Word: bailouts
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...world's finance system. Yet one of the main pillars of those rescue packages - guaranteeing loans between banks with the aim of unblocking frozen credit markets that most businesses and households rely on - has not yet provoked the intended reaction. And while it's still fairly early in the bailout game, political and business leaders are already viewing banks with growing impatience ast credit taps remaining shut...
...Bailout Fallout This notion of a government bail-out [Oct. 6] is not a question of liberal vs. conservative but one of right or wrong. This one is wrong. The burden will fall on the people who need this money much more than greedy executives do. The executives should go down, just as any of us would have to. I realize the economic implications, but this country was built on sacrifice, and we may have to sacrifice again. Nicholas Gamba, SAYREVILLE...
...never thought I'd be agreeing with Republican Senator Richard Shelby from Alabama, but my assessment of the current bank bailout conforms with his response: No! Invest in infrastructure, home weatherization, worker-retraining, green-collar jobs and whatever will move us away from our oil addiction. Rather than doubling down on our already obscene national debt, we should face up to letting the chips fall and reorganizing our lives and economy around a sustainable paradigm. Bruce Garver, MURRIETA, CALIF...
...Bernanke and FDIC chairwoman Sheila Bair announced a widely expected effort to inject $250 billion in government funds into the troubled U.S. banking system. The goal: to get banks lending again and keep the economy from grinding to a halt. The funds will come out of the $700 billion bailout package already passed by Congress...
...toxic debts in the financial sector, for which the $700 billion was originally designed? Some analysts have estimated that those bad debts could total well over $1 trillion. It would be politically unappealing, to say the least, for the Administration to have to go back to Congress for more bailout money...