Word: hugeness
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Henry Paulson is a very confident guy. Sitting in his office Wednesday morning before heading up for a second day of grilling in front of skeptical members of Congress, the Treasury Secretary seemed certain he'd get the massive new powers and huge sums of money he's asking for, despite the feverish horsetrading and recriminations still unfolding on the Hill. "I believe we're going to get a bill that works and a clean bill," he told TIME. "It certainly won't be exactly what we asked for, it never is, but it's got to be sufficient...
...Wall Street could spread to Main Street with very painful consequences. "We just haven't communicated as well as we need to," Paulson acknowelged this morning. "The average American looks at this as being about Wall Street, and they're angry, and I'm angry too. There have been huge excesses and flaws in the system, but the average American doesn't understand the implications this has for them: money needs to flow through the system so that every American business virtually every day can operate the way it needs...
Senators and Representatives feel most keenly uncomfortable about the nasty politics of the deal. In an election year dominated by a bad economy, it's not good to throw huge money at a bunch of Wall Street firms, especially when each party is worried the other is going to bluff and ultimately try to use the deal as a populist rallying cry. This is compounded by the fact that Paulson just happened to lead one of the biggest market players, Goldman Sachs, before coming to Treasury. In that role, he acknowledges, he placed a lot of the bad debt that...
...there have been huge excesses and flaws in the system. But the average American doesn't understand the implications this has for them, because if money doesn't flow through the system the way it needs to-money needs to flow throughout the system so that every American business virtually every day can operate the way it needs...
...successful space mission as a welcome fall extension of its Summer Olympic glory. "When combined with a successful Olympics, it becomes very difficult for China to be [seen] as a developing country," says Yan Xuetong, director of the Institute of International Studies at Tsinghua University in Beijing. "With the huge amount of money spent and the high-tech capacity, the two things will make the world believe that China is a developed country, not a developing country...