Word: baileys
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...understand why nationalization may be inevitable, you have to get a handle on the true source of the banks' problems. The banking business - at least the way George Bailey practiced it in It's a Wonderful Life - was all about deposits and loans. You take in deposits, on which you pay a relatively low interest rate, say 2%. Then you lend that money to other people at a higher interest rate, say 7%. Pocket the difference. Repeat. But starting in the early 1970s, banks began funding less of their lending with old-fashioned deposits. Bank deposits backed...
...some of the mergers were necessitated by a lack of federal and state reimbursement, Bailey said. He cited CHA’s Whidden Hospital in Everett, Mass., which will reduce its number of inpatient psychiatric beds from eight to five...
...maintain addiction services is to incur loses,” Bailey said...
Although it is unclear how much CHA can save through the proposed restructuring, Bailey said the Alliance hopes to cut $50 million in costs this year, and $100 million total by next year...
...Bailey said that the City of Somerville will be most affected by the cuts...