Word: bailouts
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...been rehabilitated by the Olympics, the recipient, actually, of a $1 billion government bailout of his political fortunes. That's the amount the feds poured into the bribery-tainted Salt Lake games threatened by terrorist attacks. Romney also has $10 million of his own money to spend...
...found one for the post-9/11 air travel slowdown: It has given the agency time to launch plans for new runways and better airports. Still, the effect on commercial flying has been devastating. Airlines lost about $7 billion in 2001, even after receiving a federal bailout of $5 billion, and passenger demand is expected to plunge by as much as 12 percent through...
...Bush might have saved all this trouble by simply writing U.S. Steel, Bethlehem Steel and the other ailing domestic producers the up-to-$12 billion bailout check they wanted, allowing them to pay off those crippling "legacy costs," consolidate at will, and get back in fighting trim without affecting U.S. prices or global relations. But unless Bush changes his mind in the 30 days before the tariffs kick in, it's over. The decision is made, and the damage is done...
...steelmakers say, could come from revenues generated by tariffs on imported steel. "If we get tariff relief and legacy-cost relief, you're taking money from importers who caused injury and sending it to retirees," says Bethlehem's recently installed CEO, Robert Miller, who helped Chrysler win a government bailout...
...sure, it's in the interest of the U.S. economy to maintain a healthy steel industry. And on a variable-cost basis (for raw materials, energy and so forth), integrated steelmakers could well be globally competitive. But a bailout for their legacy costs and years of poor planning, coupled with trade protection, would set a bad precedent, critics charge. While many countries subsidize their steelmakers, the trend in recent years is for trade barriers to fall. Should the U.S. spark a steel war, that trend could be at risk...