2008 Woodie Awards
Economics for Everyone
Just in time for the holiday season
Stephen Zill
Issue date: 12/1/08 Section: Features
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And like you perhaps, I am feeling a bit torn and frayed by the seemingly never ending turmoil in, and bad news coming out of, the world of finance and the economy. Just trying to keep track of the most recent machinations by the Federal government is a job in itself.
For example, you may have noticed that after it appeared the government had given up - at least for the time being - ready to simply sit back and watch the carnage proceed, they announced (another) new rescue plan, which they labeled, "term asset-backed securities loan facility" (TABSLF? Just sort of rolls off the tongue, huh?)
And just as I feel I can't take anymore, I am heartened to see that we are swiftly approaching one of my favorite times of the year - and for two reasons: the holidays and final exams.
Yup, the time of gifts and grades. So grab a cup of eggnog, pull a chair up to the fire (or put your TV on that channel that has a fake fire burning on it), sit back and allow me to summarize the wild and crazy ride of the last few months by assigning grades and suggesting potential gifts to the sundry participants in our latest misadventures - both the victims and the perpetrators.
Keep in mind that many of the grades here are partial "Incompletes" or "works in progress" and could very likely change when all is said and done. And don't worry; there are plenty of lumps of coal to go around.
To Treasury Secretary Henry Paulson: Now, Hammerin' Hank's grade practicality changes from day to day, since he seems to change his mind on what needs to be done (or not) from day to day.
Just two weeks ago, he approached the podium to announce that half of the original TARP money would not be used to buy the infamous "toxic debt" because the steps taken thus far seemed sufficient to ease things in credit markets.
A week later, he and Fed Chair Ben Bernanke introduced Plan III/2B-XY/4A (or something like that) because, "The financial markets are not working as we'd like them to work ... and this is an effort to address that situation," situation," a quote that will undoubtedly make many year-end lists for the top ten "understatements of the year."
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