Word: bailouts
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
Almost certainly, McDonnell Douglas will survive the travail of the DC-10. At worst, James ("Old Mac") McDonnell, the company's octogenarian chairman, would close the Douglas division and face a few tough years. Alternatively, the Pentagon could step in with a Lockheed-type federal bailout to protect its No. 1 supplier, though that will probably not be necessary. Military officers who have long been dealing with the company agree on one thing: "Old Mac is probably madder than hell that he ever picked up Douglas...
...other impecunious countries will ever pay back their loans to Citibank, Chase or the rest of the big U.S. lenders. The debtor countries, pleading poverty, could indefinitely defer repayment. Then the Federal Reserve Board would have to cover those bad debts, meaning that the U.S. taxpayer would finance the bailout. Says Zombanakis: "We have created a system in which almost the entire debt of the world rests on the Federal Reserve...
Clearly, the initial effect of Proposition 13 will not be as draconian as some bureaucrats had predicted. But that is only because state revenues have been high, a condition that could change quickly. The slightest business recession could make a similar state bailout of local governments impossible next year. On the other hand, by relieving taxpayers, Proposition 13 could well stimulate enough business growth to generate added tax revenues...
Simon's harsh, free enterprise medicine is easy to take because it is spiced with considerable wit, especially at the expense of dissembling politicians. During New York City's 1975 fiscal crisis, he was cast as the villain because he would not offer a federal bailout. In private, some New York politicians told him to continue to hang tough for the good of the city; when he asked for their public support, they recoiled in horror. Yet conservatives were frequently no better, writes Simon. "As is so often the case in our society, when the liberals orchestrate...
...taking so many chances." He did not do so only because Bill Robertson, one of the owners of the mail service for which Lindbergh was flying, "came into my office in the Department of Commerce while I had on my desk the report [on that last bailout]. Bill persuaded me not to do it because he said they were still trying to get the last $2,000 or $3,000 to build the plane for you and if you were grounded for any reason they would never get the rest of the money." The plane that MacCracken referred...