Word: paulson
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Dates: during 2000-2009
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...stock market, you have to think of it as a forecaster. The market looked into the future and saw a horizon darkened by a complete collapse of lending and the prospect of a long, deep recession. So Paulson and Bernanke changed course, as have some investors. "We can always adjust our retirement plan by a couple of years just to ride this out," says Linda Gallegos, 54, of Golden, Colo. She and her husband Gary have two 401(k)s. "I've been thinking, Oh, my God, this could be bad. But I feel pretty powerless to do anything...
...banking system undergoes its most wrenching overhaul in 70 years, Bair, chairwoman of the FDIC, has become the voice of ordinary passbook holders. Bair was front and center with Treasury Secretary Hank Paulson and Fed boss Ben Bernanke when they announced plans to recapitalize the U.S. banking industry. But the three aren't always in perfect alignment. As guarantor of Americans' $4.5 trillion in deposits spread around in some 8,500 U.S. banks, Bair is trying to balance both the needs of depositors like the storied Mrs. Lobsiger and those of big-name players like Citigroup who help generate much...
...example, Bair was locked in meetings with Paulson and Tim Geithner, head of the New York Federal Reserve, trying to cut a deal that would get the money flowing to the big banks but would also generate enough in insurance premiums to protect the FDIC and thus the individual deposits that millions of Americans think of as safe. Paulson had asked the FDIC to stand behind loans between banks. To Bair, that meant a whole new category of risks on her ledger and the prospect of greater FDIC payouts if the big banks cratered. In the end, Paulson and Geithner...
...crisis has deepened, Bair has insisted that the FDIC's coffers need support. Currently the agency has $45 billion in reserves. That may not seem like much next to the $700 billion Paulson just got from Congress, but Bair notes that in the past, the FDIC hasn't needed much. Even at the peak of the savings-and-loan crisis in the late 1980s, when thrifts were closing at the rate of one a day, the FDIC maintained its perfect record of returning every penny of every insured depositor's money, and Bair has preserved that record through 15 bank...
...structural differences between the Depression era and the crisis we face today are significant. But the most important and consequential differences lie in the realms of ideas and attitudes, especially regarding the role of government. Consider what might be called "the tale of two Secretaries." Treasury Secretary Hank Paulson (along with Federal Reserve Chairman Ben Bernanke, who presides over an immeasurably more potent Federal Reserve system than existed in 1929) has acted with vigor to bring the full powers of the Federal Government to bear in the current crisis. In dramatic contrast, when Herbert Hoover asked his Secretary...