Word: shadowers
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...whole self—ghost, past, present, and future. Carroll, who is to speak at the Harvard Book Store tonight, shared his feelings about categorization, fiction, and childlike wonder in an e-mail conversation with The Crimson.The Harvard Crimson: When you wrote “Voice of Our Shadow,” people “mistook” it for a horror novel. Later you were taken for a fantasy or science fiction writer. In past interviews you have said that you are trying to resist classification. What do you think about that?Jonathan Carroll: Critics and people...
...security detail says that Todd spent about half of his time in the governor's office - not at a desk (he didn't have one), but at a long conference table on one side of the office, with his own phone to make and receive calls. It became a shadow office, the informal Department of Getting Mike Wooten Fired...
...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...
This week's moves fit the pattern. But they also show just how far the crisis has spread. The decision to shore up commercial paper will allow companies that are unable to borrow money from either the shadow or the real banking system to have access to the lender of last resort (the government), ensuring that credit still moves in the system - hopefully. And the $700 million program Paulson is steaming ahead with will allow for the clearing of bad loans, and inevitably the orderly failure of companies that invested too heavily in them...
Will the moves work? Not even Paulson and Bernanke know. And what is 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...