Word: bailouts
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...Northeast is already in a recession, suffering from such maladies as plummeting real estate prices and rising unemployment. The Southwest, by contrast, is beginning to bask in the glow of resurgent economic health. Rising oil prices, coupled with a possible shift in wealth because of the savings and loan bailout, may only serve to aggravate the differences between North and South...
...some accounts, Texas will be the largest single beneficiary of the gigantic S&L bailout. A controversial study by Edward Hill, a professor at Cleveland State University, predicts the cleanup will pump about $80 billion into the Texas economy. A dozen other states, mostly in the Southwest, would also profit. Politicians from the Northeast and Midwest complain that their states would foot almost half the bill but see only 5% of the initial bailout money, as opposed to 72% in Texas...
...bailout's woes were glaringly evident last week, when the Administration notified Congress that $100 billion will be needed by October to keep the program from running out of cash. The news angered Administration critics who were stunned by the size of the request. The $100 billion installment includes $60 billion in bonds the RTC plans to repay from the sale of assets of seized thrifts. The remaining $40 billion will become part of the bailout's long-term cost...
...details of a "fall inventory-reduction sale," in which the agency will unload shuttered thrifts and seized assets by the end of the year. Up for grabs will be everything from junk bonds to golf courses to shopping malls. The $50 billion asset sell-off will refuel the bailout process, but it will take its toll on the U.S. by depressing, to some extent, an already weak real estate market in many parts of the country. And taxpayers will be stuck for any losses on properties sold for less than the frequently overstated book values that Washington inherits when...
...bailout reaches its first anniversary with a price tag that has climbed to $500 billion, and seems out of control. -- GM's new Mr. Big takes the wheel. -- Rollerblades inspire rhapsodies...