Word: prudently
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Dates: during 2000-2009
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...about both its ambitions and its concerns over U.S. economic policy, given its position as Washington's largest foreign creditor. Beijing never signed on to what became known in the late 1990s as the Washington Consensus on global economic policy, which called for free trade, privatization, light-touch regulation, prudent fiscal policies and - at least as many interpreted the consensus - free capital flows. The U.S. Treasury, in the wake of the credit meltdown, has put forward a plan to enhance regulation of its own capital markets, but that is unlikely to prevent Beijing from continuing to push...
...write that one of the major myths about American society is that we used to be prudent with our money and only recently did we go astray. What's the real history? Americans are speculative people. During and after the Civil War, for instance, there was a lot of stock market and commodities speculation - people trying to make a quick buck. But it was only when financial institutions picked up on that and provided the methods whereby you could buy now and pay later - that very simple concept - that things started to change structurally. Now Americans are more highly leveraged...
...voting-rights case, Chief Justice John Roberts produced the most impressive example of judicial statesmanship of his tenure by persuading all but one of his fellow Justices to converge around a result that never occurred to Congress when it passed the Voting Rights Act in 1965. A prudent demonstration of judicial policymaking, the decision was widely praised by liberals and conservatives for inviting a dialogue with Congress and avoiding a high-stakes confrontation over the constitutionality of the Voting Rights Act. (See the top 10 Supreme Court nomination battles...
...firm that isn't solvent. It doesn't matter if it's a car producer, an industrial firm or a financial firm. It should be encouraged or even compelled to file for bankruptcy. When you keep on bailing out institutions indiscriminately, there is no incentive for them to be prudent in what they're doing, because they know that whatever they do, whatever problems they create by their own behavior, the government will come along and bail them out. So you are providing incentives for institutions to operate in a way that will only increase the opportunities for firms...
...pitfalls. Back in 1983, Medicare initiated a similar plan, bundling payments for hospital stays, but the program acquired the unfortunate label "quicker but sicker." Since hospitals were paid a certain amount of money for each patient no matter how long they stayed, many patients were discharged sooner than was prudent, which transferred the burden of care onto nursing homes and created a "mini-industry of readmissions," according to Gail Wilensky, a former head of Medicare. "Redesigning the reimbursement system is not for the faint of heart," says Wilensky. "This is in large part about changing the way doctors behave...