Word: bailouts
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...market goes into a downturn, or even a period of stagnation, "some" could become many. There are economists who argue that for younger workers, buying into the market now could be a classic case of bad timing, and then the government would only be looking at a politically inevitable bailout of the fund a generation or two from now, costing even more money. The second is the huge administrative costs inherent in making the transition from one huge fund to millions of little ones. Bush won't price it, saying it's a negotiable subject for congressional bean counters...
...Free market conservatives on Capitol Hill, for example, believe the IMF has come to function as a safety net for bad investment decisions, and that investors and governments will continue acting recklessly as long as they can depend on a bailout...
...latter point is amplified by Third World advocates (and even the World Bank after the Asian bailouts), who point out that the harsh austerity package that typically accompanies an IMF loan or bailout cuts government social spending and therefore transfers the burden of inept decision-making by governments and investors onto the backs of society's poorest and most vulnerable members...
Harvard Pilgrim Health Care (HPHC), the ailing health maintenance organization, is still weighing heavily on the hands of state officials. As of yet, there has been no plan announced for HPHC's bailout. Further complicating matters this week, the state and the University are now embroiled in a lawsuit over the HMO's right to the Harvard brand name. Although this quibbling points to legitimate concerns on both sides, it would be a shame if it ultimately interfered with HPHC's bailout and non-profit future...
Nevertheless, both parties could have dealt with the name issue without jeopardizing the already fragile bailout talks. Instead of sending a terse letter to the state asserting Harvard's right to the use of its name, Provost Harvey V. Fineberg '67 could have found a more tactful way of bringing the issue to the table--perhaps after HPHC's future was a little more secure. Similarly, one wonders whether legal recourse was the only option available to the state...