[bsrsharma]

After the Money’s Gone

On Wednesday, the Federal Reserve announced plans to lend $40 billion to banks. By my count, it’s the fourth high-profile attempt to rescue the financial system since things started falling apart about five months ago. Maybe this one will do the trick, but I wouldn’t count on it.

In past financial crises — the stock market crash of 1987, the aftermath of Russia’s default in 1998 — the Fed has been able to wave its magic wand and make market turmoil disappear. But this time the magic isn’t working.

Why not? Because the problem with the markets isn’t just a lack of liquidity — there’s also a fundamental problem of solvency.

Let me explain the difference with a hypothetical example.

Suppose that there’s a nasty rumor about the First Bank of Pottersville: people say that the bank made a huge loan to the president’s brother-in-law, who squandered the money on a failed business venture.

Even if the rumor is false, it can break the bank. If everyone, believing that the bank is about to go bust, demands their money out at the same time, the bank would have to raise cash by selling off assets at fire-sale prices — and it may indeed go bust even though it didn’t really make that bum loan.

And because loss of confidence can be a self-fulfilling prophecy, even depositors who don’t believe the rumor would join in the bank run, trying to get their money out while they can.

But the Fed can come to the rescue. If the rumor is false, the bank has enough assets to cover its debts; all it lacks is liquidity — the ability to raise cash on short notice. And the Fed can solve that problem by giving the bank a temporary loan, tiding it over until things calm down.

Matters are very different, however, if the rumor is true: the bank really did make a big bad loan. Then the problem isn’t how to restore confidence; it’s how to deal with the fact that the bank is really, truly insolvent, that is, busted………

http://www.nytimes.com/2007/12/14/opinion/14krugman.html?em&ex=1197867600&en=0b7dda0e508c22e5&ei=5087

[bsrsharma]

Paid in Dollars, Some Americans Are Struggling in Europe

PARIS — Erica Nevins’s faith in the dollar was shaken the moment she pressed a crumpled $1 bill into the hand of a little girl begging for money on the streets of Marrakesh, Morocco.

“I don’t want this. This is nothing,” Ms. Nevins recalled the scornful reaction of the child, who demanded more.

Since then Ms. Nevins, an American fashion executive, has replayed that moment over and over in her head as she confronts the harsh reality of living on a dollar income in Paris and then moving to costly London. “The absurdity of this is that it’s so true,” she said. “A dollar really means nothing. It’s scary.”…………..

http://www.nytimes.com/2007/12/15/business/worldbusiness/15squeeze.html?em&ex=1197867600&en=b14c9483aa1942d9&ei=5087

[bsrsharma]

Paid in Dollars, Some Americans Are Struggling in Europe

PARIS — Erica Nevins’s faith in the dollar was shaken the moment she pressed a crumpled $1 bill into the hand of a little girl begging for money on the streets of Marrakesh, Morocco.

“I don’t want this. This is nothing,” Ms. Nevins recalled the scornful reaction of the child, who demanded more.

Since then Ms. Nevins, an American fashion executive, has replayed that moment over and over in her head as she confronts the harsh reality of living on a dollar income in Paris and then moving to costly London. “The absurdity of this is that it’s so true,” she said. “A dollar really means nothing. It’s scary.”…………..

http://www.nytimes.com/2007/12/15/business/worldbusiness/15squeeze.html?em&ex=1197867600&en=b14c9483aa1942d9&ei=5087

[bsrsharma]

Paid in Dollars, Some Americans Are Struggling in Europe

PARIS — Erica Nevins’s faith in the dollar was shaken the moment she pressed a crumpled $1 bill into the hand of a little girl begging for money on the streets of Marrakesh, Morocco.

“I don’t want this. This is nothing,” Ms. Nevins recalled the scornful reaction of the child, who demanded more.

Since then Ms. Nevins, an American fashion executive, has replayed that moment over and over in her head as she confronts the harsh reality of living on a dollar income in Paris and then moving to costly London. “The absurdity of this is that it’s so true,” she said. “A dollar really means nothing. It’s scary.”…………..

http://www.nytimes.com/2007/12/15/business/worldbusiness/15squeeze.html?em&ex=1197867600&en=b14c9483aa1942d9&ei=5087

[bsrsharma]

Paid in Dollars, Some Americans Are Struggling in Europe

PARIS — Erica Nevins’s faith in the dollar was shaken the moment she pressed a crumpled $1 bill into the hand of a little girl begging for money on the streets of Marrakesh, Morocco.

