Word: bailout
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...Dubai's heavily leveraged business ventures couldn't withstand the ever souring economy. In 2008, real estate prices dropped 50%; new construction all but stopped. Sheik Mohammed has downplayed the rising debt, which some estimate to be more than 100% of GDP. Despite a $15 billion bailout from Abu Dhabi, the bills are still mounting. Unless they're paid off, it looks as if Dubai's vision of becoming a desert Singapore may be just a mirage...
...BAILOUT FOR HIGHER...
...because it would've been too easy for employers to manipulate by firing and rehiring workers. House Financial Services Committee chairman Barney Frank has proposed a $2 billion fund to help homeowners avoid foreclosure. In the Senate, Virginia's Mark Warner wants to use $50 billion in leftover bank-bailout funds for small-business loans (as of the end of October, the so-called TARP program still had $300 billion left). And Senator Jack Reed, a Rhode Island Democrat, has taken inspiration from Germany's successful weathering of the financial crisis and proposed a $600 million fund to subsidize workers...
...jobs have been lost since Obama took office - and in that time his approval ratings have plummeted - Congress feels more must be done. Indeed, the Congressional Black Caucus, upset that Main Street, and especially hard-hit black communities, has received little aid compared with the $700 billion Wall Street bailout, last week held up a crucial vote on financial regulatory reform, an Obama Administration priority. And some 128 House members, including 17 Republicans, have banded together to form the Jobs Now! Caucus, working with the leadership to craft a jobs bill...
...balked at raising gas taxes, which is how the bill is traditionally paid for. Instead, Oberstar and House Appropriations Committee chairman Dave Obey have suggested a smaller, Band-Aid program of $100 billion drawn from general Treasury funds, though Oberstar has also suggested using some of the leftover bank-bailout money. He still hasn't heard anything back on either proposal. "It's like shouting out into outer space - nothing's coming back from the other side of the Hill, nothing's coming back from the other end of Pennsylvania Avenue," he laments...