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...could run into the billions of dollars for some banks. The FDIC says the move will solve its liquidity problems - the FDIC officially slid into the red this week for the first time since 1991. But it's not certain whether the plan will boost confidence in the banking system, as the FDIC seems to hope. (See pictures of TIME's Wall Street covers...
...next year. But the FDIC is worried that if the agency, which has always been privately funded through bank assessments, borrowed money from the Treasury, it would look like a new bank bailout, eroding the sliver of confidence the public has regained in our nation's banking system in the past few months...
This week the FDIC came up with another solution, which it says will simultaneously boost the fund and not hurt bank earnings or deplete lending. How is it possible that the FDIC's gain will not be a loss to the banking system? It's all thanks to an accounting quirk that allows companies to spend money on something but not actually tell their shareholders about the cost until the asset is gone. For you and me, it would be like shoplifting at the supermarket and then dropping off cash every time you decided to eat something...
...Merkel shy away from change. "I hope the new government will be good for business as Germany needs structural reforms," Volker Treier, the chief economist of the Association of German Chambers of Industry and Commerce told TIME. "We need a more flexible labor market, reforms of the social security system and urgent reforms of corporate tax." If Merkel decides to push through reforms, it's bound to put her on a collision course with opposition parties, like the Social Democrats and the ex-communist Left Party, and Germany's powerful trade unions. "There's a wall of political opposition...
...appeal for assistance, Philippine President Gloria Macapagal-Arroyo described Tropical Storm Ketsana, which hit Manila on Sept. 26, as a "once-in-a-lifetime typhoon." A month's worth of rain deluged the city in the space of 12 hours. "The system is overwhelmed, local government units are overwhelmed," said Anthony Golez of the state's National Disaster Coordinating Council at a press conference on Sept. 28. (See pictures of the storm...