Word: bailouts
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...prime mess, but as the global economy slows and credit dries up, there's plenty to cry about. Many of the region's capitals borrowed heavily to fuel the boom, and those bills are coming due. On Oct. 26, the International Monetary Fund (IMF) announced a $16.5 billion bailout for Ukraine, to prevent a run on its banks and shore up its currency. Three days later, the IMF agreed with the World Bank and the European Union on a $25 billion rescue package to restore confidence in Hungary, which had seen its currency plunge in recent weeks...
Beyond seeking short-term bailouts, governments need to find ways to pay off their foreign debt - by increasing exports, reducing imports, or both. They also need to cut spending drastically: Hungary is looking at up to $1.4 billion in cuts in order to qualify for the IMF bailout...
...devout Jew, Emanuel was so intent on negotiating the passage of Congress's $700 billion-bailout bill that he got a special waiver from his rabbi to work through Rosh Hashanah...
...Still, it could have been worse. After eight ugly years of AIG, WMDs, Abu Ghraib, Enron, Blackwater, freedom fries, yellowcake, record deficits, Fannie and Freddie and Brownie, Mark Foley and Duke Cunningham and Tom DeLay, the Republican Party should qualify for a bailout. Retiring GOP Congressman Tom Davis memorably declared that if Republicans were a dog food, they'd be pulled off the shelves. Their usually well-funded candidates were badly outspent this cycle, but they've survived to fight for more kibble in the future. (See the screwups of Campaign...
...entitlements, but try to pin him down on the Audacity of How, and he vanished in a foam of contingency. He has promised to end the war in Iraq responsibly, but the tension between end and responsibility tightens now. He voted for the $700 billion Wall Street bailout, but there are bound to be far more claims on that pot than there is money available in it, and the three months between now and Inauguration Day are not likely to be kind to the new kid. Obama has been cautious at every turn not to commit himself to too many...