Word: short
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Dates: during 2000-2009
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...constipated credit markets that are stalling the global economy. Under normal circumstances, interest-rate cuts by central banks would promote interbank lending. But Wednesday's coordinated rate cuts in the U.S., Europe and Asia have failed to restore lenders' confidence. The London Interbank Offered Rate, the benchmark for short-term interbank lending rates, actually rose to 4.75% Thursday, its highest level of the year. In Hong Kong, interbank lending rates have doubled in the past month. Banks remain gun-shy about resuming lending, in part because they remain unclear about the scope and details of a proposed U.S. bailout...
Unlike the banks that have collapsed or merged under pressure, insurance companies are tightly regulated, mostly by the states. The companies are required to keep vast sums of cash and short term investments to be able to pay off policies, and they are required to pay into state funds to protect policy holders in case one of the companies should ever fail...
...lead and start queuing up in Washington looking for money simply to be able to pay their teachers and firefighters. While all states have to deal with an uneven influx of revenue from tax collection, California is among the very few that deal with temporary shortfalls by issuing short-term debt. Most states instead rely on internal cash management - in some cases, borrowing from their own pension funds if necessary - which means they aren't dependent on outside borrowing in order to make payroll and keep the lights on. And even those municipalities that do use short-term notes...
...million worth of bonds to finance education and public works projects around the state. It was one of the first major issues since the Federal Government started taking one unprecedented step after another to try to jolt lending back to life - cutting interest rates, starting a program to buy short-term corporate debt, authorizing hundreds of billions of dollars to get toxic mortgage-related assets off bank balance sheets and inject capital into the companies. "We were really worried," says Jonathan Miller, the state's secretary for finance and administration. "We had encountered a lot of pessimism and skepticism that...
...things look even worse. Arizona is projecting a billion-dollar budget shortfall, as is California. New Jersey is falling $1.7 billion short, while New York is $1.2 billion behind. Among the cities that have already announced spending and job cuts are Indianapolis, Tempe, Ariz., Columbus, Ohio, and New York City. "The economy has changed rather dramatically," says Christopher Hoene, director of research at the National League of Cities. "We're going to be facing this for the next two or three years...