Word: rogoff
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...Paulson, proved unable to bring lasting calm to the market: Neither lower interest rates, nor greatly expanded liquidity helped thaw frozen credit markets. Even after brokered shotgun weddings like those of Merrill Lynch and Bank of America or Bear Stearns and JP Morgan Chase, what Professor Kenneth Rogoff once called the “flagship” American sector, the financial services industry, seems to have no bottom...
...It’s a very, very difficult situation,” Rogoff said in a phone interview yesterday. “You really can’t overstate it. The whole system is incapacitated—I just don’t see how to clean...
...Rogoff agreed, and speculated that there may not be any standalone investment banks left by next week...
...Rogoff and Frankel both said that the Fed is best positioned to walk the tightrope between encouraging future risky behavior by intervening too much, and potentially damaging the financial system by intervening too little...
...There are so many people to blame you don’t know where to start,” Rogoff said...