Word: selling
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...problem facing America's economy has always been how to sell the worst of the toxic assets that are clogging banks' balance sheets. Geithner and his aides at Treasury cleverly realized that the best approach was to offer great prices on some of the more attractive stuff and hope the garbage would move too. (See 25 people to blame for the financial crisis...
...balance sheets of banks. Will that be enough to nurse our nation's biggest banks and financial markets back to health? It's not clear. The plan leaves out tens of billions of dollars in bonds that were never AAA-rated and were hard to sell even in good times. The plan triggered a strongly positive stock-market reaction on Monday, when the Dow Jones industrials soared nearly 500 points. On Tuesday the market slipped 1.5%, as doubts about a speedy bank recovery began to take shape...
...hapless Fed chairman Ben Bernanke went before Congress. Geithner, who was supposed to be unemployed last week, aimed high. He asked that Treasury to be given the power to essentially liquidate large non-bank financial institutions. The department would have the ability to seize a company like AIG, sell its assets, and manage its business to do as little harm to the global financial system as possible. All of this would be accomplished using taxpayer money, but there was no way for Geithner to come up with a more attractive alternative for funding the future initiative...
Before 1970, banks were content to make loans to consumers and business which remained on their books, collecting interest until the principal on the loan was satisfied. This approach made for a relatively illiquid market for the buying and selling of loans. Accordingly, this system insured that lenders were unable to sell their loan portfolios easily. Market illiquidity exposed the lender to the risk that individual loans would default or that rising interest rates would force the lender's interest cost higher than its income on the individual loan...
...possible. Going into effect on March 19, the tariffs of 10% to 45% affected goods ranging from onions and shaving cream to fruit juice and red wine. There was even a tariff on Christmas trees, which may not have worried the growers too much because they don't sell many in March...