Word: shorely
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...Business. To Kashyap and a number of economists, this has been the problem from the beginning, and any proposed solution that doesn't address the basic issue of recapitalizing banks won't succeed in the long run. Treasury has now come to the same conclusion: the best way to shore up both the banks' balance sheets and their confidence in lending (to each other, to businesses, to us) is to become an investor in them...
...definition of a market panic; it's more a psychological than a fiscal phenomenon, simultaneously anticipatory (you think something terrible will happen) and retrospective (you think you have waited too long to avert disaster). Swimmers being dragged to sea in a rip current often try to swim directly to shore--against the current--and end up exhausting themselves. Panic can kill...
...policymakers continue their search for a solution to the global financial crisis. According to a report in the New York Times, the U.S. Treasury Department is considering taking part ownership of U.S. banks, effectively guaranteeing the solvency of the country's financial system. Britain announced a similar plan to shore up shaky banks by helping them refinance debt in exchange for ownership stakes. That move toward partial nationalization of the banking system underscores just how deep - and how apparently uncontrollable - the financial panic has become. With few tools left to central bankers seeking to calm markets, investors are likely...
...directly invest taxpayer money into private financial firms. "The authorities must do anything they can," Kanno says. "If the banks are in trouble, they can be nationalized and the government can protect the whole system." Yesterday, Britain pledged hundreds of billions of dollars in credits, guarantees and cash to shore up its banking system. The package included partial nationalization of some of the country's major banks...
...eyes are now on the upcoming meeting of G-7 finance ministers and central bank chiefs scheduled for Friday in Washington. On Tuesday, Japan's Prime Minister, Taro Aso, urged industrialized countries to take further measures to shore up credit markets. "The impact would be substantial if the G-7 didn't send a clear message," he said. Meanwhile, as the crisis continues to deepen, Asia's frustration continues to mount. "Masters of the Universe have bitten the dust, the same dust that is now in the mouths of the rest of us," Nirupam Sen, India's permanent representative...