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...Friday. The first championship series was in 1969, the year baseball added four new franchises: the San Diego Padres, Montreal Expos, Kansas City Royals, and Seattle Pilots (who moved to Milwaukee the following year and became the Brewers) giving both leagues twelve teams each. Prior to that year, the regular season champs from each league went straight to the World Series. So when cellar-dwellers like the New York Mets and the Houston Astros got stuck in ninth or tenth place early in the season, their pennant hopes were crushed by the middle...
Australian Special Forces in Afghanistan have a fearsome reputation for capturing and killing high-value Taliban targets in Oruzgan, a lawless province southwest of Kabul. The aggressive approach of the Special Air Service regiment and Army commandos complements the regular forces' efforts to win hearts and minds by providing security and building roads, bridges and hospitals...
...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...
...major initiatives unveiled by Paulson, Bernanke and New York Fed chairman Tim Geithner over the past months have all been efforts to do for the shadow banking system what was done for the regular banking system in the 1930s. To stop the institutional run on money markets, Paulson announced on Sept. 19 an insurance fund for them that would be backed up by funds usually reserved for currency stabilization. The AIG and Merrill Lynch interventions were attempts to dissolve failing companies in an orderly fashion without panic, as was the Wachovia bailout. The opening of the discount window to investment...
...most worrisome about the current crisis, and the latest moves it has necessitated, is that it shows how badly the shadow banking system has managed to undermine the traditional banking system by incentivizing those bad loans. Fueled by the shadow system's demand for loan-based derivatives, enough regular banks issued lousy loans that now they too are failing, hence the fate of Washington Mutual and Wachovia. In the worst case of an unchecked, full-blown panic, even banks that operated cautiously within the post-1929 safeguards could be vulnerable. At that point, Paulson and Bernanke would have to resort...