Word: bailouts
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...demanding details about the likely return on the investment. But even the minimal strings attached did not prevent the first $350 billion from vanishing, with the government overpaying about $78 billion for the assets it bought. The banks told pesky reporters and congressional watchdogs that how they spent the bailout cash was really none of their business. And now, Tim Geithner informs us, the financial system needs $2 trillion more...
NASCAR is also tethered to the U.S. auto industry, which has required a massive bailout to save it from destruction. The Detroit Three sponsor teams and races and offer engineering support for the drivers and their crews. General Motors and Ford are among NASCAR's biggest television advertisers. Even Toyota, which controversially entered stock-car racing two years ago, expects a nearly $3.9 billion full-year loss, its first since 1950. An auto failure would be catastrophic for the sport. "The uncertainty of it all is what keeps you up at night," says NASCAR chairman and CEO Brian France...
...Analysts are also upset because the presentation did not come with a Gantt chart showing the details and timing of each aspect of every program in the bailout. They are afraid that it is simply written on a cocktail napkin, which is exactly what Henry Paulson did with the diagram of how he intended to spend the $350 billion that he wanted to put into the banking system...
...Senate bill was approved along party lines, with all 37 opposition votes coming from Republicans. Economics and public policy professor Kenneth S. Rogoff said that compared to the trillions of dollars being spent on the overall economic stimulus—the Treasury also announced a new $2 trillion bank bailout yesterday—the funding for science was “small change.” But he added that he believes federal spending for science is invaluable and that biotech has been “one of our big engines of growth for the last 25 years...
...conversation with Professor David R. Gergen of the Kennedy School, Krugman said that he disapproved of the latest version of a U.S. bank bailout plan scheduled to be announced today...