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michael kors backpack black silver That left the Fed without options. In his Times op-ed, Noam Scheiber aptly compared them to “a formerly starving man insisting he deserved filet mignon rather than a rib-eye. But really, they had been powerless.,business news michael kors comments on race One more point about Lehman: Even if the Fed had broken the law to lend into a run on an insolvent firm, and had somehow managed to stabilize Lehman rather than kiss its cash goodbye, it wouldn’t have defused the larger crisis. In fact, a subsequent study by economists William R. The short answer is that AIG, despite the awful misjudgments of a subsidiary that insured trillions of dollars worth of mortgage securities, had valuable revenue-generating businesses and a plausible claim to solvency.michael kors tote bag 2013

michael kors fulton large crossbody navy Its shareholders, who would have received nothing if the government had let the firm collapse, are now complaining in court that they should have gotten more.Ultimately, AIG would receive an astonishing 2 billi on in government financing, and it would pay back every dime with interest.The perennial question is how, if the Fed lacked authority to rescue Lehman, it somehow found the authority to rescue AIG the next day.,michael kors clutch veske But really, they had been powerless. But really, they had been powerless.” Put it this way: Their bosses did not agree, and neither did the market; as the Times noted, Bank of America had estimated Lehman’s net worth at about negative billion that weekend.michael kors hamilton crocodile

michael kors crossbody bag cheap ” Yet Scheiber argued that their filet mignon demand “may end up serving a constructive purpose. They would have been thrilled to find a way to sa ve Lehman. Times columnist Gretchen Morgenson not only called the lawsuit a “public service,” she actually portrayed AIG as an innocent victim in the financial crisis, “the patsy at the poker table.,michael kors sale dillards” He thinks the trial underway in Washington will reveal the real reason AIG’s creditors didn’t face haircuts; he doesn’t think the official explanation—that voluntary haircuts were impossible, and involunt ary haircuts would have accelerated the panic—makes any sense. The government still lacked the authority to inject massive amounts of capital into the financial system—and a Congress that initially refused to grant that authority through the notorious TARP even after Lehman’s failure certainly wouldn’t have granted it before a failure of similar magnitude. Times columnist Gretchen Morgenson not only called the lawsuit a “public service,” she actually portrayed AIG as an innocent victim in the financial crisis, “the patsy at the poker table.michael kors skorpios crescent hobo

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