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will no longer buy risky home morages anymore.
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Standard and Poor’s and Moody’s Investor Services downgrade over 100 bonds backed by second-lien subprime mortgages.
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Bank of America announces that it will purchase Countrywide Financial in an all-stock transaction worth approximately $4 billion.
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The monetary policy and these last-minute rescues can only prevent a meltdown of the economy; it can't resuscitate it. As Keynes pointed out, it's like pushing on a string - and even more so in this era of globalisation. With housing prices falling, new liquidity won't make homeowners borrow more - or banks lend more. The money will look for safer and higher returns elsewhere, like China, which is now worried about US irresponsibility showing up in asset bubbles in
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Short term access to market countries. Secure financial stability.
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$200 billion to eligible owners of certain AAA-rated asset-backed securities backed by newly and recently originated auto loans, credit card loans, student loans and SBA-guaranteed small business loans.
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increases the balance in the Supplementary Financing Account, a product of the Supplementary Financing Program, from $5 billion to $200 billion.
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Charismatic politicians act by polarizing, galvanizing and mobilizing supporters. Routine politics, by contrast, requires maintaining a low profile and being willing to strike compromises. Europe today does not need inspirational leaders who can whip up a populist frenzy. Instead, it needs locally respected leaders who are capable of working in a complex and multidimensional political world.