Word: thursday
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Dates: during 2000-2009
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...acquire assets, not sell them. The government is the institution in by far the best position to do so. The Federal Reserve System can play this role on a short-term basis - halting panics by lending dollars in exchange for momentarily hard-to-sell assets, as it did early Thursday morning. But while the exigencies of the moment have led it to make longer-term investments in Bear Stearns and now AIG, it's widely agreed that this is bad policy. "The Fed is the guardian of the currency," says William Silber, a professor of finance and economics...
...from banks and other financial firms. This would amount to moving from ad hoc loans and bailouts to a more systematic approach to resolving the bad-debt problems at the heart of the current financial crisis. Systematic apparently sounds good - the Dow jumped 400 points after CNBC first reported Thursday that such an effort was in the works, and on Friday, markets around the world opened sharply higher. But the price tag could be steep. "We're talking hundreds of billions," Treasury Secretary Hank Paulson said at a press conference Friday morning. "This needs to be big enough to make...
...also the question of whether Congress, which was planning to adjourn at the end of next week so its members could go home to campaign for re-election, could create such an entity on short notice. On Wednesday the answer from several key lawmakers was no, but on Thursday House Speaker Nancy Pelosi told President Bush she'd keep the chamber in session longer if needed. It's also possible that the Treasury and the Fed could come up with an improvised solution that doesn't need congressional approval. Paulson and Fed Chairman Ben Bernanke visited Capitol Hill Thursday night...
...moreover, even if valuations in the U.S. financial sector get more appealing should the market rout intensify, there's another factor in play: governments in East Asia and the Gulf want their funds to help domestic companies, not foreigners. On Thursday, for example, Beijing's CIC announced it would make investments in three of China's biggest commercial banks - Industrial and Commercial Bank of China, Bank of China and China Construction Bank - that themselves are getting hurt by an economic slowdown and a real estate slump at home. "This is a significant policy initiative aimed at supporting China's leading...
...could falter at the first hurdle. Despite signing a power-sharing agreement on Monday, President Robert Mugabe and his arch-rival and new Prime Minister Morgan Tsvangirai have failed to agree on who will control which portfolios in a new cabinet. A meeting between the two men on Thursday aimed at resolving the issue broke up without agreement, as reports began to trickle in of violence breaking out in different parts of the country between supporters of Mugabe's Zanu-PF and the opposition MDC. While most of the violence of recent months has been directed against opposition supporters - thugs...