Fixed kernel panic issue that system goes into a non-responsive state.
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On a conference call Wednesday, Chief Financial Officer ColmKelleherColm Kelleher spoke about the challenging market environment, particularly in March, when the foundering of Bear Stearns sent waves of panic through the system.
In October 1997, after Stancik released a scathing investigation on gangs, a furious Dr Crew accused him of sending "panic through the system" by "overplaying and dramatization" - and demanded his resignation.
On a conference call Wednesday, Chief Financial Officer Colm Kelleher spoke about the challenging market environment, particularly in March, when the foundering of Bear Stearns sent waves of panic through the system.
Stock-market gravity is known by many names: negative investor sentiment, lack of confidence in the system, panic, depression and a whole host of other fun terms.
But the bigger reason was that regulators were terrified that if they imposed losses on bondholders they would cause a wave of panic across the financial system that would hit funding for all banks.
In any case, a massive net sale of securities that would be necessary to shrink total Fed assets to pre-crisis levels would sharply contract the money supply and likely produce panic in the banking and financial system.
As President Bush described it in his just-released book Decision Points, credit markets had seized up, panic was rampant, the financial system was on the brink of collapse, and an already severe recession threatened to drop the economy off a cliff into another Great Depression.
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Despite a possible tragedy, Napolitano said the response system worked, as passengers and crew avoided panic and subdued the suspect while authorities notified other flights in the air of the situation and kept the air transport system operating.
It is the panic of discovering that it (the system, self plus vehicle) is bigger than he is.
In particular, many analysts warn of panic spreading unchecked through the global financial system, as investors seek to cover themselves against the unforeseeable effects of unguessable events.
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In a panic, incomplete paperwork could cause the whole system to collapse amid disputes about who owns which liabilities.
Government support to the banking system can break the cycle of panic and pessimism that threatens to suck the economy into deep recession.
We have been conditioned by experience to expect a panic when we hear of stress in the banking system, and in that context Europe may just be a distraction to the real threat facing the market.
But a temporary guarantee system offers the best chance of stemming the panic, and if it were internationally co-ordinated it would be both more credible and less risky than a collection of disparate national promises.
The one thing certain about the next crisis is that it will feature the same crushing panic, pleas from banks and huge political pressure to stabilise the system, whatever the cost.
The Bank Panic of 1907 is considered the primary catalyst in the creation of the Federal Reserve System.
"The situation in Italy can be extrapolated to carry larger significance in Europe, but the reality is that the Continent's financial system is much more stable than when regional political events could trigger a panic-induced sell-off, " said Yoshihiro Okumura, general manager at Chibagin Asset Management.
Before the Games of the XXIII Olympiad, which were held at various locations in and around Los Angeles, officials tried to instill traffic panic in local residents, encouraging them to shift their commuting schedules and avoid the freeway system whenever possible.
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