Word: bailouts
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...today for a private lunch with Prime Minister Stephen Harper, and the North-American economy is sure to be front and center. A softer "Buy American" provision in Obama's stimulus package that honors existing trade agreements such as NAFTA is sure to be discussed, as is the ongoing bailout of the North-American auto industry, which has deep roots in southern Ontario...
...Obama plans to limit cash pay to $500,000 for the top five executives of firms that take more aid from the government, and the stimulus legislation he signed into law on Feb. 17 sharply restricts bonuses for the 25 highest-paid employees of any company that has taken bailout money. While Wall Street is unhappy about these measures, its bosses agree (publicly, at least) that they must do a better job of linking pay to long-term profitability rather than short-term jackpots...
...four-hour meeting on his birthday, Dec. 16, in Chicago, at which Obama showed up with a vanilla cake. Orszag, Summers, Treasury Secretary Timothy Geithner and Orszag's deputy Robert Nabors agreed that there was no avoiding a deficit this year of about $1.5 trillion, including the bank bailout and the stimulus bill. They were prepared to swim even deeper into the red next year, expanding Obama's initiatives on renewable energy and high-speed rail lines and raising the deficit to 10% of gross domestic product, the highest figure since World War II. But assuming the economy has begun...
...Seduced by the fervor of the inauguration and the unprecedented nature of the economic crisis, many of us assumed there would be overwhelming public support for the stimulus package, as indeed there was before the Republicans got in their licks. But we should have learned from the pre-election bailout package that the mere fact that the public is in a panic about economic conditions doesn’t mean that Republicans will easily sign on to remedies that cost unfathomable amounts of money. The October bailout package, indisputably and critically necessary, was opposed by a solid majority of Americans...
Instead of increasing assistance to its old ally, Beijing has apparently been keeping a distance from Islamabad. During Zardari's visit in October, the Chinese snubbed the Pakistani President's request for a full-blown economic bailout. While Beijing did grant Islamabad a soft loan last year worth $500 million, it was nowhere near the estimated $14 billion experts say is needed to get Pakistan back on its feet. "The cooperation we saw during the Musharraf era just isn't there anymore," says Sayem Ali, an economist with Standard Chartered Bank in Karachi. "China would rather develop better relations with...