Word: bailouts
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...give [the Obama Administration] credit. In about six weeks, they have done three major things: the $800 billion stimulus package, a mortgage program that is much more than the previous Administration did and a bank plan that, however flawed, at least has the benefit of not having another bailout of the banks. The glass is half full. But for each one, there are some flaws ... the bank plan wants to pretend that the government is half pregnant with the banks. The debate is between partial and full nationalization, not between nationalization or no nationalization...
...German Chancellor Angela Merkel rejected calls for a mass bailout. And Luxembourg Prime Minister Jean-Claude Juncker, who chairs meetings of the Eurozone's finance ministers, dismissed appeals by wannabe members to relax entry criteria for single European currency. U.K. Prime Minister Gordon Brown - clearly eying French President Nicolas Sarkozy - denounced protectionism as a "road to ruin". And Sarkozy himself testily denied being protectionist but then accused eastern Europe of putting the entire E.U. at economic and political risk...
...theirs. Over the past 60 years, many of the benefits that both blue- and white-collar workers hold dear were either won or expanded by the UAW. That includes pensions, early retirement, overtime, total health-care coverage and paid holidays. At congressional hearings in November over a proposed bailout bill, there was palpable contempt for the UAW from Alabama Senator Richard Shelby, whose state is home to several transplant automakers. To him, the UAW seemed to consist of a bunch of overpaid featherbedders who couldn't match hubcaps with workers at transplants like Toyota and Mercedes Benz...
...stake in a handful of the largest banks at the cost of their shareholders, and eventually resold the healthy assets on the public market. Since the government held the reckless banks and their shareholders accountable, some officials say that, after the banks were reprivatized, the total cost of the bailout was close to zero...
...Barack Obama has, starting today, begun to receive a daily economic-intelligence document, put together by several U.S. intel agencies. Obama already gets a daily outline on the state of the U.S. economy; the new report concentrates mainly on intelligence about foreign economies. (See which country has the best bailout plan...