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That idea is similar to one put forth in a recently published book of economic-policy proposals written by professors at New York University's Stern School of Business. Under their system, a company that wanted to have its debt rated would pay a fee to a government-run centralized clearing platform, which would then pick a ratings firm. Firms, again, would be evaluated on the accuracy of their ratings over time. "It breaks the conflict of interest," says Matthew Richardson, a professor of applied financial economics at Stern...
...have that financial infrastructure. And there's no bond market to speak of." That means that while "it's a nice currency to be invested in, from a practical perspective, of someone who has a huge pot of money and wants a safe haven, they just couldn't put it all in Norway," according to Thomas. "The economy's not set up to be a safe haven." Perhaps it's back to stashing cash under the mattress...
...deficits to go up by hundreds of billions if not trillions of dollars over the next decade. Not a single page in the Administration or CBO documents describes how that might happen or what the financial results will be. Perhaps the reason is that no one wants to put in writing the possibility that the recession, compounded by inappropriate actions to correct it, could lead to financial mayhem...
...loans, credit card debt, etc.] would be expanded to provide funding for investors who want to buy certain kinds of mortgage-backed securities. The government's enthusiasm for the starter plan, known as "TALF," has outstripped market enthusiasm, but there is some life in it. The Federal Reserve has put up over a $1 trillion in potential lending already, though only $9 billion in deals have been done so far. Geithner did not provide details of the terms of the loans or their size or duration, but the government said that investors would not be on the hook for those...
...strength of the three-part rollout is the advantages of one rubbing off on the others. In an example provided by the Treasury for the FDIC part of the plan, an investor could put up $6, get matching investments from the Treasury for another $6, then obtain loan financing of $72 from the FDIC. This would allow the investor to purchase a security with an $84 auction price (and a face value of $100). Again, Geithner did not provide details on the terms of those loans...