Word: toxicities
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...Thursday evening, however, the Fed and the Treasury proposed a more fundamental solution to the meltdown, and it curiously seems to embrace the idea of eternal return. The bailout package sent to Congress envisages the purchase of toxic mortgage-related assets from banks by a government agency directly dependent on the Treasury. It has a direct precedent in the Resolution Trust Corporation (RTC), an institution created during the Savings and Loans crisis to avoid dumping real estate assets after bank failures, and thus to avoid a further decline in real estate prices through the usage of federal funds. The current...
...theories about free market capitalism, as well as the expiration date of Reaganite de-regulation. The former is a plausible argument, but the latter rather inconsequential given the RTC precedents of the current bailout. More importantly, the plan designed by Bernanke and Paulson socializes the risk of the most toxic real estate assets, which have been polluting Wall Street balance sheets since the advent of the credit crunch over a year ago. In that way, the $700 billion bailout works just like any social security or welfare scheme, by passing costs on to the shoulders of every American taxpayer. This...
...expect" in the pantheon of U.S. finance regarding a possible investment from his fund, he told TIME. Wisely, it turns out, he told all of them no - and then set out on a tour of China to look at direct investments in companies that produce something other than toxic collateralized debt obligations. "There are a lot of other compelling places to look for investments these days," he said...
...China's latest food-safety scandal continued to widen Sep. 18, hundreds of anxious parents lined up at Beijing's Children's Hospital to have their babies examined for possible kidney stones caused by toxic milk powder. It was the second day since the government ordered free checkups and treatments for sick babies, and over 500 parents had rushed to the hospital by 11 a.m. Thursday morning - so many that those who arrived at noon had no choice but to go home...
...toxic milk scandal, which state-run news agency Xinhua said has already been linked to the death of four babies and the illness of 6,200 others, has aroused anger and despair in Chinese cyberspace. And that anger has been directed not just at the producers accused of adulterating their milk to increase profits, but also at government regulators. "Xinhua was quick to blame the dairy industry for their skewed rules, but what it didn't say was that the government also played a part in that ugly game," wrote a blogger identified as sadmoon109. Outraged citizens have noted that...