Word: nervously
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Less than a week after the British government sketched an $850 billion plan to steady a nervous banking sector and kick-start a recovery, the details are emerging. Following a flurry of meetings over the weekend, the British Treasury said Monday that it plans to spend as much as $63 billion bolstering the capital bases of three of the country's largest banks, partially nationalizing once mighty lenders in the process. "Today's plan is unprecedented," British Prime Minister Gordon Brown said at a Downing Street press conference, "but essential...
...That status certainly makes the visitor nervous about imposing. What if I stumbled into the monastery in middle of holy mass? Or interrupted the Father at some key moment in his contemplation of divine creation? Or more likely, what if the reason he renounced a life of earthly pleasures was to get away from the likes of foreign journalists for whom he is a fascinating curiosity? Surely someone who chooses the life of a hermit has what those of us who work in the urban corporate economy might call "people issues...
...same period last year. As demand fell, so did prices, and as prices have fallen, investors have begun pulling money out of the oil market, fearing a collapse, says Leila Benali, an expert on Middle East oil for the Cambridge Energy Research Associates in Paris, adding: "People are getting nervous about demand next year. There is talk of a global recession...
...producers have good reason to be nervous. Many are still haunted by a disastrous error made at an Opec meeting in Jakarta in 1999, when the cartel - which produces more than a third of the world's oil - opted to raise its production levels. Within weeks Asian stock markets tumbled, driving world oil prices down to $11 a barrel. Oil officials in Saudi Arabia and elsewhere have cited that price crash as the reason they've rebuffed pleas from President Bush to pump more oil. Says Benali: "Countries have learned the lessons of the past...
...Friday on the seventh floor of the New York Stock Exchange, JPMorgan Chase CEO Jamie Dimon was asked how much more credit crisis is left to play out. "Nobody really knows," he said. "Clearly we're in the panic stage of unreasonable behavior." At the Connecticut offices of UBS, nervous colleagues passed around a joke about why the market was like a divorce but worse: "I've lost half my net worth, and I still have my wife." Off-color humor for off-color times...