Word: hadn
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Dates: during 2000-2009
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...call from a Congressman. Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke were arguing that they needed $700 billion to save the nation's financial system, and the Congressman wanted to know what to make of it all. Chari said he didn't know - he hadn't looked at the data. Policymakers kept talking about how banks weren't lending to businesses or to individuals or even to each other, so Chari pulled numbers to see just how badly the credit markets were frozen. He was surprised: he didn't see much of anything wrong...
...that sort of involuntary lending mean that other potential borrowers were getting crowded out? In a rebuttal to the Scharfstein paper, Chari and his co-authors wrote that they hadn't seen any data showing that banks weren't lending to credit-worthy companies asking for loans simply because certain firms were tapping pre-existing credit lines. "The argument is if you're a new customer walking into a bank, it's impossible for you to get a loan," says Chari. "That story may be true, but there's no convincing evidence that's what's going...
Movie critics secretly believe what so many Hollywood films teach: that even the most ordinary schlubbs can rise to excellence. So this reviewer was happy to salute the recent films of two Hollywood types who previously, to put it politely, hadn't made masterpieces. This summer, Adam Sandler dispensed with his standard idiot character and his movies' gay-baiting infantilism to play a borderline adult in the rambunctious, satisfying You Don't Mess With the Zohan. Director Adam Shankman, who had slummed in Disney comedies about exasperated adults and the sassy kids in their care (The Pacifier, Cheaper...
...flocked to the South to avoid Detroit's high-cost culture. But while southern auto employees extol the union-free, right-to-work rules of their states, the truth is that they might still be earning the basement-level wages of a Mississippi textile worker today if the UAW hadn't leaned on the likes of Mercedes in Washington. "Mercedes wanted a much lower pay scale when it arrived here," says Cashman, who notes that veteran southern autoworkers now earn "only fractionally less" than the average $27 an hour for Detroit workers (and often end up with more, thanks...
Abraham Lincoln went to the theater one night in 1865, and Andrew Johnson became President the next morning. Because Johnson hadn't been elected to office, Congress became very angry whenever he vetoed a bill - who did he think he was, anyway? - and in 1867 the House Judiciary Committee drew up a long list of complaints about him and recommended that he be impeached. The vote never passed and was shelved until 1868, when Johnon fired a political rival, Secretary of War Edwin Stanton - in violation of the Tenure of Office Act, which said that the President couldn't remove...