Word: papered
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...even grown as other countries step up their own efforts to guarantee bank accounts and bolster financial firms. In a coordinated swoop, governments around the world cut interest rates; two days ago, in the U.S., the Fed took the unprecedented step of saying it would start buying commercial paper, short-term corporate IOUs, in yet another attempt to thaw frozen credit markets...
This week's moves fit the pattern. But they also show just how far the crisis has spread. The decision to shore up commercial paper will allow companies that are unable to borrow money from either the shadow or the real banking system to have access to the lender of last resort (the government), ensuring that credit still moves in the system - hopefully. And the $700 million program Paulson is steaming ahead with will allow for the clearing of bad loans, and inevitably the orderly failure of companies that invested too heavily in them...
...world still have on their books. In its latest estimate this month, the International Monetary Fund (IMF) calculated that losses on these now virtually worthless securities could amount to $1.4 trillion. So far, banks have written off less than half that. Concern about who is still holding dud paper has gummed up credit markets, with banks refusing to lend to one another for fear that the borrowers may default or may have themselves lent to other banks that could default. That in turn is causing solvency problems for some financial institutions that rely on short-term borrowing to fund their...
Professor Stein: “I think it’s probably right. There was a paper a few years ago where it looked at people’s brokerage accounts and it showed that men traded more aggressively and more stupidly than women. They traded more, they lost more money. And I was always beating up on that in my class, because I thought, well, it could be cultural, it could be gender, it could be something else. But this, I sort of believe this. I think it would be misleading to try and say it?...
...machines. I assume that at one point in time they were rather straightforward, much like computers, cell phones, and Facebook. But whoever “perfected” this contraption should have their eyes stapled shut. For what reason must it be so difficult to duplicate a piece of paper...