Word: problem
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...other economists, Lawrence Christiano and Patrick Kehoe, and wrote a paper called "Facts and Myths and the Financial Crisis of 2008." In it the economists wrote that the United States was "indisputably undergoing a financial crisis and is perhaps headed for a deep recession," but the nature of the problem, they said, had been completely misrepresented. "Policymakers had made three very specific claims," says Chari. "That banks were not lending to non-financial businesses and households, that banks were not lending to each other, and that the ability of non-financial businesses to access the commercial paper market had declined...
...back-and-forth can feel esoteric, but, in fact, it goes to the heart of solving the problem. "If losing firms are sucking up all the credit, then isn't the [correct] policy response to let banks cancel lines of credit?" asks Octavio Marenzi, CEO of the banking consultancy Celent, who joined the debate in December with his own paper, called "Flawed Assumptions about the Credit Crisis." After going through a reckoning of the aggregate data - including the fact that consumer credit hit a record high in September 2008 - Marenzi put forth a couple of possible explanations, including "that policymakers...
...spending hundreds of billions of dollars to fix the economy continues, it will be as important as ever to question whether the policy responses we come up with are the right ones - to make sure not only that they work, but also that they're pointed at the real problem...
...strange new concessions to cultural sensitivity: cities insisting on calling the telltale conifers "holiday trees," efforts to ban the pleasantry "Merry Christmas" and crackdowns on the use of holiday nativity scenes and other religious iconography. But to many, the War on Christmas is a hyperbolic construct that blows the problem out of proportion. "There is no war on Santa," Michelle Goldberg wrote on Salon.com in 2005. "What there is, rather, is the burgeoning myth of a war on Christmas, assembled out of old reactionary tropes, urban legends, exaggerated anecdotes and increasingly organized hostility to the American Civil Liberties Union." According...
...problem, from labor's point of view, is that Obama needs the business community's support to pass his first priority: a massive economic recovery package, as much as $850 billion in infrastructure projects and middle class tax cuts. And if there's one item atop the business community's agenda this year, it is to defeat EFCA - also known as card check, since it would replace secret ballots with cards. "The Obama administration wants to pass the stimulus and they need the business community to do that," says Randy Johnson, vice president for labor issues at the U.S. Chamber...