Word: bailouts
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...committee overseeing MOSES, another change in the global climate is helping. The worldwide financial crisis has prompted governments to throw vast amounts of money into public works to stimulate their economies. And so MOSES is finally getting its share. Who knew the Adriatic wanted that kind of bailout...
...what about that $750 billion we already gave Hank Paulson, the Treasury Secretary, to clean up this mess? Oh yeah, that. Well, that wasn't a stimulus. It was a bailout. Big difference. The purpose of the bailout was to save the financial system from collapse. (And anyway, it hasn't worked.) The purpose of a stimulus is to get the entire economy moving again. Put money in people's pockets and let them spend it. Or, even better, let's spend it together on national projects like fixing the highway system. Bring on the earmarks! Hey, Sarah--where...
...other hand, who ever aired a commercial linking baseball, hot dogs, apple pie and washing machines? When were you ever told, "It's not just your flat-screen TV. It's your freedom"? This is not an argument for the bailout. But it is to say that when the country turns away from you as the maker of a symbol--well, it feels personal...
...Bringing up Wall Street’s role in the current financial crisis may seem dated. The two and a half months since Lehman Brothers collapsed have been rather eventful—a presidential election, A.I.G.’s bailout, Citigroup’s bailout, a 2,000 point decrease in the Dow, Iceland becoming insolvent, a requested bailout for the Big Three automakers, and as of Monday a bona fide, American-made recession. Because of all of this, it’s easy to forget what started this debacle—the subprime mortgage fiasco. If you?...
...There will likely be scant accountability following the recent extinction of banks like Lehman Bros. and Bear Stearns, the collapse and sale of Merrill Lynch, or he bailout of A.I.G. Richard S. Fuld, Jr., Lehman’s CEO, might not face any more discomfort than his public roasting by Rep. Henry Waxman, the new chairman of the House Committee on Oversight and Government Reform. No judge can sentence him to pay back the $300 million he took from the company in the last few years, because he did so legally—if unethically...