Word: sectored
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...recent drop in oil prices poses the most immediate threat to the government budget in Iraq, where public-sector spending fuels almost the entire economy. With oil prices lower, Iraq expects to run a deficit this year of roughly $20 billion, which could be covered by the nation's existing cash reserves. Once that money is gone, however, Iraq will be in the same position as many countries facing a cash crisis around the world at the moment - but with added problems unique to a country rich with oil but troubled by the legacies of wars...
...economic stimulus package. Wherever the funding comes from ultimately, there's little doubt that lower-income developments will continue to go greener, which will do more good for residents, and for the planet. "This is going to make a real tangible difference," says Jennifer Henry, the real estate sector manager for the Natural Resource Defense Council's Center for Market Innovation...
...Geithner, fortunately, does not face this old-fashioned run on the bank. Yet cooperation from the private sector is just as crucial today as it was in 1933. Creating an effective public-private fund requires incentives for private investment, and incentives depend on specific terms. This is exactly what Geithner’s fund is missing and exactly why future Friedmans and Schwartzes might criticize Geithner for “absence of vigorous intellectual leadership...
...public-private financing component,” which could “leverage private capital on an initial scale of up to $500 billion, with the potential to expand up to $1 trillion.” Second, the plan proclaims that “private sector buyers [can] determine the price for current troubled and previously illiquid assets.” Why should private investment funds supply this capital? And why would private firms be any better at pricing these toxic securities, when the Fed has had no clear success in that endeavor over the past months...
...Both the 1933 panic and the current credit crisis yield the same message: strong, cooperative leadership from the Fed is the key to inspiring confidence in both consumers and major private sector actors. Like any executive action, this leadership demands rationale—a justification for others to invest. Geithner must look to the failures of his predecessors in order to succeed...