Word: problem
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...called "moral hazard" - effectively rewarding poor or reckless risk assessment - by forcing financial institutions that took the highest risks to pay towards their own rescue. And it allows the state to recoup the money that it expends to buy up the bad debt at the core of the problem...
...remember how it used to be, in those golden, Unabomber days. If your name was on a building, or if you were poor but knew an oarsman from a coxswain, you were in—as long as you were a white male without a “problem name.” Sure, we’ve been knocking down barriers like it’s going out of style ever since, but this is a slippery SAT II slope you’re skipping down. Know where it ends? Sex weeks, Richard Alpert, and lecturers who grade with...
...decided to suspend his campaign and call for a postponement of the first presidential debate, originally scheduled for this Friday. As McCain courageously proclaimed yesterday, with the prospect of financial collapse looming, “it’s time for both parties to come together to solve this problem.” Or at least, so he would have you believe. In fact, McCain’s proposed détente is little more than another tactical ploy from the desks of the Senator’s Rovian political machine. Our country is currently faced with two decisions...
...biggest problem Paulson faces, though, is that the American people don't seem to have understood that the crisis on Wall Street could spread to Main Street with very painful consequences. "We just haven't communicated as well as we need to," Paulson acknowelged this morning. "The average American looks at this as being about Wall Street, and they're angry, and I'm angry too. There have been huge excesses and flaws in the system, but the average American doesn't understand the implications this has for them: money needs to flow through the system so that every American...
...others say real change will require much more than just more training and education of officials. "Every time there is an incident, the relevant department takes medicine to cure the headache. That only fixes the problem, not the system," Professor Hu of the Beijing Institute of Technology wrote in his essay. "Now is the time to transform the way of thinking, to repair the system." Beijing-based China scholar Russell Leigh Moses isn't optimistic that will happen anytime soon. The problem is "not so much political or structural as psychological. The top leadership can't get over their anxiety...