Word: bailouts
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Congressman George V. Hansen of Idaho has been preparing legislation for a federal bailout of Whoops. The Federal Reserve is watching the situation, but neither the Reagan Administration nor Congress seems inclined to consider a rescue operation...
Most significant, the landmark $165 billion Social Security bailout package cleared its final hurdles with last-minute alacrity, if not grace. With only hours to go before a scheduled ten-day Easter recess, the Senate raced to endorse the Conference Committee compromise. The vote was 58 to 14; the night before, the House had nodded its approval with a 243-to-102 vote. "This is not a perfect bill," declared weary Senate Majority Leader Howard H. Baker Jr. "But we are not a perfect body. It is not the last word, but it is the best...
...Ford, lacocca joined Chrysler as president. From that year through 1981, the company lost nearly $3.5 billion, easily the biggest bloodbath by any American company in history. In 1979, the company was so close to bankruptcy that only an act of Congress saved it, and despite the bailout, Chrysler has almost collapsed several times since. It is therefore something of a modern management miracle that last month lacocca was able to announce that his company had actually made a profit...
...recent issues involving American business have stirred more controversy than Congress's decision three years ago to grant federal guarantees on $1.5 billion worth of Chrysler Corp. loans. TIME asked a number of those who opposed the bailout whether, in light of the fact that it helped save Chrysler and its 59,200 jobs in the U.S., they had -changed their minds. None had. The reason, doubtless, is that the issue goes beyond the troubles of a single company and raises fundamental questions about whether the free-enterprise system should be allowed to work. Excerpts...
David Stockman, director of the Office of Management and Budget and a former Republican Congressman from Michigan, the only member of his auto-oriented state's delegation on Capitol Hill to vote against the bailout: "I'm not sorry about that vote. The issue was a type of Government assistance that cannot and should not be generally available to private industry in this country. I couldn't see the philosophical principle for it then...