Bagehot advised the Bank of England to lend freely to illiquid but solvent banks against good collateral, at a penal rate.

ECONOMIST: Central banks have played a starring role

Mr Kenny has promised to renegotiate the penal interest rate that the government is paying for its bail-out.

ECONOMIST: Ireland��s troubles

It should lend only to pre-certified countries facing temporary liquidity shocks, on a short-term basis, at a penal interest rate, and without economic conditions attached.

ECONOMIST: Intrigue on 19th Street

Let's understand for a second that -- I don't know what Senator Graham or Senator Bond said in 2005 when Secretary of State Condoleezza Rice made an analogy that if you compared the recidivism rate of detainees at Guantanamo with the U.S. penal system, the detainee rate is less for -- the recidivism rate is less for Guantanamo detainees.

WHITEHOUSE: Press Briefing