Word: bailouts
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...fact, interest on the national debt is now larger than the deficit, which the Congressional Budget Office estimates at $138 billion or $158 billion for 1990 (depending on whether you count this year's down payment on the savings and loan bailout). In other words, this year's taxpayers are actually paying more than enough to cover this year's Government operations: defense, social welfare, exhibits of Robert Mapplethorpe photographs, everything. It's only the interest -- and interest on interest -- on past excesses that we can't cover. Most of those excesses occurred in the decade since Ronald Reagan...
...most spectacular bailout would be a repeat of the Berlin airlift launched by the U.S., Britain and France when the Soviets cut off supplies to the city's western sectors in 1948. But as Paul Craig Roberts, professor of political economy at Georgetown University, notes, "It's a crackpot idea." West Berlin, then as now, was under the control of the three Allies and could be reached through an air corridor to which they had legal access. Getting to Lithuania, whether by plane, train, truck or ship, would mean violating the Soviet border -- as Moscow draws it anyway. "That...
This Monday we were called upon to shell out $489 billion in individual taxes. The estimated total cost to taxpayers of the savings and loan bailout is now up to $500 billion, and counting...
Could the Bush Administration's savings and loan bailout get any messier? Yes, in ways never imagined. In a surprise court victory last week, the ailing Olympic Federal Savings of Berwyn, Ill., convinced federal Judge Royce Lamberth that the Government's Office of Thrift Supervision currently has no power to seize the S&L. Reason: acting OTS director Salvatore Martoche and his predecessor, M. Danny Wall, were never constitutionally appointed to their posts...
While the entire S&L bailout is expected to cost taxpayers as much as $300 billion, the dire shortage of sleuths is partly caused by the Bush Administration's unwillingness to lay out a measly $25 million. Last year the Administration requested $50 million for the assault on S&L villains. Congress upped the authorization to $75 million, but the Administration balked. "If the violators don't believe they're going to be caught and stiffly sentenced, they're going to keep doing it," warned Georgia Democrat Doug Barnard Jr., the subcommittee's chairman and a former banker himself...