Word: bailouts
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...estimated last week that the Government's S&L cleanup bill may total $150 billion, three times as much as Congress approved for the job last year. With interest, the final total could run as high as $500 billion over 40 years. Without another infusion of federal money, the bailout fund will be broke by year...
...months, the Bush Administration has viewed the savings and loan crisis much as a fire hydrant regards an approaching dog. White House officials generally dismissed signs that the cost of the bailout was steadily rising. Treasury Secretary Nicholas Brady contended last October that the $50 billion to be borrowed under Bush's S&L bailout plan would be plenty to do the job. "I know of nothing that would change my view," he said. Even as Treasury officials and banking regulators bickered over the need for more money, Bush aides downplayed the mess. "It's just not on our scope...
...from the deficit talks to make it easier for both sides to reach the elusive Gramm- Rudman targets. A speedy budget deal, Darman believes, will lower interest rates and keep the economy growing. But other participants, notably Democratic Congressman Charles Schumer of New York, say that moving the thrift bailout off budget -- instead of paying for it out of current revenue -- is dishonest because it will only increase the cost of borrowing over the long term...
Having been repeatedly underestimated, the size of the savings and loan bailout -- at the $500 billion so often cited -- may finally be a bit overblown...
...banking regulator, who has generally been frank and realistic in trying to handle the mess -- too frank and realistic for President Bush, who aims to replace him with William Taylor, a low-key Federal Reserve veteran. But, however long Seidman stays, thousands of other professionals are involved in the bailout. Faced with the task of recruiting staff at a fraction of the pay they'd earn in private industry (running S&Ls into the ground, say), the RTC has, sensibly, been luring seasoned executives out of retirement. Further, as required by law, the agency has been farming out most...