Word: panic
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Earlier this term when a number of students from the Harvard AIDS Coalition donned “HIV Positive” shirts around campus, it was a sight that could have sent former Senate Majority Leader Bill Frist into a state of panic. And it also sparked a campus-wide debate about the merits of wearing such a controversial slogan...
Little kids still ring ryan Boatright's doorbell, wondering if the future University of Southern California point guard can come outside to play. During a recent family dinner at T.G.I. Friday's, as dessert crept dangerously close to the start of a movie at the mall, panic swept over Ryan's face. He looked as if he'd rather do a month's worth of dishes than spend another second of Saturday night with his family...
With confidence in the U.K.'s banking system stretched, the government felt it had little choice but to step in with a definitive gesture to stem the panic. In an unprecedented move, the Treasury announced on Sept. 17 that it would guarantee all deposits held with Northern Rock. "I want to put the matter beyond doubt," announced Alistair Darling, the Chancellor of the Exchequer, putting British taxpayers on the hook for billions of dollars of Northern Rock deposits in the (extremely unlikely) event it did default. Users' cash squirreled away at the bank, he said, "will be guaranteed safe...
Part of the panic surely rests with the U.K.'s relatively modest deposit insurance system. Only deposits of up to around $63,000 are protected under the U.K.'s industry-funded Financial Services Compensation Scheme. Britons stashing away more than that have no legal guarantee they will see their savings again if their bank fails. Higher insurance caps - in the U.S., for instance, the Federal Deposit Insurance Corporation guarantees depositors up to $100,000 - would have done much to thin the lines. Keen to avoid the kind of panic triggered among Northern Rock's savers, the Treasury, the Bank...
Everywhere you turn these days, there's cause for panic. The news is filled with talk of a global credit crisis. American homeowners are defaulting on their loans and housing-related stocks have crashed. The dollar is doing a disappearing act. Alan Greenspan, after years of artful obfuscation, has suddenly discovered a terrifying gift for clarity, warning that inflation will rise and house prices will tumble. Stock market volatility has surged. And now, feeding fears that the contagion is spreading, the British bank Northern Rock has suffered a near-death experience...