Word: bailouts
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...that still leaves $10 billion from the bailout package to give out, and airline lobbyists clamoring for the cash. Now Washington finds itself in the same position it?s been in for decades with companies (say, Chrysler), industries (say, S&Ls) and even nations (Mexico, Korea, Indonesia, Argentina?). Namely, once you start bailing, how do you stop? How should a government engineer reforms in its beneficiaries to keep from throwing good money after...
...Washington can do a lot to see that this bailout goes a long way. It can stipulate that airlines demand pay cuts from their unions and concessions from plane manufacturers, and it can lean on banks to keep the loans flowing. It can also pass legislation sponsored by John McCain that imposes mandatory arbitration of labor disputes, removing the threat of crippling strikes from the unions? hand and keeping labor costs manageable. It could even get tougher on salaries than the feckless two-years-no-executive-raises condition imposed on the first $5 billion payout. (CEO Stephen Wolf of already...
...matter of promoting the industry?s long-term health - the tough-love Chrysler bailout worked wonders, the IMF?s foreign versions have been less successful - will come back around to Washington soon enough. Most analysts believe the industry is inexorably headed for rampant consolidation and the fare increases that come with it - if Congress won?t force change on the industry, lawmakers may have to call off the trustbusters and let it sort itself...
...much Bush, who publicly entered the fast-gathering stimulus-package debate Wednesday for the first time with a bid of "$60-$75 billion," topped Tom Daschle?s whispered $50 billion earlier offer. That?s on top of the $55 billion already dashed off to rebuilders and the airline bailout. So what's to worry about? Greenspan and Rubin say any more than $100 billion total (roughly 1 percent of GDP), and you?re begging for rising interest rates now and rampant inflation later...
...watched the airline executives come to Congress to ask for a massive infusion of cash, which they got Thursday ($5 billion in emergency cash and $10 billion in loan guarantees). They should get help for the unforeseen harm that's hit them. But this is a corporate CEO bailout as well. The airlines were in deep trouble before Sept. 11. US Airways was so rickety that its chairman had recently sought to save himself with a merger with United Airlines. This week, he announced that 11,000 employees would lose their jobs, without any of the cushions usually associated with...