Word: panics
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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...
...governments and big bankers in his spare time, or that he has pictures of himself handling snakes decorating his office. The key reason he thinks he'll win this encounter with Congress is that this is one deal that really must get done. Last Thursday the great American credit panic of 2008 was on the verge of halting the country's financial circulatory system. Anyone with money to lend was hoarding it and big institutions were starting a run on the money market funds that hold the hard-earned savings of millions of Americans and support $1.7 trillion in short...
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...
...crisis at the beginning of last week, he had a team up literally all night working with the Federal Reserve to frame a deliberately vague proposal that could make it through Congress. The key issue was to get something that could pass, and quickly, as failure would produce a panic that would be unstoppable. What they came up with was the broad, three-page plan giving the Treasury $700 billion to buy back Wall Street's toxic mortgage-backed assets and eventually repackage and sell them...