Large Orange Sulphur on Scarlet Sage
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Fall Seasonal Specials Fall is the final season for the American tortoise population to feed up before hibernating. Read about ways to lend our native tortoises a helping hand. Trees from another perspective: West Coast Bolete Mushrooms Fall also marks the traditional nut season around the United States. Here are some Types of Nuts that tell some good American nut stories. More: Polistes (paper wasps). In the News Rumored Treasury Secretary nominee, Timothy Geithner, on the global financial system. "the shock absorbers in the financial system as a whole - the financial cushions that are critical to financial stability - have proved to be thinner, and behavior has been more pro-cyclical than desirable. This is in part the consequence of changes in the structure of the financial system. Because banks are now a smaller share of the system, a given level of stress on nonbanks creates greater strain on the system as a whole. It is in part the consequence of the fact that the present system focuses on mitigating the risks of firm specific shocks, rather than a systematic market shock. And it is in part the consequence of the fact that the present system is not designed to induce institutions, particularly the largest ones, to internalize the negative consequences, the negative externalities, of their actions on markets as a whole in conditions of stress." A very good, a priori, systemic analysis of the problem. The structure of the global financial system, specifically the shift to non-bank actors assuming a greater share of global financial activity and assets, was not necessarily problematic. Rather, the current global financial problems stem from the regulation, or lack thereof, of those non-bank financial actors. This suggests that systemic problems require systemic solutions. The old system worked along the rowboat theory of finance. When a storm arises, start bailing out the boats. The new system will resemble a weather forecasting theory of finance with an emphasis on storm warnings. |