Word: franticness
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...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...
...know where Mark Halperin spent his week, but here in the real world, McCain--a "winner" on The Page--looked lost and frantic [Sept. 29]. He praised our economic fundamentals, then redefined them. He opposed the AIG bailout until he was for it. He attacked the U.S. Securities and Exchange Commission, then confused it with the Federal Election Commission. He even misplaced Spain. Senator Barack Obama, by contrast, was calm and reassuring, meeting with economic grownups and continuing his longtime advocacy of the kind of realistic regulations that might have helped prevent the financial catastrophe we find ourselves...
...polls have McCain in free fall now. "John's advisers are sitting around, trying figure out their next Hail Mary pass," the prominent Republican told me. "But most Hail Marys aren't successful. They fall to the ground in the end zone." Sometimes a frantic heave will net a score, but you get the sense that even if McCain stages a last-minute rally, Obama will not be daunted. Under insane pressure - as brutal a year on the stump as I've ever seen - he has kept his head. He is the least angry...
CAMPAIGN SCORECARD [This article contains a table. Please see hardcopy of magazine.] ROUND 1 2 3 4 ISSUE Economy (short-term) Economy (medium-term) Economy (long-term) Demeanor ACTION While Barack Obama was cool, confident and deliberate, John McCain was initially frantic and overheated and seemed as panicked as his advisers--who recognized their campaign could go down the economic drain. Obama was perhaps a tad cautious and reserved but stayed in sync with fellow Dems on Capitol Hill by letting the political benefits of nationwide alarm boost their case. Barring disaster, every aspect of the campaign will...
...fight for international market share. On Sept. 22, Mitsubishi UFJ Financial Group (MUFG), Japan's largest bank, announced plans to pay up to $9 billion for a 10% to 20% stake in Morgan Stanley, one of two major U.S. investment banks left standing. The announcement capped a frantic few days during which Morgan Stanley CEO John Mack sought a saving dose of capital from Wachovia, a U.S. bank, and the China Investment Corp., Beijing's $200 billion sovereign wealth fund, which had already bought 9.9% of Morgan Stanley last December. MUFG joined the fray over the weekend, sources...