Word: meltdown
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...months before scuttling the talks with tea-party rhetoric about grannycide. But Dodd is retiring after 36 years in the Senate, and he was eager to cut a deal for the sake of his legacy. He knew he needed GOP votes, and he figured that after a catastrophic meltdown, financial reform would be less polarizing than health care. And Corker did seem to be negotiating in good faith, even if GOP leaders were clearly eager to pull the football away before Charlie Brown could kick. (See 25 people to blame for the financial crisis...
...independent consumer agency isn't the most vital provision for preventing another meltdown, but it's the most vital provision for persuading ordinary families that reform is about them. And along with significantly less vital provisions that would help shareholders rein in executive pay, it's the starkest way to make the case that opposing reform means doing the bidding of Wall Street. Sure, disputes over systemic risk, clearinghouses for derivatives, resolution authority for failing firms and proprietary trading are all important, but they're not going to move the masses. (See the top 10 financial-crisis buzzwords...
...Should end users be exempt from derivatives regulation? Should something be done about naked credit default swaps? - that reaching consensus by August would be challenging even if everyone wanted it. And it's not clear that anyone is desperate to have it; there probably won't be another meltdown this year, and Democratic leaders may be content to let Republicans block reform so they can blast them as Wall Street shills in November. But it's at least possible that Republicans will decide that they want to keep the focus on health care, that giving Democrats a populist issue could...
...flown back in 18 hours. How can they cope with that? How can they suddenly go from Tora Bora to Peyton Place?" Even the legendary Audie Murphy, the most decorated soldier in World War II, suffered posttraumatic stress disorder after his return from the European theater. During one meltdown, a deranged Murphy held his wife hostage at gunpoint...
These revelations come as the financial meltdown has punched a huge hole in projected revenues for governments, which are suddenly a whole lot less tolerant of tax cheats. That's particularly true in Germany, whose wealthy account for a significant portion (at least 10%) of the $1.8 trillion in Swiss banking assets. That translates into hundreds of millions in lost revenue and is the reason the German Finance Minister recently thundered, "There's no future for bank secrecy. It's finished. Its time has run out." The Swiss are not going to be so easily convinced. The Swiss government...