Word: propping
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...there is no Hank Paulson in Europe, nor a precise counterpart to Federal Reserve Chairman Ben Bernanke. Jean-Claude Trichet heads the European Central Bank, but it cannot play the lender of last resort, as the Fed did on Sept. 16 by loaning $85 billion to prop up the U.S. insurance giant AIG. In Europe, governments must act instead...
...finance ministers at least came to a rhetorical agreement to prop up "system-relevant" banks. But which are they, and how many billions does Europe have to deploy? We'll cross that bridge when we get there, the ministers mumbled; meanwhile, we'll wait for the E.U.'s summit on Oct. 15. Share prices, of course, did not wait to plunge even further...
...demise of Bear Stearns and Lehman Brothers, "people have no idea how sound banks are," he says, so "the whole financial system is locking up." The U.S. government's rescue plan should help, and Weiss thinks there's a fair chance that the busted assets it's buying to prop up the system will rise sharply in value as everything stabilizes. But he's by no means confident that the $700 billion bet will be big enough to do the trick...
Stocks continued to slide despite a spate of actions yesterday by Asian governments to stem financial volatility, boost economies and prop up markets. The People's Bank of China cut interest rates for the second time in three weeks, while reducing the reserve requirement ratio for most banks. The Hong Kong Monetary Authority, Hong Kong's de facto central bank, also reduced the interest rate at which it lends to banks by a full percentage point in an attempt to ease credit markets. In India, policymakers promised to continue to act to keep the financial sector functioning. "If need...
...famous Russian mystic. He would sit in the library, sunk deep in an armchair, with a book open on his lap. Roxana hovered by his chair or knelt at his feet. Frederick liked absently to stroke her golden hair, and sometimes when the text was especially gripping he would prop his elbow on her convenient, shelf-like bosom.As the Russian mystic described the life of a peasant in the fields, Frederick lost himself in a visions of cut grass and open skies. His scythe mowed down the green in big, easy arcs. His body was slick with sweat...