Word: bailout
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...regulation could constrict financial market activity so significantly that it undermines the chances for ending the recession. The other argument that the U.S. will not win at the meeting is its position that the medicine of spending tens of billions of dollars to create jobs, cut taxes, and bailout banks is better than the side-effects of having a staggering national debt, a debt which revenue collected by the IRS may not decrease at the rate that the Administration claims that it will. For France, the matter is academic. It does not have the ability to borrow hundreds of billions...
...oversight at the Securities and Exchange Commission [March 9]. Thousands of hardworking people lost their jobs and homes as a result of the incredible nonfeasance, misfeasance and probably malfeasance of Christopher Cox and friends. Those responsible, from government to local banks and mortgage brokers, need to pay for this bailout. If we don't get legal justice, we need to take it to the streets. I did not serve 20 years in the military for this. James C. Byrk, Plattsmouth...
...Edinburgh home. Britons are livid that Goodwin was awarded a $1 million annual pension after he quit RBS in disgrace last year. The 50-year-old oversaw a disastrous expansion that almost felled one of Europe's largest banks, prompted a $30 billion government bailout last fall and triggered the biggest annual loss in U.K. corporate history. "We are angry," a group claiming responsibility for the attack wrote in an e-mail to an Edinburgh newspaper, "that rich people, like him, are paying themselves a huge amount of money and living in luxury, while ordinary people are made unemployed, destitute...
...Still, even small differences can cause major rifts in families, and the competing budgets suggest the challenges Obama's agenda faces. Both the House and Senate, after all, removed Obama's $250 billion-$750 billion placeholder request for more bank bailout funds. And they both slashed the Administration's proposed 10% increase in nondefense discretionary spending (for education, environment and health initiatives, among other things), to 7% in the Senate and 7%-9% in the House. The Senate stripped the President's signature middle-class tax cuts, known as "Making Work to Pay," of $400 for individuals...
These lessons will be particularly important as Obama this week tries to persuade skeptics in Congress to pass his $3.6 trillion budget and, as Geithner warned, the Administration is forced to go back to ask Congress for upwards of $750 billion to fund the bank-bailout plan. "We recognize it's going to be extraordinarily difficult, particularly in the wake of not just the events of the last two weeks, but the last nine months, frankly," Geithner conceded in the hearing...