Word: short-term
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...verge of halting the country's financial circulatory system. Anyone with money to lend was hoarding it and big institutions were starting a run on the money market funds that hold the hard-earned savings of millions of Americans and support $1.7 trillion in short-term borrowings U.S. businesses rely on to meet payrolls and stay afloat...
...Congress until we absolutely needed to. Because the worst thing would be to go to Congress, ask for it and not get it. And so it wasn't until last week when the markets were literally coming unglued that we needed to take a number of other emergency short-term actions, that we knew that we had to do something to get at the heart of that problem which was the housing correction and the illiquid assets...
...decision on Thursday to use our exchange stabilization fund here to guarantee money market funds because money was starting to flee those funds, and if it fled those funds it was going to get to the financing of American businesses who rely on them for $1.7 trillion in short-term borrowings...
...They got into a situation where their financial policy relied on being able to rollover certain types of short-term financing,” said Bergstresser, who served as the former head of European Credit Research at Barclays Global Investors. “When the perception arose in the markets that Bear was having trouble, the fear of Bear’s failure became a self-fulfilling prophecy as Bear could no longer rollover their short-term financing...
Rose added that the method of short-term financing became unsustainable as the credit crunch became overwhelming...