Word: greates
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Bernanke looks at the economic world from 30,000 feet. That has intellectual value and may even contribute to proper administration of the stimulation necessary to improve the financial system. The disadvantage of seeing the system that way is the world is lifeless when contemplated at such a great distance. It is impossible to see a person out of work from six miles away. Bernanke's academic background allows him to understand that inventories are low and home prices are affordable. He sees a small movement of the needle of the economy and says it is a trend...
...failure to manage real estate risk. Notably, we got individual homeowners into a leveraged position typically with their entire life savings in real estate in one city, in one house. That's very risky. I have one proposal for continuous workout mortgages. Right now we think it's a great thing if banks will give struggling homeowners a workout. Why do we only want to come in after the fact? My vision for our future is that it should be planned for and priced into the initial mortgage. We could update mortgages in a way they protect people from things...
...What we're seeing now is some renewed optimism, and it could develop into something, but it's still too early to know. In the Great Depression we had a recovery after '33-it wasn't a full recovery, but it was a recovery. So it's entirely plausible that we could be there soon. But a full recovery didn't come until 1947/1948. We really messed up our system for now, and it's going to be hard to have a full recovery. But we could have further gains in the stock market and an end to the home...
...found that Senator Sessions is egalitarian." Echoed Senator Chuck Grassley, an Iowa Republican and another long-term member of the committee, "The reason it won't come up is because he has been a member of the committee for a long period of time, and he's showed a great deal of impartiality. And he doesn't hold any of those views." Even the committee's chairman, Vermont Democrat Patrick Leahy, welcomed Sessions: "I get along well with him. I've always kept my word to him and he's always kept his word to me, and that...
...Still, the Administration has already made great strides in opening up to technological innovation. On Jan. 21, his first full day in office, Obama signed an Executive Order calling for all departments and agencies to "establish a system of transparency, public participation and collaboration." At the same time, White House lawyers, working with other federal agencies, sought to create new "terms of use" agreements with private companies that would allow government to sign up for social networks like MySpace, YouTube and Facebook as if they were just another person. What was once the sole domain of adventuresome government agencies...