Word: short-term
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...short-term consequences of that are serious: up to 18,000 employees could suddenly be looking for a job, while key domestic routes vital to the Italian economy would go underserved. In broader terms, Alitalia's demise would be yet another blow to the country's image abroad and to confidence at home. Berlusconi, who has maintained a hard line since negotiations imploded, has banked much of his credibility on resolving the crisis and keeping Alitalia under Italian ownership...
...halt this implosion, somebody has to leverage up, not down, and acquire assets, not sell them. The government is the institution in by far the best position to do so. The Federal Reserve System can play this role on a short-term basis - halting panics by lending dollars in exchange for momentarily hard-to-sell assets, as it did early Thursday morning. But while the exigencies of the moment have led it to make longer-term investments in Bear Stearns and now AIG, it's widely agreed that this is bad policy. "The Fed is the guardian of the currency...
...risk from mass redemptions - like a run on the bank - than there is from a rash of money funds declaring that their assets have gone bad. Money market funds are designed to be low risk, and by law are allowed to invest only in government bonds, certificates of deposit, short-term IOUs issued by companies, and other highly liquid securities - though, unlike the similarly named "money market deposit accounts" found at many banks, they're not FDIC-insured...
...paying the price for Wall Street's excesses. Some of the cost is being paid by prudent people, like retirees who have saved all their life. They're now getting ridiculously low rates of 2% or so on their savings because the Federal Reserve has cut short-term rates in an attempt to goose the economy and reassure financial markets. Taxpayers are going to get stuck too. By the estimate of William Poole, former head of the St. Louis Fed, bailing out the creditors of the two big mortgage firms, Fannie Mae and Freddie Mac, could cost taxpayers $300 billion...
...what's in it for ADUG? For super-rich investors, short-term profits are an unlikely motive. Russian oligarch Roman Abramovich has sunk more than $1 billion into Chelsea since buying the London club in 2003. But while that's earned the team two Premier League titles and a place in the finals of Europe's élite club competition, Chelsea still couldn't manage a profit...