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Members of Tepco staff have valiantly struggled to extinguish fires, control radiation and forestall meltdown.
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Interventions by the Fed and Treasury have been only stopgap measures to forestall a meltdown.
The great Walter Bagehot himself described a role for central banks as market makers of last resort, which should provide free liquidity at penalty rates in order to forestall meltdown.Interventions are not the sort of thing to be undertaken lightly.
"The question now," notes the author, "is how an industry so splendidly adept at making a buck out of risk could get it so wrong, and whether the ritual executive bloodbaths and subsequent reshufflings will help forestall the next meltdown".
That information, together with evidence of large undisclosed losses at Merrill, may have led shareholders to reject the merger at a time when the government wanted to forestall a worse meltdown of the financial system.
THE NEWS Germany, Europe's largest economy and the most important -- and most reluctant -- partner in trying to help Greece forestall a financial meltdown, agreed to lend it up to $30 billion over three years, part of an international bailout package negotiated over the weekend.
WhaTheo you think the U.S. economy would look like at the end of the decade with or without such a process sector energized reinvestment in Main Street?
The IMF stepped in, offering a US$7.6bn emergency financing package in late 2008 that forestalled an economic meltdown.
Those emergency measures, carried out by a small squad of workers and firefighters, represent Japan's central effort to forestall a full-blown fuel meltdown that would lead to much higher releases of radioactive material into the air.
Prevent meltdowns.
But that may just forestall the inevitable.
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