Word: hoards
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...stubbornly insisted that the bailout bill be structured as an asset-purchase plan - it's still called the Troubled Asset Relief Program, or TARP - rather than as a straightforward recapitalization of troubled banks. Treasury has since switched to the latter approach, so far putting $216 billion of the TARP hoard into capital injections. On Wednesday, Paulson said that Treasury has concluded that, for the moment at least, buying illiquid mortgage securities "is not the most effective way to use TARP funds." Instead, Treasury will look to help nonbank lenders involved with credit cards, auto loans and other forms of consumer...
...1990s as bubbles in real estate and stock prices (sound familiar?) burst. Eventually, Japan's central bank drove interest rates to near zero to stimulate the economy. But it was, as the economists say, "pushing on a string." Banks were reluctant to lend because they needed to hoard capital to repair their balance sheets - just as they need to do now in the U.S. Economic growth slowed, and demand for the credit that was available diminished. The result was Japan's infamous Lost Decade: 10 years of low or no growth...
...financial crisis has worsened in recent weeks, hopeful eyes have turned for help toward China, the newest major player on the world stage - and a country that is sitting atop some $2 trillion in foreign reserves, a cash hoard that some economists and U.S. officials believe could be instrumental in shoring up the battered balance sheets of the world's banks...
...brink of collapse, many were surprised to learn that fully a fifth of China's currency reserves was composed of their bonds. Small wonder. Having spent much of the past decade intervening on currency markets to prevent the appreciation of its renminbi, China has accumulated a huge hoard of dollar-denominated bonds. No foreign nation stands to lose more from a U.S. financial collapse...
...Richard to Israel at the same time, warned the authorities that the mop-haired Beatles would exert a dangerous influence on Israeli youth. Mindful of preserving the moral purity of the next generation, Israel's leaders canceled the show under pressure from conservative members of the Knesset. When a hoard of unused tickets to the ill-fated Beatles' concert was found a few years ago, they become hotly pursued collectors' items for wistful Israelis of a certain age. "Our generation grew up on the Beatles culture, but we didn't feel a part of it," says historian Tom Segev...