sanlu scandal has revived longstanding concerns about the safety of Chinese products. In 2004, 13 babies in eastern China died after they were fed milk made with powder that contained little nutritional value. That incident, know as the "big headed babies" scandal because the malnourished children developed swollen heads, touched off domestic demands for greater scrutiny of Chinese food products. Last year, the food supply chain became an international concern when a series of faulty export products were uncovered including fish contaminated with banned drugs, toothpaste and cough syrup made with toxic chemicals and lead paint used on toys...