Word: risk
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...system." This time around, after Lehman went under, no one at Treasury or the Fed talked that way. Instead, policymakers in the U.S. and overseas agreed that the panic had to be stopped at any cost. And it was, through a bailout that placed trillions of taxpayer dollars at risk. It was expensive, messy and unfair. It struck many people as un-American. But it worked. "I've abandoned free-market principles to save the free-market system" is how President George W. Bush described it last December...
...speech on Wall Street Sept. 14 that "normalcy cannot lead to complacency." But normalcy is leading to complacency. Consider the financial reforms that Obama's Administration wants to push through Congress: the big ones are creating a Consumer Financial Protection Agency, giving the Federal Reserve the job of systemic-risk regulator and establishing a "resolution regime" to wind down troubled nonbank financial institutions (like Lehman) and complex bank holding companies. Steps in the right direction? Probably. Truly major reforms? Not so much--and even they may not win congressional approval...
Genetics Professor Frederick M. Ausubel, who will use a Transformative research grant to work on solutions to antibiotic resistance, said that one of the difficulties of conducting high-risk research is that people are reluctant to fund a project if there is no guarantee that the results will be relevant...
...time a developing country will host the Commonwealth Games. Last week, Delhi got pulled up for its tardy preparations by Commonwealth Games Federation chief Michael Fennel. In a letter to the local organizing committee, Fennel wrote that it was "reasonable to conclude that the current situation poses a serious risk to the Commonwealth Games in 2010." (See TIME's photo-essay "The Tempestuous Nehru Dynasty of India...
Other analysts say there is too much at stake for that to happen anytime soon, but that the risk is real. "The cease-fire will likely hold - imperfectly - because the alternatives are worse," says Aaron Miller, a former adviser to six U.S. Secretaries of State on Arab-Israeli affairs and a public-policy fellow at a Washington think tank. "Hamas achieved gains - propaganda; largely the leadership survived; and they still control Gaza. The Israelis got an end to high-trajectory rocket fire into Israel. If either of those objectives are undermined, then things could start up again...