Word: trusts
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Dates: during 2000-2009
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...Here's the bigger problem: hiding money underneath the mattress risks making the financial system less efficient. And withholding investment from the stock market will depress company valuations. In other words, "if trust has been significantly affected by the crisis," Howard Davies, director of the London School of Economics, said in a lecture last month, "it will have damaging consequences for investment and growth in the future." (See pictures of the financial crisis in London...
...Restoring it is now vital. Part of that responsibility lies with the lenders themselves. "Banks need to know their business," said John McFall, chairman of Britain's Treasury Select Committee, during a recent debate on trust and financial markets organized by the Fabian Society, a left-leaning London think tank. In future, bosses ought to know their CDOs from the CDSs, McFall said, and not leave such understanding to the banks' "35-year-old Ph.D.s." Reining in sky-high bonuses, boosting capital reserves and sharpening risk management won't do any harm to public trust, either...
...Politicians, too, need to play a crucial role in restoring confidence, not least by letting us know when and why banks deserve it. There's a snag with that, though: our leaders' own levels of trustworthiness are depressed amid the global downturn. In that ICM poll, the rate of trust in the government to manage the financial crisis was just 4.5 in Britain, similar to the level in France but higher than that of Germany. In the U.S., where citizens were polled only days after President Obama's election, confidence was higher, at 6.3. (See pictures of Barack Obama...
...much easier to scare off birds from a tree than to bring them back," says Luigi Zingales, professor of entrepreneurship and finance at the University of Chicago Booth School of Business, and co-creator of its trust index. "And that's what trust's about. It's much easier to destroy than to build...
...disease. (Studies have shown that towns that instituted similar measures during the 1918 flu had death rates that were considerably lower than the norm.) "I think [the government] has been getting an A-plus for how they've communicated the threat here," says Jeffrey Levi, executive director of the Trust for America's Health. (See "From A-Z: The Year in Medicine...