Word: sells
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...building restored confidence on real estate would be foolish. How is the country any richer if the exact same stock of existing housing is suddenly worth, say, 20% more? Other markets produce things. They sell what they produce. When prices go up, they produce more. Not so with real estate, for the most part. This market consists primarily of trading the same thing again and again. And you know the old saw about land: They're not making any more of it. Real estate is the only major consumer market in which how much you'll pay someone depends...
...Paulson and Bernanke asked for the world--and warned lawmakers they had only a few days to deliver it. Treasury needed $700 billion to buy up Wall Street's toxic mortgage-backed assets, which the government would eventually repackage and sell when the real estate market recovers, and a crisis might be averted. The proposal was simple, only three pages long. "Ben, Tim and I had talked for months about how there might be a need to do something like this, discussed the various plans," Paulson told TIME on Sept. 24. "The one thing we knew was that we couldn...
...notion that a massive, unprecedented intervention in the financial markets should be the final economic act of a Republican President was made all the more stunning by the sight of no less a free-marketeer than Vice President Dick Cheney being dispatched to the Hill to sell it to furious Republicans. But Congress is coming late to this crisis. Paulson, Bernanke and Geithner--whose conference calls can number more than half a dozen a day--have been quietly trying to keep the ship in the channel for months. Treasury Secretary Paulson, 62, was one of Wall Street's toughest dealmakers...
Ultimately Paulson, Bernanke and Geithner must convince the public that fixing the financial mess requires a dramatic expansion of government power--and in particular, the power of their respective offices. That may be a tough sell, in part because the disaster was as much a failure of the political system as of the financial one. Over the past decade, politicians, scooping up campaign contributions from Wall Street, took down the guardrails that had existed since the Depression. And few were better connected in the corridors of power--or more successful at deflecting proposals for tighter government supervision--than mortgage giants...
...world's poorest. With Congress locked in talks over a mammoth bailout package, Bill Gates and Howard Buffett (Warren's oldest son) announced at the United Nations on Wednesday that their private foundations will plow more than $75 million into helping small farmers in Africa and Latin America to sell their crops as food aid - a move which could potentially overhaul the decades-old - and often criticized - global food aid system...