Word: bailout
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...Washington. And it seems to be working." Upstate political observers say Hoffman has struck a chord with voters based on his deficit-reduction message and pro-life stance. He also supports a flat tax and lists four other "issues" on his campaign website's homepage: "Gay Marriage," "Bank Bailout," "No Pork Pledge" and "ACORN." "I'm fighting for the heart and soul of the Republican Party," says Hoffman, who helped manage the finances of the 1980 Winter Olympics in Lake Placid...
...Blame? While it feels great to be outraged by these fat bonuses and whack the pigs by restricting - or seeming to restrict - the pay at outfits that have taken government bailout money, it's a bit pointless too. Because to some extent, Wall Street's pay and its problems really are misunderstood. (Stop snickering! It's true.) Even though "Wall Street" means the nation's big financial and investing operations, not a geographical location, a disproportionate number of Street people live in Manhattan. Things in the desirable parts of that borough are expensive beyond belief, especially if you have children...
...late with your credit-card payment or overdrawn by a few bucks on your ATM card, the bank (which your tax money helped bail out) is still sticking you with obscene fees and charges. Hence the question that so many of us are asking: Where's my bailout? (See 25 people to blame for the financial crisis...
...Real Bailout Some bankers now have the attitude of, What's the problem? The crisis is over. Get out of our way and let us get back to business. This is especially true of those who don't owe the government any money. The conventional thinking is that the $700 billion of Troubled Asset Relief Program (TARP) money was the beginning and will be the end of the bailout. TARP lent $238 billion to more than 680 banks, according to SNL Financial, a research firm; 44 of these banks have repaid a total of $71 billion. Thus, there's less...
...real bailout wasn't TARP. It was lending and guarantee programs from the Fed and the Federal Deposit Insurance Corp. The Fed had a mere three borrowing programs before the crisis started in the summer of 2007, when two Bear Stearns hedge funds failed. At the height of the bailout, there were no fewer than 13 programs. The New York Fed had to post them on its website sideways, using teensy-weensy type, so they would print out on a single sheet of paper...