10 February - mass media criticises brilliant speech of Geithner which keeps door open for averting world slump - see attached. When will mass media learn that its good news when wall street tanks to the suggestion that shareholders of bankrupt banks will get nothing.
11 february - help fans of geithner and youth network hi-trust actions. NB today's DC conference on micro thinking big and mapping foward exponentials rising. Keynote Paul Krugman- my wish is that Geithner's speech means that they will be testing the 14-16 biggest US banks and if they find that 8 are bankrupt they will put them in administration whilst preserving deposits
a week earlier Muhammad Yunus discusses what sort of economic normalcy do humans want to design
Jefrrey A Miron Harvard writes
The one piece of good news is that Treasury plans to “stress test” the balance sheets of banks receiving bailout money, to determine if buying their toxic assets or purchasing their equity will make them healthy.
If the answer is no, the F.D.I.C. should force such banks into receivership, which means that shareholders will lose their stakes and creditors will become the new equity holders. In some cases such restructured banks would survive, and the F.D.I.C. could release them into the marketplace. In cases where the assets of the bank are worth less than the deposits, the F.D.I.C. would make up the difference and close the bank.
As drastic as this process sounds, it is the right step. It forces bank losses, to the maximum extent possible, on the shareholders and creditors who allowed the banks to assume excessive risk. Receivership also enhances transparency, a key ingredient of a smoothly operating financial system.
Sustainability Depends on Helping Youth Network Around Goodwill's Storymakers
3: ...In collaboration with the MicroLoan Foundation, the MIT Public Service Center (PSC), and various MIT classes and student groups, MIT IDC is coordinating the engineering of technologies for the developing world, the organization of businesses around those technologies, and the dissemination of the new technology-focused businesses in Malawi.