Word: systemic
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...just trying to create a system, but create a system for physicians and patients to more seamlessly share,” he said. “That takes a lot of learning, practice, and refinement...
...news Geithner caused himself so much grief by not being on top of the bonuses, even though many on his staff and on Capitol Hill knew for months they were coming. Clearly, Geithner is a busy guy, what with managing a collapsing economy, trying to restart the credit system and dealing with China, Europe and other representatives of the global marketplace as the recession spreads. And he hasn't exactly had an easy time hiring staff, with three top appointees withdrawing their names from consideration in the past month. "I knew that we had a big mess on the compensation...
...York Times columnist David Brooks put it, to focus their attention on the ravenous "tiger ... lunging at your neck" - i.e., the tanking world economy - instead of the "dust bunnies under the bed," the AIG bonuses. Geithner employed this tactic Tuesday: "AIG highlights very broad failures of our financial system," Geithner told the House panel Tuesday. "Our regulatory system was not equipped to prevent the buildup of dangerous levels of risks. Compensation practice rewarded short-term profits over long-term financial stability, overwhelming the checks and balances in the system." (See the best business deals...
...that we have a globalization that has brought 4 billion people into the world economy, where 10 or 15 years ago there used to be only about a billion. So you have this enormous change that has taken place in the world economy, but we have a global financial system without an effective form of supervision. We've got huge climate-change and energy problems that can only be addressed at a global level. And we've got problems of poverty that need some international response. On these very big issues, you've got agreement that the world...
...felt for some time that you've got this vast global process at work, and somehow the rules that govern [it] have got different from the rules you practice in your everyday life. [But] the rules that make for a successful community are also now necessary for the banking system. We have to build our banking system for the future around stronger principles of accountability and transparency and integrity and sound practices. Americans are shocked by what they see happening on Wall Street. People in Britain look at what happened with RBS [Royal Bank of Scotland] or HBOS...