Word: stock-market
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...crisis of liquidity. Stocks plunged, banks went under, and the value of assets disintegrated. Our current policies would have been appropriate in the Great Depression, but they are not appropriate now. Liquidity problems are not the source of our current financial and economic woes. Incredibly, excess reserves of depository institutions have increased from under $2 billion in August to a record $774 billion in mid-December, according to the Federal Reserve's Dec. 18 release. But the banks have not taken advantage of this liquidity to increase their lending. (See pictures of the stock-market crash...
Extraordinary things are happening in bondland lately. Tuesday's head-spinning news that Treasury bills had been auctioned off with negative interest rates is only the latest in a series of astonishing developments, surpassing even the more widely followed stock-market swings...
...long will it be followed? "Risk gets forgotten in all bubbles," says Peter Bernstein, an investment adviser and the author of Against the Gods: The Remarkable Story of Risk. "We've been down this particular road before." Indeed, we have. After every other trauma--the 1987 stock-market crash, the savings-and-loan crisis, the meltdown of the Long-Term Capital Management hedge fund--boisterous, unchecked risk-taking eventually rushed back in. "In times like this, people do listen to risk managers," says John Hull, professor of derivatives and risk management at the University of Toronto. "The problem is, times...
...Friday's stock-market action was a microcosm: in Tokyo the Nikkei was down 9.6%; in Frankfurt the DAX - after dropping as much as 10% during the session - was down 5%; in São Paolo the Bovespa was down 6.35%. It was a global panic! Until things got to New York. The Dow and S&P both ended the day down about 3.5%. Big deal...
...scary and strange for many Americans, a number of people in other countries feel a sense of deja vu. Asia went through a similar crisis in the late 1990s, and various other countries (including Argentina, Turkey, Mexico, Norway, Sweden, Indonesia and South Korea) have suffered through banking crises, stock-market collapses and credit crunches...