Word: bailouts
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...with "gross negligence." Meanwhile, Neil Bush prepared to respond this week to previous federal charges that he abused his role as a Silverado director. In Congress, L. William Seidman, chairman of the Resolution Trust Corporation, asked for at least $100 billion for fiscal 1991 to keep the S&L bailout moving. Only a year ago, regulators had expected that $50 billion would...
...bailout faces the added specter of a slumping U.S. economy. A recession could raise the already astronomical price of the bailout by pushing more thrifts into bankruptcy and making it harder for the government to find buyers for seized S&Ls and their assets. Federal Reserve Chairman Alan Greenspan warned Congress last week that the Persian Gulf crisis has "introduced new and substantial risks" to the economy. Washington's latest measures of economic activity showed just how gloomy the outlook has become, as the Consumer Price Index rose 0.8% in August, equivalent to an annual rate...
...bailout's relentless drain on the U.S. Treasury provided a grim backdrop to the stalemated budget talks. After 125 days of partisan wrangling, negotiators from both parties were nowhere near agreement last week on how to pare $50 billion from the 1991 deficit and $500 billion over the next five years. If a deal is not reached by Oct. 1, the government could face $100 billion of across-the-board budget cuts. While lawmakers contemplated legislation to avert that sweeping move, the White House threatened to veto such a measure in order to force a resolution of the budget deadlock...
...budget talks only nibble at the edges of the real deficit problem, partly because both parties agreed earlier this year to keep the S&L bailout off the books. If it were included, the red ink would swell next year from $165 billion to $230 billion. The negotiators are thus struggling to find spending cuts and tax hikes that would still fall short of covering the rising cost of the bailout. Both sides have agreed to boost taxes on alcohol, gasoline and autos priced at $30,000 and up. But such increases would go only partway toward paying for Bush...
...questions for the White House and Congress are how to complete the S&L bailout as swiftly as possible and how to prevent future financial fiascoes. Proposed remedies range from a complete overhaul of banking and thrift legislation to a soak-the-rich scheme that Joseph Kennedy II, a member of the House Banking Committee, put forward last week. Kennedy's plan would slap surtaxes on individuals with incomes over $100,000 a year and most corporations...