Word: short-term
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...corn of their business, and now must be again. Retail banks like Wachovia and investment banks like Morgan Stanley have been so burned by their own reckless use of debt that only recently - and after unprecedented government intervention - have they been willing to once again make the most basic short-term loans to one another. The gradual thawing of the overnight-lending market, which seemed to begin on Monday, Oct. 20, was the first sign that Wall Street's credit markets were, however haltingly, regaining some sense of equilibrium after the previous, harrowing month...
...financial crash, President Bush has endorsed the French suggestion of holding a conference that might lead to new arrangements to govern the international financial system, it was the British government, not that of the U.S., that first understood that recapitalization of financial institutions was the key to short-term amelioration of the crisis...
Easy money was another remedy proposed by Keynes, although he didn't think it alone was enough to end a deep slump. Bernanke's Fed is giving us that too, with short-term interest rates at 1.5% and program after new program to keep cash flowing to banks and businesses...
...mobilized to face the fearsome new economic realities. He will also have to deliver bad news, to transform crises into "teachable moments." He will have to effect a major change in our political life: to get the public and the media to think about long-term solutions rather than short-term balms. Obama has given some strong indications that he will be able to do this, having remained levelheaded through a season of political insanity. His has been a remarkable campaign, as smoothly run as any I've seen in nine presidential cycles. Even more remarkable, Obama has made race...
...markets are getting into life boats on the short-term imperative of saving their lives, and will work to restore 'good old days' rules once the economy is back on solid ground," Maris says. "There is a school of thought that the best way of doing nothing at all is to demand everything be changed - and what we've been hearing from Sarkozy and Bush has been totally counter to what they'd constantly maintained before." Perhaps for that reason, the new tone hasn't struck fear into the markets, but there are still plenty of grounds for volatility...