Word: bailouts
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...potential bailout offer by Aerosmith rocker Joe Perry to buy the Harvard Lampoon turned out to be a hoax yesterday, leaving the exclusive social club at 44 Bow St. with nothing but a decaying castle and financial troubles...
...1930s. As for the Prime Minister's policy initiatives, International Monetary Fund officials weighing whether to unlock $1.5 billion in aid to Russia are most disturbed by his willingness to pump increasingly worthless rubles into inefficient state enterprises. Only last week, Chernomyrdin's new team hammered out a bailout plan that could hand the faltering agricultural sector more than 25 trillion rubles...
Insurers are also suffocating. New York State's vast Empire Blue Cross-Blue Shield plan, which insures 1.4 million mostly poor and elderly patients, temporarily averted insolvency this month thanks to a state-financed bailout plan. Even with a one-time $100 million infusion, though, customers will face average rate increases of 20%. As a result, hundreds of thousands of New Yorkers may be forced to join the ranks of the uninsured...
...even this modified deficit- reduction promise owed little to Clinton's programs. Almost all of the decrease was due to what Clinton's economists call "natural effects," in this case growth assumptions generated by the Congressional Budget Office and estimates of when the government's savings and loan bailout operation would be completed. Nevertheless, the prospective halving of the deficit was well received by an electorate starved for a plan -- any plan -- that seemed to signal tough action...
Clinton's economic advisers showed him charts demonstrating that the deficit in 1996, without any changes, will be more than $100 billion higher than they -- and Bush -- had estimated. Clinton's aides blame the Republican incumbent for underplaying future costs for defense and the thrift bailout, but they also admit cooking their own numbers. New taxes on foreign firms, for example, are now expected to yield only one-fifth of the $15 billion a year that Clinton promised...