Word: systemic
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...Things did not work out that way. Citi announced that it had lost $8.3 billion last quarter. There was no confidence in management. The general belief that the banking system is so badly broken fueled the fear in the government and the public that matters were going to get even worse. (See pictures of the Top 10 scared traders...
...Consumers and businesses who believe prices will fall forever may hasten a depression by deferring purchases. Deflation, however, may be the only floor that the economy can hit to prevent the global financial system from entering the worst period in over a century...
...Four subway stations near the Mall will be shut down during the festivities, and the subway system - which is likely to be overwhelmed - is encouraging passengers to carry as little as possible so left-behind items don't trigger police alerts. "On Inauguration Day," the system adds in a final indignity, "all Metrorail station restrooms will be closed for security reasons." (Luckily, the subway is setting up 146 porta-potties near its stations, and 5,000 will be located on the Mall and along the parade route...
...Richardson. In the 1970s, Richardson graduated from college with a degree in urban studies and hoped to work in the public sector. But his first job, working for then D.C. mayor Walter Washington, was dispiriting. He found himself handing out public-assistance checks to people who were gaming the system, an experience that led him to register as a Republican. Now, he says, he may finally be able to serve as he had always hoped. "I will be 59 in April," he said, "and I have never, ever come across something like this...
...what he's already giveth. That's why the best test of any cash stimulus will be whether it makes sense on its merits. Obama's aides have already dropped a proposal to give businesses a $3,000 credit for every job they create - an invitation to game the system. But payroll-tax relief will reward work and put money in the hands of the people who need it most. And there's no time like the present...