Word: bailouts
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...liberalism and tantamount to an embrace of communism [Oct. 20]. It's hard to ignore the parallels between, for example, President Salvador Allende's nationalization of Chile's banks and copper industry in 1970, and the U.S. government's recent purchase of part of insurance giant AIG and its bailout of several financial behemoths. It is interesting that the crisis in the capitalist system has been met with the kind of government interference in the economy that was once viewed with dismay. Elliott Wollner, Melbourne...
...hundreds of U.S. companies, the federal bailout may be too little, too late. Bankers, lawyers and credit analysts say the government's plan to invest billions into the nation's banks is doing little to ease the credit crunch for U.S. businesses. The result, they say, is that many companies now struggling to get financing may soon be out of business. "In the past few weeks, lending has been getting tighter, not looser," says Larry Flick, a partner at law firm Blank Rome, which helps companies get financing. "All the moves the government is making to end the credit crisis...
...financial companies as well as a cutback in lending activity at many banks has made it tougher and more expensive for companies to get funding. Hedge funds, too, which are having their worst year on record, have retreated from the lending business. And observers say the government's bailout plan won't change the problems companies are having getting funding anytime soon...
...from that mistake; his language during the general-election campaign has been simple, direct and pragmatic. His best moments in the debates came when he explained what he wanted to do as President. His very best moment came in the town-hall debate when he explained how the government bailout would affect average people who were hurting: if companies couldn't get credit from the banks, they couldn't make their payrolls and would have to start laying people off. McCain, by contrast, demonstrated why it's so hard for Senators to succeed as presidential candidates: he talked about Fannie...
...more foreign financing than others in Asia. To some, the recent upheaval in Korean markets was eerily similar to the country's financial crisis in 1997. Back then, Korean banks also had trouble refinancing borrowings from jittery foreign banks, creating a shortage of dollars that required an IMF bailout. However, Tan of Standard & Poor's says that current conditions are vastly different than those of 10 years ago. Not only are Korea's banks much stronger, but, with $240 billion in foreign currency reserves, the country's finances as a whole are in much better shape, Tan says...