Word: panic
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Dates: during 2000-2009
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...housing crash and resulting credit crunch are already forcing U.S. households to retrench. Government--fearing disaster if everybody retrenches at the same time--has stepped into the breach. Again, that makes sense in a crisis. But once the panic has passed, the U.S. will simply be steering toward another, even bigger, crisis unless it finds something to replace debt as its No. 1 export...
...investment bank Lehman Brothers slide into oblivion and then ushered another, Merrill Lynch, into the arms of Bank of America. Just the night before, the trio had wrapped up a deal to rescue insurance giant American International Group and gone to bed praying it would halt the panic and worrying it wouldn...
...going to strike? No--it coughs up a half-digested mouse, leading me to assume that the snake is as queasy about giving me a massage as I am about getting one.) When Barak plops a writhing tangle of snakes on my belly, their first reaction, and mine, is panic. They race away in six directions, and she patiently plops them back, braiding them together to slow their getaway...
...Once my panic subsides, I can focus on the snakes moving across my skin. They're cool, dry and smooth. It's not unpleasant, except when a tiny one stops to nibble on my eyelashes. Their presence stirs something deep and peaceful in me. I come away relaxed and curiously light-headed, though I don't feel the urge to buy myself a python to continue this therapy at home...
Only two things stopped the panic. One was Paulson's move to guarantee the money market funds with a special hoard of Treasury money usually reserved for stabilizing the dollar against other currencies. The other was the announcement Thursday night of the plan to lift the bad loans (and the myriad complex assets made up of them) out of the system and put them, at least temporarily, on the taxpayers' balance sheet. If the deal falls through, the panic will almost surely begin again...