Word: panic
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...Undergrads traditionally respond with a passive-aggressive temper tantrum that befits the world’s most gifted children. Amid the moans and groans and the predictable panic, they end up looking like that guy from the first Austin Powers movie who gets run over by a slow-moving steamroller—screaming helplessly in terror before being squashed...
...September, Lehman Brothers, a major cog in this system, filed for Chapter 11. In one sense the process worked as designed--much of Lehman lives on under the names Barclays and Nomura. But the resulting run on the financial system sent Ben Bernanke and Hank Paulson scurrying in panic to Capitol Hill to ask for a $700 billion bailout...
...infrequently enough for regulators and investors to blissfully ignore the warning signs that can lead to very real economic pain. Arguing that economic systems reflect human nature, Ferguson said that economists’ over-reliance on mathematical models results in a failure to account for the fear, euphoria, and panic that often drive markets. Combining his expertise in history and economics, Ferguson traced the historical development of the modern financial system. “He bridges two disciplines in a way that makes him really insightful,” said Edwin O. Robinson, an attendee, after the talk. Ferguson questioned...
Translation: the banks were long on oil and probably helped effect high oil prices. But with these banks failing, and prices already declining, they too closed out those long positions and helped bring prices lower. Oil prices may have risen on panic, and fear may have played a role in their recent fall. The mechanism of the fall, however, was a massive liquidation...
...This too is a presidential tradition. Outgoing President James Buchanan advised Abe Lincoln that water from the right-hand well was better than from the left, and he shared the secrets of the pantry. During John F. Kennedy's visit the day before his Inauguration, Dwight Eisenhower demonstrated the panic button, instantly summoning an evacuation helicopter to the White House lawn. Fatefully, Lyndon Johnson gave Richard Nixon a tour of the hidden tape recorders...