Word: feds
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...least since the founding of the Fed, our banking system has been a public-private partnership. Apart from a few on the libertarian right who think we'd be better off with no government involvement in banking and an even smaller group on the socialist left who would like to see complete government control of the financial system, almost everyone seems to be in favor of continuing that partnership. What confronts us at the moment is not so much a philosophical debate over nationalization as a practical discussion about how best to put the banking system back on its feet...
...Paulson approach was to throw money at good banks and bad alike, so there would be no stigmatized bad ones--in return for preferred shares that promised income for taxpayers but no direct federal control. In the context of the imminent collapse of the financial system that Paulson and Fed Chairman Ben Bernanke feared, this was understandable. Now it's time for a different approach...
...next stop 5,000 or 10,000? After Tuesday's 236 point gain, spurred on by Fed Chairman Bernanke's upbeat talk of an economic recovery in 2010, investors saw a glimmer of hope...
...least of which is the level of cash holdings by private households and businesses as a percent of GDP - it's at a post-World War II high. There's so much sideline buying power - dry powder - and everywhere you look and it shows up in the Fed's statements. Part of this is because the Fed is dumping so much in [to the economy] and part because people have gotten very liquid and "safe." (See pictures of the top 10 scared traders...
...turnaround in Anbar, said Kelly, wasn't the 30,000-strong U.S. surge, which sent relatively few reinforcements to Anbar. Instead, the local population - mostly Sunnis who had largely supported the insurgents - grew so fed up with the brutality of the al-Qaeda element that it rose up against the insurgency. Tribal sheiks who had once fought against U.S. forces began to work with the Marines in a tacit "the enemy of my enemy is my friend" alliance. "If the objective is zero violence in the nation of Iraq, it's impossible," Kelly said. "But if the objective...