Word: short-term
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...costs." And that's what we have. Study of the Japanese experience became something of a cottage industry for Fed researchers over the past eight years, and the Fed has responded accordingly: lending directly to banks, backstopping the commercial-paper market (which companies use to raise short-term money), trying to bring yields on both long- and short-term maturities down. Further, Fed chairman Ben Bernanke went out of his way recently not to object to the possibility of further fiscal stimulus from Congress. In other words, the Fed is throwing everything but the kitchen sink at avoiding a deflationary...
...times such as these, the rational thing to do is to ignore the front-page buzz and listen to what history and the numbers are saying: the odds are that stocks have further to fall, possibly much further. Short-term relief rallies, based on rays of hope that the worst of the credit crunch is behind us, are head fakes, and proof is easy to find. For example, in July, following the legislation to bail out the mortgage giants Fannie Mae and Freddie Mac, the markets rallied for four weeks, only to head south again as investors began to realize...
...rose from nearly zero to Western levels as consumers became hooked on credit. Home buyers and businesses took out mortgages in foreign currencies, which had the effect of worsening already severe current-account deficits. In a peculiarly Estonian twist, companies in the tech-savvy country began offering high-interest short-term loans by mobile phone. Borrowers could text the company their requests and have money transferred into their bank accounts almost instantly, albeit at usurious interest rates of up to 800% a month...
Beyond seeking short-term bailouts, governments need to find ways to pay off their foreign debt - by increasing exports, reducing imports, or both. They also need to cut spending drastically: Hungary is looking at up to $1.4 billion in cuts in order to qualify for the IMF bailout...
...college students concerned about their futures, McCain is the only logical choice. In the short-term, McCain wants to expand the Federal Family Education Loan Program that provides subsidies to lenders offering parent and student loans. In the long-term, his stance on social security makes sense for a generation being disinherited by the flawed institution. Obama’s proposal of increasing the income tax for social security pales in comparison to McCain’s introduction of personal accounts...