Word: meltdown
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...illusion largely fueled by easy credit; when the bubble burst, highly leveraged speculative positions reversed gear, and the international financial system came uncomfortably close to crashing. Even more troubling, the ongoing Greek debt crisis has suggested that weaknesses in sovereign debt may trigger another, even more profound global financial meltdown...
Then came your junior year, and suddenly there was no script. The world had shifted. It was the year of Obama. Who could have anticipated that? It was the year of entropy, with catastrophic floods and fires, an imminent flu pandemic, and the biggest meltdown of world financial systems since the Great Depression. Jobs you had counted on evaporated. Opportunities vanished. Phrases like “bailout” and “too big to fail” were suddenly being applied to companies you had hoped would someday recruit you. And the University was not immune. We didn?...
Kaufman, who has taught politics at Duke and holds an MBA from Wharton, traces the roots of the collapse to what he calls the "great regulatory meltdown" of the past two decades, a move that was largely endorsed by Summers when he served as Treasury Secretary under President Clinton. But the Senator has been careful to avoid criticizing Democrats directly. He says he has not talked with the White House - or former boss Biden - about these issues and has only words of praise for Connecticut Senator Chris Dodd, a onetime champion of deregulation who wrote the Banking Committee bill...
...financial sector is another region where Obama’s failure to advertise has cost him popularity points and political cache. Though the financial meltdown dominated global conversation for months, it has recently faded into the background of political discourse. Through the Troubled Asset Relief Program, Federal Reserve Chairman Ben S. Bernanke ’75’s aggressive policies, and the Obama administration’s bold moves, the financial system has been resuscitated to a quasi-functional state, all to the negligence of the media and resultant ignorance of the general public...
...Obama clearly wants reform; he's been outspoken about the need for a dramatic regulatory overhaul to prevent another financial meltdown. But he's been so outspoken - especially about the consumer agency - that it would be tough for him to accept anything less dramatic than his tough proposals. And many Democrats see an uncompromising stance against Wall Street as a political winner; if it doesn't produce a bill, they're happy to have an issue they can use against Republicans in the fall...