Word: bailouts
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...ready for the knife. In gubernatorial elections in Sao Paulo, Brazil's largest and richest state, voters have reelected Gov. Mario Covas, a close ally of President Enrique Cardoso. That means the imminent implementation of Cardoso's own brutally honest reelection platform: more taxes, less spending and an IMF bailout that will make life tough on pretty much everybody...
...saying, exactly. But the safe bet is that Greenspan believes U.S. banks are in trouble. Big trouble. Maybe on the brink of a disaster to rival that of the S&L crisis (and subsequent government bailout) of the late 1980s. "The Fed did an internal investigation to see how much exposure the banks had to hedge funds and other high-risk investments," says TIME senior economics reporter Bernard Baumohl. "The cut was a clear signal that conditions are more severe than most of us realize...
...Dylan won't be the only hand laid off from Maggie's farm -- unless the government steps in, which is why Thursday's budget deal included $6 billion in farm aid. For the GOP, agreeing to the bailout meant suspending their quest to slash federal farm subsidies. "Republicans would have been hard-pressed to cut back on government spending to farmers in a year when the agricultural community has been badly hit by the Asian crisis and falling commodity prices," says TIME's senior business reporter Bernard Baumohl. The bad news, however, is that with U.S. agriculture heavily reliant...
Little wonder that on the eve of this week's annual International Monetary Fund meeting in Washington, the IMF and U.S. Treasury Secretary Robert Rubin sent their strongest signals yet that they're poised to assemble a $30 billion package of bailout loans to Brazil. "We believe that the economic well-being of Brazil is critically important not only to our economy but to the entire hemisphere," said Rubin...
Aides to Cardoso privately expressed hope that the promise of a bailout would bolster investor confidence in Brazil. But the country's President knows much more is required. Two weeks before the election, Cardoso went on national television and explained that the country will have to learn "to live within its means." Which means, for starters, that Mayor Almeida can expect...