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...never lost the ability to win people over. "Before we launched, I just asked all my friends to write," says Huffington. "And then they get such a reaction that they get hooked and start writing a lot." Her special brand of Greco-American wrangling lured so many boldface names that the merely interesting wanted to write for her too. The Huffington Post now has 3,000 bloggers, all - media moguls take note! - unpaid. (Read TIME's 1995 story on Huffington, "A Woman on the Verge...
...plan is intended to relieve banks of their toxic assets - including such securities as subprime mortgage bonds - through purchases by a public-private investment fund, heavily backed by government money. But versions of the plan have faced challenges from the start. Last year, when he was head of the New York Federal Reserve, Geithner said the government might to try by itself to restart sales in these assets using a "reverse auction" where sellers bid down an asset's price to compete for buyers. (Read "Obama's Challenge: Containing the AIG Bonus Outrage...
That plan went nowhere, and in mid-February Geithner announced that the government would design a partnership between private investors and the feds that would kick-start a trading market for the assets. But figuring out what mix of incentives and restraints should be written into the program has proved extremely tricky...
...vulnerable to such a backlash when it unveiled a similar government program this week. But that program also had trouble getting off the ground. The Term Asset-Backed Securities Lending Facility, which is designed to spur trading in securitized consumer loans, has gotten off to a slow start, attracting only a handful of applications during the two-day window for participation this week. The total size of the deals fell well-short of the $200 billion the Federal Reserve initially made available for the program, let alone the $1 trillion to which the Fed eventually raised the ceiling...
...trade. The flow of imports and exports has actually contracted more dramatically than the world economy as a whole, because its lifeblood, private-sector trade finance, has dried up. This is fixable, since most governments have export-credit organizations dedicated to trade finance. Governments should instruct them to jump-start trade flows until private sector financiers return...