Word: papers
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Geithner's success in convincing the world that hedge funds would use government money to buy bank paper of questionable value was all the more extraordinary because so few experts believe that the plan has any chance of working. It may be that the markets have been through such a long cycle of hopelessness that they are ready to grasp at any straw...
There has been little definitive discussion of the actual benefits of the Treasury's new program that will fund the purchase of toxic assets from banks using federal money, and then allowing private money managers to purchase and trade this paper. There has only been speculation about the outcome, and that has been over a broad range. Prominent economists, led by James Galbraith and Paul Krugman, have said that the plan may actually do more harm than good. In the Treasury's corner, Pimco, the largest fixed income management firm in the U.S., endorsed the Administration's plan. "This...
...agency suggested changing a number of its ratings-based regulations since the use of the NRSRO designation "may have encouraged investors to place undue reliance on the credit ratings issued by these entities." One example: money market mutual funds, which are currently only allowed to hold high-grade paper. High-grade - as defined by the ratings agencies. In comments responding to the proposed rule change, sellers of money market funds balked at the idea of not being able to use the ratings agencies' opinions as a way to get the regulatory greenlight. That proposed rule hasn't gone anywhere...
...this new era, everybody must begin to account for his or her behavior. Wall Street executives cannot get fat on paper profits from powder-keg transactions. Government regulators cannot take long lunches to toast the invisible hand. Investors cannot expect new bubbles to bailout their busts. Congress cannot send home boondoggle pork projects while whining about government spending. And the President of the United States shall no longer have the liberty to dodge the big issues. He will have to lead by example and make the hard choices. (See who's who in Obama's White House...
...recent Pew study found that fewer than half of Americans say that losing their local paper would hurt their civic life "a lot" and even fewer say they would miss reading it, partly, it seems, because they get their local news from other media, mostly TV. But since papers are the primary source for most other news outlets, a major link will be missing from the news ecosystem. If a paper does not cover a story, it is unlikely to be covered in the broadcast media, whose reporting staffs tend to be even smaller...