Word: panic
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Dates: during 2000-2009
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...interview with TIME at the height of the panic last month, Geithner described the process of balancing technical indicators of market distress with the human factors affecting the crisis. "Our job is to figure out what the system can bear and mitigate the panic, and we don't depend on what people tell us about that to make those judgments," Geithner said. "But you can tell a lot from what's in someone's voice. And when you have [the leaders of] what are, without a doubt, some of the strongest, best-run institutions in the world [on the phone...
...pillars in the crisis: guaranteeing money-market funds after a run began on them in October; opening the Fed lending windows wide to keep credit from freezing completely; and intervening to wind down big players with a semblance of order, without which we could have seen a retail panic against a Merrill or Wachovia or AIG. As Treasury Secretary, Geithner will play a large role in erecting the last pillar - regulating risk and leverage in the shadow banking system...
...Undergrads traditionally respond with a passive-aggressive temper tantrum that befits the world’s most gifted children. Amid the moans and groans and the predictable panic, they end up looking like that guy from the first Austin Powers movie who gets run over by a slow-moving steamroller—screaming helplessly in terror before being squashed...
...September, Lehman Brothers, a major cog in this system, filed for Chapter 11. In one sense the process worked as designed--much of Lehman lives on under the names Barclays and Nomura. But the resulting run on the financial system sent Ben Bernanke and Hank Paulson scurrying in panic to Capitol Hill to ask for a $700 billion bailout...
...infrequently enough for regulators and investors to blissfully ignore the warning signs that can lead to very real economic pain. Arguing that economic systems reflect human nature, Ferguson said that economists’ over-reliance on mathematical models results in a failure to account for the fear, euphoria, and panic that often drive markets. Combining his expertise in history and economics, Ferguson traced the historical development of the modern financial system. “He bridges two disciplines in a way that makes him really insightful,” said Edwin O. Robinson, an attendee, after the talk. Ferguson questioned...