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...even clear how Geithner would run such a complicated sale. Previously he talked about using an auction or a reverse auction (in which sellers bid prices lower to attract buyers). Now Administration officials say they may just expand a new program run by the Federal Reserve. That program, the Term Asset-Backed Securities Loan Facility (TALF), is designed to spur consumer lending by stimulating sales of securitized consumer loans. The New York Federal Reserve has had to extend the application period because of market qualms, though Talbott says interest is building...

Author: /time Magazine | Title: Geithner Faces Questions as He Prepares to Roll Out Toxic-Asset Plan | 3/17/2009 | See Source »

...turning out to be the most cumbersome and embarrassing of the government's neighborhood improvement projects. Word made it out recently that employees in the division that caused most of AIG's losses would be getting $450 million in bonuses. Some of the media put the number lower than that, but Congress and The White House have already complained loudly that any amount of money paid to an operation that helped undermine AIG's viability should get nothing. Edward Libby, the feckless former head of Allstate (ALL) who was brought in to turn AIG around, apparently did not know about...

Author: /time Magazine | Title: AIG's Bailout and the Price of Doing Business | 3/16/2009 | See Source »

...back to pavement-pounding with a springier step. Send a letter or an e-mail (info@rabbithillinn.com) by June 1, 2009, explaining your story in one page or less; you'll be notified by June 30 if you're invited. Rabbit Hill Inn Getaway Giveaway, P.O. Box 55, 48 Lower Waterford Road, Lower Waterford...

Author: /time Magazine | Title: Unemployment Special: Travel Steals and Freebies | 3/16/2009 | See Source »

Unfortunately for developers like him, that does not appear to be forthcoming. The central government, in the just completed National People's Congress, offered new subsidies only to create more "affordable" housing for lower-income citizens and stiffed the more high-end developers, despite a fierce, behind-the-scenes campaign to press for help among big property developers. In fact, the outcome - more subsidized housing (about $4.8 billion worth) for relatively low-income citizens - is exactly what most developers didn't want to happen, because they look at the lower cost housing as just more competition in an already glutted...

Author: /time Magazine | Title: China's Own Version of the Real Estate Bust | 3/15/2009 | See Source »

...prospect now is that the deflation evident in the housing market may intensify. As Zheng Jia, 35, who sells medical equipment in Shanghai, said after a weekend looking at villas in suburban Shanghai: "Why buy now, when prices may be lower a month from...

Author: /time Magazine | Title: China's Own Version of the Real Estate Bust | 3/15/2009 | See Source »

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