Word: plan
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...pump-priming New Deal jobs program to help bolster a wobbly economy. "We need to address the fragility of markets, the stability of our economy," House Speaker Nancy Pelosi said as she prepared to meet behind closed doors to talk about the contours of a $150 billion stimulus plan with a high-powered squad of liberal economists including Joseph Stiglitz and Lawrence Summers, both of whom held senior posts during the Clinton Administration...
...Obama has proposed a similar plan. "We're going to put two million more Americans to work, rebuilding our crumbling roads and schools and bridges," he said last Thursday in Ohio. For those wondering how Washington can afford it, he has an answer that pleases his base, if not his budget-balancers: "If we can spend $10 billion a month in Iraq, we can spend $10 billion right here in the United States, rebuilding America...
Here's their take: it was a big mistake to allow Lehman Brothers to fail, because that just sparked panic in the banking world and led to a seizure of the global system. And they also believe that the $700 billion bailout plan was badly misdirected because it didn't set out to recapitalize the banks in a swift and clear fashion, but rather aimed to buy up the portfolios of toxic assets, which would be far more complicated and time-consuming. Paulson himself is now changing tack and looking to inject money directly into U.S. banks, too, which...
...rest risk crashing down." She didn't exonerate Lehman - "there were certainly bad decisions taken by that bank, bad management," she said. But under the present panicky conditions, no bank should be allowed to go under. That's the motto the Europeans have adopted as part of their plan...
Will the European plans work? There is one hopeful precedent, in Sweden, which in the early 1990s solved its own banking crisis by guaranteeing deposits, injecting huge amounts of liquidity into the banking system via the central bank, and forcing banks to write down the value of their assets very quickly. In describing why that bailout worked, Urban Baeckstroem, the former Swedish central bank president who played a central role in the rescue, has identified some other vital measures. The first is that the Swedish government quickly moved to clean up government finances at the same time as it bailed...