Word: systemic
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...this point, the troubles in the sub-prime sector seem unlikely to seriously spill over to the broader economy or the financial system." - in a speech on June 5, 2007 just months before the economy and stock market began to tumble as a result of the sub-prime mortgage crisis (New York Times, August...
...bailouts are messy affairs where most of what is planned does not work and one of the unintended consequences is that the process of salvaging large institutions is rarely fair. A lot of people, who should in a utopia, get nothing as the taxpayers dump money into the financial system to save it are paid very well. Others, who seem to be innocent bystanders in the process that has ruined financial firms and put tens of thousands of people out of jobs, are simply given the shaft...
...contracts guaranteeing them the payouts. Members of Congress have already asked whether the agreements were "legal." In a moment of lucidity, Lawrence Summers, a former Harvard president who is now the Obama financial czar said that abrogating contracts would led to a precedent that would ripple through the legal system and cause business and the public to lose confidence in the rule of law. To hear Summers talk the action would be worse the Lincoln's suspension of the right of habeas corpus. (See photos of the troubled economy...
...National Park System manages bout 83 million acres. Not all of that land is worth as much as Yellowstone, but combining oil drilling, mining, logging, and tourism revenue, it would be conservative to say that the sale of all that land could cover 20% of the costs of the new stimulus package...
...building a new prison in Taji, north of Baghdad, with 5,600 beds. The plan is to continue to release most of the Bucca detainees and transition the high-threat inmates over to Taji, train Iraqi staff there and then turn the entire facility over to the Iraqi corrections system. Bucca is expected to be closed by July, and the U.S wants to be out of the detention business here by early next year. But it's going to take more than just additional bed spaces to help boost the Iraqi prison system...