“I don’t want this. This is nothing,” Ms. Nevins recalled the scornful reaction of the child, who demanded more.

Since then Ms. Nevins, an American fashion executive, has replayed that moment over and over in her head as she confronts the harsh reality of living on a dollar income in Paris and then moving to costly London. “The absurdity of this is that it’s so true,” she said. “A dollar really means nothing. It’s scary.”…………..

http://www.nytimes.com/2007/12/15/business/worldbusiness/15squeeze.html?em&ex=1197867600&en=b14c9483aa1942d9&ei=5087

[bsrsharma]

Paid in Dollars, Some Americans Are Struggling in Europe

PARIS — Erica Nevins’s faith in the dollar was shaken the moment she pressed a crumpled $1 bill into the hand of a little girl begging for money on the streets of Marrakesh, Morocco.

“I don’t want this. This is nothing,” Ms. Nevins recalled the scornful reaction of the child, who demanded more.

Since then Ms. Nevins, an American fashion executive, has replayed that moment over and over in her head as she confronts the harsh reality of living on a dollar income in Paris and then moving to costly London. “The absurdity of this is that it’s so true,” she said. “A dollar really means nothing. It’s scary.”…………..

http://www.nytimes.com/2007/12/15/business/worldbusiness/15squeeze.html?em&ex=1197867600&en=b14c9483aa1942d9&ei=5087

[bsrsharma]

Money Goes Far in New York, if You’re European

Margaret Dragonette arrived in New York last week — three nieces, a cousin and loads of empty luggage in tow. By the time Ms. Dragonette, an administrative assistant for a nonprofit in Liverpool, was heading home, her group had filled six large suitcases and five carry-on bags. The bags were so stuffed with Juicy Couture T-shirts, Guess watches and Croc sandals that her nieces would have to wear the Ugg boots she was giving them for Christmas on the plane.

“Your money just keeps on going,” said Ms. Dragonette, awed at the buying power of her British pounds, each worth $2.03 at the time.

The dollar was so weak, said her cousin, a 27-year-old nurse, “We had trouble spending all our money.” Add a new superlative to New York’s long list: world’s most fabulous discount mall.

With the dollar near its lowest rate against the pound in 26 years, and its lowest rate against the euro ever, many Europeans are looking at the United States the way some Americans have long viewed Latin America and the Caribbean and, once upon a time, Europe — a cheap place to flex their strong currency………….

http://www.nytimes.com/2007/12/15/business/worldbusiness/15euro.html?em&ex=1197867600&en=49ffa70061fc528b&ei=5087

[bsrsharma]

Money Goes Far in New York, if You’re European

Margaret Dragonette arrived in New York last week — three nieces, a cousin and loads of empty luggage in tow. By the time Ms. Dragonette, an administrative assistant for a nonprofit in Liverpool, was heading home, her group had filled six large suitcases and five carry-on bags. The bags were so stuffed with Juicy Couture T-shirts, Guess watches and Croc sandals that her nieces would have to wear the Ugg boots she was giving them for Christmas on the plane.

“Your money just keeps on going,” said Ms. Dragonette, awed at the buying power of her British pounds, each worth $2.03 at the time.

The dollar was so weak, said her cousin, a 27-year-old nurse, “We had trouble spending all our money.” Add a new superlative to New York’s long list: world’s most fabulous discount mall.

With the dollar near its lowest rate against the pound in 26 years, and its lowest rate against the euro ever, many Europeans are looking at the United States the way some Americans have long viewed Latin America and the Caribbean and, once upon a time, Europe — a cheap place to flex their strong currency………….

http://www.nytimes.com/2007/12/15/business/worldbusiness/15euro.html?em&ex=1197867600&en=49ffa70061fc528b&ei=5087

[bsrsharma]

Money Goes Far in New York, if You’re European

Margaret Dragonette arrived in New York last week — three nieces, a cousin and loads of empty luggage in tow. By the time Ms. Dragonette, an administrative assistant for a nonprofit in Liverpool, was heading home, her group had filled six large suitcases and five carry-on bags. The bags were so stuffed with Juicy Couture T-shirts, Guess watches and Croc sandals that her nieces would have to wear the Ugg boots she was giving them for Christmas on the plane.

