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The federal home loan morgage (trade)
will no longer buy risky home morages anymore. -
Congressional Testimony
Standard and Poor’s and Moody’s Investor Services downgrade over 100 bonds backed by second-lien subprime mortgages. -
Bank of America Press Relase
Bank of America announces that it will purchase Countrywide Financial in an all-stock transaction worth approximately $4 billion. -
A leadership deficit lies at the heart of the financial storm
The monetary policy and these last-minute rescues can only prevent a meltdown of the economy; it can't resuscitate it. As Keynes pointed out, it's like pushing on a string - and even more so in this era of globalisation. With housing prices falling, new liquidity won't make homeowners borrow more - or banks lend more. The money will look for safer and higher returns elsewhere, like China, which is now worried about US irresponsibility showing up in asset bubbles in -
The international Monetary Fund
Short term access to market countries. Secure financial stability. -
The Federal Reserve (save)
$200 billion to eligible owners of certain AAA-rated asset-backed securities backed by newly and recently originated auto loans, credit card loans, student loans and SBA-guaranteed small business loans. -
U.S Treasury
increases the balance in the Supplementary Financing Account, a product of the Supplementary Financing Program, from $5 billion to $200 billion. -
The EU's Biggest Problem Is a Leadership Deficit (leadership)
Charismatic politicians act by polarizing, galvanizing and mobilizing supporters. Routine politics, by contrast, requires maintaining a low profile and being willing to strike compromises. Europe today does not need inspirational leaders who can whip up a populist frenzy. Instead, it needs locally respected leaders who are capable of working in a complex and multidimensional political world.