Word: systemic
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Thus began a pattern of alternating conservatism and risk-taking, success and near failure, that has marked the banking enterprise now known as Citigroup--and the American financial system--ever since. James Stillman, who became City's president in 1891, combined prudence with great ambition. City Bank cruised through the Panic of 1893, thanks in part to the huge stash of gold that Stillman had acquired--gold being the backing for credit then--because he sensed trouble. City joined J.P. Morgan in bailing out the nearly bankrupt Federal Government in 1895 and soon grew to be the country's biggest...
...prepared to survive a financial shutdown. But handing banks cash and hoping things will work out is no solution either. What's needed is a new beginning: new management, new investors, new boards of directors, in some cases new institutions. That's how Citi, and the financial system in general, returned to health in the past. And that's what the next stage of the bank bailout will have to emphasize if it's going to stand a chance of success...
...more compact than analog ones--single stations will be able to broadcast multiple channels of programming all at once. The switchover will also free up a lot of space on the overcrowded airwaves. Some of it will be used for an improved post--Sept. 11, post-Katrina emergency-broadcast system (yes, even better than those color bars and that weirdly aggravating tone). The rest of it went to the highest bidder: last year, in the biggest government auction of all time, rights to much of the 700-MHz spectrum--known to you and me as UHF channels 52 through...
...breaks for the middle class, $200 billion in aid to cities and states, benefits for the poor and unemployed. Even so, aides say, most of Obama's attention has been focused elsewhere - on the long-term stimulus projects, the larger transformations in the economy, the health-care system and foreign policy. Quietly, the Obama transition team reviewed every government agency "to find out which specific programs were working and which weren't." It was a terrifyingly brisk and comprehensive process, especially compared with the dust storm produced by the last Democratic President, Bill Clinton, during his chaotic transition period. "During...
...Congress and ride herd on the additional $350 billion available to stabilize the banks. But the goal is to press an ambitious series of actions - policies that might have seemed impossible before the financial crash - across the board as quickly as possible. The quest for a national health-insurance system will debut with a major conference, bringing all the various players - including corporate America and the insurance companies to the table in late winter or early spring. The hope is that a bill to provide universal access, as promised during the campaign, will nudge its way through Congress by next...