Word: bailouts
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...authority to the point where he was regarded as the strongest Speaker in eight decades, Gingrich is now moving to return more policy-setting freedom to committee chairmen and has promised to consult more closely with members before taking controversial stands, as he did on Bosnia and the Mexican bailout...
...13th District is 41% Latino, and both major-party candidates are Hispanic. Menendez, in general a loyal Democrat, broke with Clinton in opposing NAFTA and the U.S.-led bailout of Mexico. But having won his two previous general elections by an impressive margin, he is considered the favorite in this race...
...Bush around to support the Americans With Disabilities Act, although the legislation bears the name of Iowa Democrat Tom Harkin. In 1982, Dole almost single-handedly reversed a large chunk of Reagan tax cuts in an attempt to control a ballooning deficit, and in 1983 he helped orchestrate the bailout of Social Security, which he lists as his proudest accomplishment. As the Tuesday deadline fast approaches, Dole is spending his last hours in the Senate receiving tributes from Senators and members of the House. And the tributes are glowing, offered up in terms that are usually reserved for posthumous delivery...
...lack of a bailout plan poses a real threat to Wall Street, one reason U.S. Treasury Secretary Robert Rubin made a quiet visit to Tokyo recently to stress the need for decisive action. The threat? With their confidence in Japan's banking system still shaky, U.S. and other foreign banks could decide to cut off credit lines to overseas branches of Japanese banks. If Japanese bank branches here lose their access to credit--and hence their ability to do business--they might be forced to sell their huge holdings of U.S. Treasuries to stay afloat. That could trigger a sell...
...what he hoped for last week, when 21 of Japan's top banks wrote off an astonishing $106 billion in bad loans--welcome news in global banking because it signaled Japan's intention of facing reality. But there is still a danger. "If it turns out that this first bailout is a nonstarter," says Richard Koo, a senior economist at Nomura Research, "it will force many U.S. banks to reassess Japan's ability to control the situation. They may be pressed to cut credit lines to Japanese banks...