Word: bailouts
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...Zeppelin absolutely, positively not reuniting. Black-T-shirt industry files for bailout...
...President-elect Barack Obama prepares to throw money at the current downturn - a stimulus package starting at about $800 billion, plus the second $350 billion chunk of the financial bailout - we all really do seem to be Keynesians now. Just about every expert agrees that pumping $1 trillion into a moribund economy will rev up the ethereal goods-and-services engine that Keynes called "aggregate demand" and stimulate at least some short-term activity, even if it is all wasted on money pits. (See pictures of the recession...
...when will there be a better time? We should bail out the public sector, but only with serious strings attached; otherwise, we'll repeat the bailout of the financial sector, which pocketed the federal handouts and kept doing whatever it pleased. Bailouts should be reserved for states and communities facing the most drastic contractions - and even those shouldn't be rewarded for frittering away surpluses on sunny-day tax cuts and race-to-the-bottom subsidies designed to lure out-of-state businesses. States shouldn't be rewarded for keeping their fiscal houses in order by stiffing Medicaid programs either...
...mutual friend. But the question of who will have the most influence on policy is still a fair one. Summers is famously rumpled, brilliant and occasionally rude. During the Asian crisis, he woke up his Japanese counterpart when he found out the Tokyo government was trying to arrange a bailout fund outside the purview of the International Monetary Fund and the U.S. Treasury. "I thought you were my friend!" he told the startled Japanese bureaucrat. Summers was one of the most brilliant economists of his generation at Harvard, getting tenure at age 28 - the ultimate economic whiz...
...would have done things exactly the way [Paulson] did them," says a source. Geithner, for example, wants to overhaul the dysfunctional, taxpayer-funded Troubled Asset Relief Program (TARP) - initially intended to buy bad assets from banks. The new Administration wants to use the final $350 billion of the bailout program to reduce the number of home foreclosures and funnel additional capital directly to banks and other lenders...