Word: happeners
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...Bank failures are bound to happen from time to time. But unlike failures in other industries, a high-profile bank failure can lead to a loss of confidence throughout the banking system, with potentially devastating consequences for the rest of the economy. For this reason, central banks must stand ready, in the case of a potential systemic risk of this kind, to step in as lender of last resort to shore up the failed bank until the crisis can be resolved. In return, banks have to submit to a degree of official supervision unknown to other businesses in a market...
...These things can happen. What is important is how they are dealt with when they do. There was a serious bank failure in the U.K. when Johnson Matthey Bankers collapsed in 1984, while I was Chancellor of the Exchequer. After a few days of abortive attempts to find a genuine private-sector rescue, I authorized the Bank of England to take over JMB, close the business, and sort out the mess, which it duly did. Northern Rock is a larger and more complex case, but the principles are the same. Instead, Brown and his Chancellor, Alistair Darling, spent five months...
...instigated a NATO bombing campaign to defend Kosovo's Albanian Muslims and defuse a refugee crisis. Tom DeLay, then the House majority whip, accused Clinton of embroiling the U.S. in a "quagmire," of "involving the U.S. military in a civil war in a sovereign nation." But that wouldn't happen to America for another four years. No, the Kosovo intervention seemed to turn out pretty well at the time. Most of the province's exiled Muslims returned home. But most of its Serbs promptly fled. And now the Serbs left behind are lashing out against their new overlords, while...
...Renkiewicz. While Davies says those new rules will "add to the risk of failure," Noble argues that it may be worth the occasional mistake if the payoff is averting his nightmare scenario of a passenger carrying a nuclear device or biological weapon onto a plane. If that were to happen, he says, "people will never forgive us." As a personal reminder of what's at stake, Noble has hung in his office two photographs of the Manhattan skyline that were taken before the World Trade Center was destroyed. "It shows us what's possible," he says. "After all, we never...
...dribble,”Lin said. “But he gave me space so I just shot the three. It was good for us, but in the end it comes down to us playing defense and getting stops when you need to and that didn’t happen tonight...