Word: obvious
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...obvious difference between then and now is that Fed Chairman Ben Bernanke has learned from history - not surprising, given that he once studied the Great Depression intensively. Since the onset of the credit crunch in August 2007, Bernanke has repeatedly cut the federal-funds rate from 5.25% down to an effective rate at one point last week of about 0.25%. He has pumped money into the financial system through a variety of channels: in all, about $1.1 trillion over the past 13 months...
...movie, An American Carol. Hollywood's first brazenly right-wing comedy, it borrows Dickens' A Christmas Carol narrative to tell the story of left-wing activist and documentarian Michael Malone, whose disdain for his country runs so deep, he's campaigning to abolish the Fourth of July. An obvious jab at lefty filmmaker Michael Moore, Malone's character is played by Kevin Farley, brother of the late comic Chris Farley. The actor shares Moore's blocky build but not his politics: in real life, Farley is a Republican. So are the actors who play three ghosts who visit Malone...
...most obvious culprits in a legislative meltdown that many warn could take the economy down with it were House Republicans, who had gotten an earful from their constituents disapproving of the bailout and had been strongly against it from the start. After scuttling the first proposed deal last week at a contentious White House meeting, saying they simply didn't have the votes, House Republican leaders forced a renegotiation of the bill, moving it further to the right to make it more palatable to their members. Then, after marathon talks over the weekend, an agreement was struck...
...maybe they're too close to their own beats. Maybe the effect of a credit freeze is so obvious and transparent to them that they can't quite comprehend how anyone could not understand its impact. That's not a service to the audience, but it's the impression I've gotten at times even from business journalists I normally admire. Last night on PBS's NewsHour, for instance, an anchor put the question to the New York Times' Joe Nocera. I've heard him discuss business news in layman's terms masterfully on NPR for years; if anyone could...
...late Sunday at the latest, it was obvious that Fortis had committed a catastrophic folly. Less than a year after the blockbuster deal, the Belgian, Dutch and Luxembourg governments agreed to inject $16 billion into an ailing Fortis, laid low by ongoing uncertainty in global credit markets. In return for the lifeline, each of the three Benelux governments took a 49% share in Fortis' banking units in their own countries. The part-nationalization of Belgium's biggest lender, which, with a worldwide staff of 85,000, is Europe's largest to be bailed out so far since the credit crisis...