“Your money just keeps on going,” said Ms. Dragonette, awed at the buying power of her British pounds, each worth $2.03 at the time.

The dollar was so weak, said her cousin, a 27-year-old nurse, “We had trouble spending all our money.” Add a new superlative to New York’s long list: world’s most fabulous discount mall.

With the dollar near its lowest rate against the pound in 26 years, and its lowest rate against the euro ever, many Europeans are looking at the United States the way some Americans have long viewed Latin America and the Caribbean and, once upon a time, Europe — a cheap place to flex their strong currency………….

http://www.nytimes.com/2007/12/15/business/worldbusiness/15euro.html?em&ex=1197867600&en=49ffa70061fc528b&ei=5087

[bsrsharma]

Money Goes Far in New York, if You’re European

Margaret Dragonette arrived in New York last week — three nieces, a cousin and loads of empty luggage in tow. By the time Ms. Dragonette, an administrative assistant for a nonprofit in Liverpool, was heading home, her group had filled six large suitcases and five carry-on bags. The bags were so stuffed with Juicy Couture T-shirts, Guess watches and Croc sandals that her nieces would have to wear the Ugg boots she was giving them for Christmas on the plane.

“Your money just keeps on going,” said Ms. Dragonette, awed at the buying power of her British pounds, each worth $2.03 at the time.

The dollar was so weak, said her cousin, a 27-year-old nurse, “We had trouble spending all our money.” Add a new superlative to New York’s long list: world’s most fabulous discount mall.

With the dollar near its lowest rate against the pound in 26 years, and its lowest rate against the euro ever, many Europeans are looking at the United States the way some Americans have long viewed Latin America and the Caribbean and, once upon a time, Europe — a cheap place to flex their strong currency………….

http://www.nytimes.com/2007/12/15/business/worldbusiness/15euro.html?em&ex=1197867600&en=49ffa70061fc528b&ei=5087

[bsrsharma]

Money Goes Far in New York, if You’re European

Margaret Dragonette arrived in New York last week — three nieces, a cousin and loads of empty luggage in tow. By the time Ms. Dragonette, an administrative assistant for a nonprofit in Liverpool, was heading home, her group had filled six large suitcases and five carry-on bags. The bags were so stuffed with Juicy Couture T-shirts, Guess watches and Croc sandals that her nieces would have to wear the Ugg boots she was giving them for Christmas on the plane.

“Your money just keeps on going,” said Ms. Dragonette, awed at the buying power of her British pounds, each worth $2.03 at the time.

The dollar was so weak, said her cousin, a 27-year-old nurse, “We had trouble spending all our money.” Add a new superlative to New York’s long list: world’s most fabulous discount mall.

With the dollar near its lowest rate against the pound in 26 years, and its lowest rate against the euro ever, many Europeans are looking at the United States the way some Americans have long viewed Latin America and the Caribbean and, once upon a time, Europe — a cheap place to flex their strong currency………….

http://www.nytimes.com/2007/12/15/business/worldbusiness/15euro.html?em&ex=1197867600&en=49ffa70061fc528b&ei=5087

[bsrsharma]

http://www.sandiego.gov/development-services/industry/pdf1998/bnl18-04.pdf

gives info on when plain (i.e. unreinforced) concrete footing foundations are suitable.

[bsrsharma]

http://www.sandiego.gov/development-services/industry/pdf1998/bnl18-04.pdf

gives info on when plain (i.e. unreinforced) concrete footing foundations are suitable.

[bsrsharma]

http://www.sandiego.gov/development-services/industry/pdf1998/bnl18-04.pdf

gives info on when plain (i.e. unreinforced) concrete footing foundations are suitable.

[bsrsharma]

http://www.sandiego.gov/development-services/industry/pdf1998/bnl18-04.pdf

gives info on when plain (i.e. unreinforced) concrete footing foundations are suitable.

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