Word: toxicants
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Dates: during 2000-2009
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...when Geithner rolls out more details of his plan later this week - this time on the tricky question of getting toxic assets off the banks' books - it will be a dangerous moment for him. Not only will the health of the banks and the economy depend on whether his new program is well received but Geithner's reputation will be on the line as well. Panned after he put out a vague framework on Feb. 10, the new Treasury Secretary has only so many chances to instill confidence. With the new bank plan, he's getting a second chance...
...disease. In other words, your type A co-workers who are annoyingly ambitious and dutiful are no more likely to have a heart attack than you are. Rather, it's the seething, angry types with underlying hostility who are the ticking time bombs. Anger, it turns out, is physiologically toxic...
...ready for the Toxic Asset Loan Factory. TALF, the U.S. government's effort to boost consumer lending, finally launches next week. The program - officially the Term Asset-Backed-Securities Loan Facility - is targeted at restarting the market banks use to fund credit-card, auto and other consumer loans. But some worry TALF could create even more risky bonds that our nation's wobbly financial firms don't want and can't sell - a perverse unintended consequence of a well-intended program...
...Stick with the Program Early action, however, is just the beginning. Japanese policymakers have learned the hard way that it takes years to leach toxic assets out of a financial system and restore confidence so that consumers shop rather than stash their money in safe-deposit boxes. While domestic demand remains sluggish, government spending has to take up the slack and keep at it. In Japan, a recovery was aborted in the late 1990s when, at the first sight of green shoots, the government raised taxes. President Barack Obama is committed to reducing this year's federal budget deficit...
...What price might Treasury offer? Treasury Secretary Timothy Geithner is doing a "stress test" of the banks to determine how much capital they need to survive. Whatever number that ends up being might be a good price for the toxic assets. "We want to get the assets off our books," says Talbott...