Word: parallelisms
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...Goff said. “We will have folks like Niall Ferguson and Larry Summers who are in a unique position to speak about the crisis.” Business School professor F. Warren McFarlan ’59, who is in charge of organizing the summit, noted the parallel between the current financial situation and that of when the Business School was founded, six months after the Panic of 1907. “[The aftermath of the Panic] was the beginning of the modern financial regulatory era,” McFarlan said. “It?...
...result was a parallel system almost as big as the banking system that had none of its post-Depression stabilizing pillars: no deposit insurance, no access to the lender of last resort, no resolution regime and only a patchworky, inadequate framework of restraints for risk-taking. In the old system, Americans' deposits in regular banks financed the system. In the shadow banking system, Americans' deposits in money market funds provided the asset anchor. As AIG teetered on the brink in mid-September, a run began by institutional investors on the money market funds...
...driver’s ed., the instructor thoughtfully called my parents to give them a casual heads-up on what skill they could help me perfect before the big day. Grateful for this courtesy, my mother anticipated a suggestion that I might put a little extra time into, say, parallel parking. Three point turns, maybe? Hell, even “coming to a slow stop” would have been less shameful than what the instructor actually had to say: “I think Katie might benefit from more practice on her right hand turns...
Incongruity rules. For Post-Ike Galveston, like Post-Katrina New Orleans, the weather has been glorious. As the suns falls in the west, the brown pelicans head eastward, as they always do, to the wetlands, flying parallel to the 10 mile seawall that islanders had hoped would have held back the surge. As the birds head home, a constant parade of dump trucks line up in a parallel path heading west along the seawall road to a massive emergency landfill by the airport. The city expects up to 1.5 million cubic yards of debris will be removed from homes...
...this, however, will not be enough to blow out the deal, because the consequences of a collapse in the so-called shadow banking system would be much worse. Over the last 20 years Wall Street built what amounted to a parallel finance system that was specifically designed to avoid the banking safeguards implemented after the crash of 1929, which limited how much an institution could be leveraged in exchange for stability. The shadow system grew nearly to the size of the real banking system, and its demise now threatens both. "As much as I don't want to be here...