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...Goulletquer applauds governments in the U.S. and Europe for committing to plans to save the world's finance system. Yet one of the main pillars of those rescue packages - guaranteeing loans between banks with the aim of unblocking frozen credit markets that most businesses and households rely on - has not yet provoked the intended reaction. And while it's still fairly early in the bailout game, political and business leaders are already viewing banks with growing impatience ast credit taps remaining shut...
...with the heads of the nation's top banks to urge them to extend loans to creditworthy business and households "without delay or additional constraints." Sarkozy pointedly reminded bank presidents that freeing up such funds - a basic necessity for business development and economic growth - was one of the main reasons governments around the globe have pledged trillions of dollars in tax payer money to rescue the financial system in the first place...
Vanishing Credit One of the main consequences of the financial crisis is that credit will be a lot harder to obtain. That's already happening in the U.K., for example, where the volume of home mortgages approved by lenders fell dramatically in August. Including other forms of consumer credit, total net lending plunged by 86% from its level a year ago, according to Bank of England statistics. Just as Europe's banks were overextended, so consumers in many countries ramped up their household borrowing in the past few years - usually because rising house prices made them feel richer. For policymakers...
Wall Street’s woes have spilled over not only onto Main Street but onto many of Harvard’s graduate school campuses...
Eric M. Leibensperger, a graduate student at the School of Engineering and Applied Sciences, was recently awarded one of the EPA’s Science to Achieve Results (STAR) fellowships. The award will help fund his research, which focuses on two main areas: the effect of climate change on air quality in the United States and the effect of U.S. aerosols on the global climate...