Word: systemic
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...last week, aimed high. He asked that Treasury to be given the power to essentially liquidate large non-bank financial institutions. The department would have the ability to seize a company like AIG, sell its assets, and manage its business to do as little harm to the global financial system as possible. All of this would be accomplished using taxpayer money, but there was no way for Geithner to come up with a more attractive alternative for funding the future initiative...
Geither was wise to use his unexpected popularity to ask for something that Congress would normally be reluctant to give. Spreading the regulation of the financial and credit systems around to a number of agencies has meant that one never became terribly powerful. Consequently, Congress could always keep its hand in the game by helping to decide which arms of the government should care for the most complex and, at this point, most troubled part of the system...
...sector not only caused the current credit crisis but also allowed for the inappropriate compensation decisions of companies like American International Group and Merrill Lynch. Many would argue that the absence of effective regulatory oversight also contributed to both of these problems. However, equating these misdeeds with the financial system itself poses a grave risk to the economy's recovery...
...owner of the two private detention centers receiving a guaranteed annual rent ($1.3 million) from Luzerne County, is the son of a former chief of the same court. Or maybe it was what State Chief Justice Ron Castile told a local columnist, in a sad commentary on the entire system: the judges found the state's figures on the unusually high rates of kids being sentenced to detention and getting no legal representation simply too hard to believe...
...mother, like thousands of others, was left to rely on the bleak charity of the time to raise a family. It made me think that a decent social security system designed to protect the weak was no bad thing." - Recounting his family's difficulties after his father's death during his first speech to Parliament in 1998. (The London Telegraph, November...