Word: spreads
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This week's moves fit the pattern. But they also show just how far the crisis has spread. The decision to shore up commercial paper will allow companies that are unable to borrow money from either the shadow or the real banking system to have access to the lender of last resort (the government), ensuring that credit still moves in the system - hopefully. And the $700 million program Paulson is steaming ahead with will allow for the clearing of bad loans, and inevitably the orderly failure of companies that invested too heavily in them...
...households and businesses. Mortgages and car loans will become harder to get. That in turn will stifle consumer spending and crimp investment in companies, leading to production cuts and job losses. Judging by previous crises, it can take about 18 months to two years for a financial squeeze to spread to the rest of the economy, which means that 2009 is shaping up to be a bleak year everywhere...
...bags full of healthy goodies. Linda C. Cannon, a patient advocate who has coordinated the fair for the last three years, estimated that approximately 2,000 students passed through the white tent outside the Science Center, a number comparable to previous years. “Our objective is to spread awareness of the many services that we offer,” said Cannon, calling the fair a “snapshot” of the University’s many health programs. A variety of booths were present, including Mental Health Services, Nutrition, and Environmental Health and Safety. Other organizations...
...India's very rich and very poor. But Iyer is doing something about it. He is one of over 55,000 volunteers from India's five biggest cities who have signed up for Teach India, an initiative backed by the Times of India and the UN Volunteers working to spread literacy, and more importantly, quality education. In the first leg of the program - the biggest of its kind in India and possibly the world - 3,000 volunteers have already started teaching 53,000 children. "I want to take these children beyond just clearing exams," says Iyer. "I want to give...
...losses related to the failure of Washington Mutual in the U.S. Hang Seng officials announced the bank holds senior debt securities issued by WaMu, but called its exposure "immaterial." In September, hundreds of depositors lined up at branches of Hong Kong's Bank of East Asia after false rumors spread that the bank was in financial trouble. The run was stemmed after the bank's management and the Hong Kong Monetary Authority made strong statements confirming the bank's financial strength...