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...their business, and now must be again. Retail banks like Wachovia and investment banks like Morgan Stanley have been so burned by their own reckless use of debt that only recently - and after unprecedented government intervention - have they been willing to once again make the most basic short-term loans to one another. The gradual thawing of the overnight-lending market, which seemed to begin on Monday, Oct. 20, was the first sign that Wall Street's credit markets were, however haltingly, regaining some sense of equilibrium after the previous, harrowing month...
...short term, that may be a necessary price to pay to pump life into the economy, but the effects of deleveraging on Wall Street and Main Street still threaten the steepest recession in the U.S. since the early 1980s, when unemployment peaked at 10.8% in 1982. Here's why that's so, and how we can still emerge from this crisis a little bit wiser - and, eventually, a lot more solvent - for our trouble...
...their enlightened self-interest or that employers are "slouching away from that responsibility." Costs have risen to the point that most employers cannot afford to provide insurance, and individuals cannot come up with the $27,000 a family must pay on average for annual coverage. The only long-term solution is to eliminate insurance companies through a national single-payer health plan, or "Medicare for all." Without the profit motive and with Medicare's demonstrated efficiency, enough would be saved to insure everyone. Richard K. Staggenborg, Coos Bay, Oregon...
...financial crash, President Bush has endorsed the French suggestion of holding a conference that might lead to new arrangements to govern the international financial system, it was the British government, not that of the U.S., that first understood that recapitalization of financial institutions was the key to short-term amelioration of the crisis...
...liberal international order. Granted, George Bush is no Truman, nor Condoleezza Rice a Marshall. But to pin everything on personality ignores social and economic forces that have reshaped the shores of our world and our imagination. And in any case, it misses a significant change between the first term of President Bush and his second, during which the U.S. has relied much more on diplomacy, and much less on the use of force, to advance its objectives...