They were always behind the curve in dealing with the crisis because they perceived it as still a liquidity problem long after it became a confidence problem.
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Having Buffett onboard rather removes that confidence problem.
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Katon Dawson, chairman of the South Carolina Republican Party, said that he had confidence the problem was being fixed.
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This is a very big problem because once confidence returns, and credit begins to flow more easily, we could end up with runaway inflation, an even bigger problem as this would wipe out savings and have a wealth-destroying effect.
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Analyst Justin Urquhart-Stewart of Seven Investment Management said the problem was essentially about confidence in the markets.
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Another problem is the waning confidence, especially abroad, in the ability of Suharto's government to make the tough decisions needed to turn the economy around.
That event happened last week, when global share prices fell on the back of concerns that the eurozone isn't gripping the problem of investors declining confidence in the ability of Spain and Italy to repay their debts.
But confidence does not appear to be a problem for a man who won the 2004 Champions League with Porto.
With the eurozone facing pivotal elections in another troubled country, Greece, containing the Spanish problem is paramount to restoring confidence in the single currency.
The immediate problem is that markets lack confidence that the European Central Bank (ECB) or any other European institution will provide the ultimate backstop for the eurosystem.
As Jonathan Ostry, one of the paper's authors, points out, the fund now appreciates that fiscal retrenchment does little to restore confidence unless there is an underlying fiscal problem.
In their letter to President Sarkozy, laying down the priorities for the Cannes G20 Summit, David Cameron and five other heads of state put their finger on the problem: they said that confidence of citizens, businesses and markets had been damaged by a "lack of visible political will".
One problem is that investors have lost confidence in bank balance sheets, making it hard to assess what the true probability of default might be.
The problem has been as much about confidence as about money.
The fundamental problem we're facing here is not some sort of short-term loss of confidence or short-term loss of liquidity as much as it is the fundamental problem of we need to work ourselves out of this huge housing bubble.
My problem was that I had too much confidence in Microsoft's Windows 8 installer software.
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But there is a problem with forbearance: it undermines the confidence of those who lend to banks.
As the main problem seems to be that parents lack the confidence to make fresh homemade foods, then I propose that free baby food cookery courses should be offered to the parents of babies.
By giving him the legendary vote of confidence, the hierarchy would be acknowledging that there is a problem.
But improvements in piracy technology are making the problem more acute, draining Nollywood's coffers and confidence and stopping the industry from making the improvements in quality it needs to cross over into the global mainstream.
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You turn the key another time and another, losing the confidence that this is a temporary glitch and in fact a much bigger problem.
Patrick Leahy, D-Vermont, and Rep. Bob Goodlatte, R-Virginia, does this very thing, but I have confidence that in the coming weeks it can be improved to fix the problem.
If he's wrong - if there is, in fact, a faster growth path available, which would not undermine market confidence, then the government's strategy could be making the supply side problem a self-fulfilling prophesy, by condemning us to unnecessarily slow growth which could have permanent effects on Britain's potential output.
"If we need to tackle the problem of homelessness permanently, we have to give people new skills and the confidence to rebuild their life, " a spokeswoman for Crisis said.
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Joint Chiefs of Staff Chairman Martin Dempsey has called the problem a crisis and said the women who serve in the military are losing confidence that it can be solved.
The problem has been dealt with and I think anyone hailing a cab today can do so with confidence.
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