Word: allowables
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...Facing such a woeful economic outlook, E.U. monetary-affairs commissioner Joaquin Almunia has struggled to make the case for fiscal rectitude. He insists the pact is flexible enough to allow short-term stimulus programs. "During the recession, the pact is not about sanctions," he said last week. "But in the medium term, we need to continue a process of consolidation of the public finances. The rules were established for everybody and must be respected...
...Little Dutch Boy is running out of fingers. The water that threatens to swamp the international financial system is getting closer to breaching the walls and pouring in. A month ago that seemed inconceivable. Now the odds that the government will have to allow large operations like AIG go into bankruptcy are fairly high. The trouble with that is not what will happen to AIG. As the market found out with the Lehman Brothers bankruptcy, many of the firms that are doing business with a very large financial institution when it becomes insolvent can have transactions worth billions of dollars...
...slashing its dividend 87% - in part, said CEO Jamie Dimon, to enable it to buy back as quickly as possible the $25 billion in preferred shares the government purchased from the company in October. That would free JPMorgan from government-imposed pay limits and other pressure from Washington and allow its shareholders to profit more fully from a financial rebound. (Read "How to Know When the Economy Is Turning...
...hike in the gas tax will have several benefits to those living in Massachusetts. The money generated will serve to cover the deficit in the transportation budget and allow needed maintenance operations to take place. A large portion of the funds will go toward maintaining the roads and bridges that make up the Turnpike, but the MBTA would also benefit. Its fares could be maintained at current prices, and all cuts in service would become unnecessary...
...energy commission's study that might persuade the state's General Assembly to lift the moratorium could still take up to two years to complete. But already in rural Pittsylvania, which has one of the state's highest unemployment rates, debate is fierce. Supporters say new mining technology will allow miners to get the uranium safely, the mine would offer much-needed jobs to 300 people, and the uranium would fuel new reactors and help the nation kick its foreign oil habit. Opponents point out that almost all uranium mining in the United States occurs in arid, sparsely populated places...