Word: frozenly
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Lending remains absolutely frozen right now, as banks are too frightened to lend to each other - let alone businesses and municipalities, since they're worried about who could go under next. The initial market reaction to Paulson's speech was something on the order of: "Holy [expletive deleted], we must really be in trouble." The market cratered when it heard on Wednesday, losing nearly 190 points on the Dow after trading in the black for most of the day. It tanked again on Thursday...
...guarantee bank accounts and bolster financial firms. In a coordinated swoop, governments around the world cut interest rates; two days ago, in the U.S., the Fed took the unprecedented step of saying it would start buying commercial paper, short-term corporate IOUs, in yet another attempt to thaw frozen credit markets...
...indefatigable Paulson, along with Federal Reserve Chairman Ben Bernanke, this week unveiled a slew of new initiatives to try and restore confidence in the markets. On Tuesday, Bernanke unveiled a plan to try and gig the frozen market for commercial paper, offering to loan companies unlimited amounts of money three months at a time, sometimes with little or no collateral, a move unseen since the Great Depression. And at the Treasury, Paulson appointed a 35-year-old former Goldman Sachs banker as temporary head of the agency charged with using the $700 billion to lift bad loans...
...million gift will allow for such work and technology development at a time when federal financial support for science research is frozen, according to Medical School and SEAS professor Donald Ingber, who will be the founding director of the Wyss Institute...
...potentially more powerful collider, the Superconducting Supercollider (SSC), was being constructed in Waxahachie, Texas in the early 1990s, but after much debate, Congress cut its funding in 1993 and had workers dismantle its 14 miles of underground tunneling. Without money, the project quickly collapsed. The official website is still frozen in time at early...