Word: banking
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...toward business than the current government, it still may not have the political will to effect the tax-system and public-spending reforms that Poland desperately needs. "Economic conditions won't deteriorate, but it's hard to say whether they will improve," says Jacek Wisniewski, chief economist at Raiffeisen Bank in Warsaw...
Much of what Ben Bernanke spends his days doing oscillates between the incomprehensibly arcane and the unspeakably dull. Lately, though, the Federal Reserve chairman has a stark, even exciting task at hand. He's been imitating Jimmy Stewart in It's a Wonderful Life and trying to halt a bank...
...line. Too far in one direction, and he bails out all the irresponsible people and institutions that have gotten us into the subprime mess and subsequent debt-market crunch. Too far in the other, and the global financial system collapses on his watch. "In a run, fear that a bank may fail induces depositors to withdraw their money, which in turn forces liquidation of the bank's assets," Bernanke wrote in 1983 as a young economics professor. "The need to liquidate hastily, or to dump assets on the market when other banks are also liquidating, may generate losses that actually...
...self-fulfilling panic, one that really needs to be nipped in the bud. At banks serving retail customers, it is automatically nipped these days by federal deposit insurance. Fretful depositors have still lined up at branches of the bank arm of troubled mortgage lender Countrywide, but there's really no rational reason...
...money-market funds you've invested in, it's entirely rational to pull out your money if you can. When everybody does that, though, the system freezes up. It gets called a liquidity crisis or a credit crunch, but the mechanics are the same as those of a bank...