Word: bailouts
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Although Schwarzenegger insists he will not raise taxes, in his speech, he requested $6.9 billion in aid from Washington. This would not be a bailout, he said, but a demand for fairness. "When President Clinton was in office, California got back 94 cents on the dollar from the Federal Government. Today, we only get 78 cents back. But in the meantime, Texas gets 94 cents, Pennsylvania gets $1.07," he said. "And guess what New Mexico gets? $2.03." Without the additional federal money, Schwarzenegger said, he will again propose the elimination of CalWorks, the state's welfare-to-work program...
...Boston Globe has named Harvard Law School Professor Elizabeth Warren its 2009 Bostonian of the Year for bringing “a sense of sanity to the economic crisis” as the official overseer of the U.S. bank bailout program...
...small Michigan university receives thousands of nominations over the course of the year before selecting the most flagrant offenders. Does the list hold any actual power? Some of the banned words from 2008 still crept into conversation last year: bailout, Wall Street/Main Street and carbon footprint continue to be abused. Thankfully, First Dude, maverick and game changer were relegated to the sidelines. (See the top 10 quotes...
...Monday, Citigroup said it had worked out a deal to repay $20 billion in government bailout money and terminate a loss-sharing agreement the bank had with the government for Citi's riskiest assets. Citi CEO Vickram Pandit said the moves were signs that his company was returning to financial health. The deal would also remove much of the government's pay restrictions on the bank. "These actions move us closer to ending a very difficult period for our company," wrote Pandit in an internal memo to Citi employees. (See 25 people to blame for the financial crisis...
Resentment may be another factor. While the New Deal is often remembered as a bailout for the little guy, the bailouts of Wall Street--launched by the Bush Administration and sustained by Obama--have been aimed at the affluent and have not merely made Americans skeptical of the explosion in spending but left them feeling shortchanged as well. Republican pollster Bill McInturff calls this "the notion that they're too big to fail and I'm too small to notice--that politicians have used the government to spend another trillion for the big banks and special interests...