Word: markets
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Dates: during 2000-2009
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...financial or chemical nature, the economy depends on Geithner's ability to restore confidence, as President Barack Obama argued in a prime-time press conference on Feb. 9. "My instruction to [Geithner] has been, Let's get this right. Let's create a template in which we're restoring market confidence," he said, later adding, "Ultimately, the government cannot substitute for all the private capital that has been withdrawn from the system. We've got to restore confidence so that private capital goes back in." (See 25 people to blame for the financial crisis...
...Geithner do on Tuesday? To judge by the stock market, which dropped 4% in the wake of his Feb. 10 speech and has largely stayed on its downward trajectory since then, he survived. The Dow rallied from a 13-year low just before he began testifying to a modest gain afterward, then finished the day down again, but by just under 40 points and well off its lows. So much for Florida Republican Ginny Brown-Waite's assertion that every time Geithner speaks in public, "the stock market plummets...
...Washington's conviction that perception is reality, Geithner's fate rests less on how he performs in public than on how his plans fare: the market and most Americans care a lot more about the substance of the Administration's efforts to save the economy than they do about Geithner's thin delivery. Sure, he doesn't seem to fill his suit, and he talks too quickly, and he swallows the ends of his sentences, and he gives the impression of a grad student taking an oral exam, not someone leading the country out of perdition...
...that score, of course, the jury is still out. Geithner and the Administration have resisted outright nationalization of the banks because of the cost, complexity and political hazards of doing so. Instead, they are trying to get the market to price the incredibly complicated mortgage-backed assets that are suffocating the economy by paying part of the cost for private investors to buy them off the banks' balance sheets. At the same time, the Federal Reserve, whose chairman, Ben Bernanke, took his own public flogging on Capitol Hill on Tuesday, is unveiling an aggressive plan to stimulate consumer, small-business...
...coalition governments for the past 12 years. Following the FitzPatrick loan scandal, it emerged that 10 Anglo Irish customers, since dubbed the "golden circle" by the Irish media, were lent more than $560 million to buy shares in the bank - a deal that may have broken laws on market abuse. To date, only a fifth of this loan has been repaid. The government has repeatedly denied allegations of links with the Anglo 10, but despite public calls to name and shame them, the customers' identities remain undisclosed...