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Essay / Research Paper Abstract
This 4-page paper focuses on an article by Emily Kaiser concerning the fact that President Barack Obama will likely need more money for the economy. Bibliography lists 2 sources.
Page Count:
4 pages (~225 words per page)
File: D0_MTarticrit.rtf
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Unformatted sample text from the term paper:
going to cost more than the trillions already committed. According to the article, President Barack Obama indicated that saving everything from the ailing banks, to the housing market, to the
auto industry, is going to cost a lot of money. The article, unfortunately, is right on, and for several reasons. Some
of those reasons are already listed in the article. For example, the International Monetary Fund has suggested that domestic and international banks will require at least $500 billion in capital
to handle 2009 and 2010 write-downs. Furthermore, the article goes on to say that of the $700 billion bailout fund, close to half of that has already been pledged to
various programs. Furthermore, its still uncertain how many more banks will fail or require more funds before the entire situation smoothes out. The auto industry, in exchange for declaring bankruptcy,
is also going to want some government-backed insurance. But the biggest concern that still remains are the toxic assets stuck on
the balance sheets of banks and other huge institutions. Toxic assets, defined as assets whose face value has plummeted so much that their owners are experiencing excruciating losses, likely havent
finished creating mayhem yet. Mortgage-backed securities, backed by subprime mortgages, are likely to continue falling in value as the home values continue to fall (and as homeowners are likely to
foreclose on the assets) (Donsky, 2009). Credit default swaps, an insurance on bonds and loans, are also likely to prove problematic as loans may not be paid back due to
the sour economy (Donsky, 2009). The further problem with the assets is that there hasnt been a bottom to what a
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