Word: bails
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...mobilization to bail out Eastern Europe has begun in earnest. According to MarketWatch, "The World Bank, the European Bank for Reconstruction and Development and the European Investment Bank issued a joint pledge Friday to provide up to 24.5 billion euros ($31.2 billion) in aid to support Eastern Europe's bank sector." That is almost certainly only the beginning of the process...
...already issued emergency loans for Hungary and Ukraine. Last week the Latvian government was forced to resign after massive street protests triggered by government austerity measures. Latvia's GDP dropped 10.5% in January alone. There is talk of countries such as Germany having to bail out their smaller eastern neighbors. But rescue prospects are complicated. Western European governments are battling recession themselves and the debt they have taken on to finance domestic recovery packages may make them unable, or unwilling, to aid their Eastern European counterparts. (See pictures of printing money in Germany...
...Sarkozy is not alone in responding to cries for help from the car sector. The U.K. has set out a $3.4bn rescue package for its beleaguered car industry, even though it is mostly foreign-owned; Spain has stumped up $5.1 billion in public cash to bail-out car firms; and Germany has set aside $1.9 billion to pay owners to junk their old cars and buy something new. At the same time, the U.S. government has handed $17.4 billion to GM and Chrysler, a move that European carmakers say leaves them at a competitive disadvantage. (See pictures...
Blankenhorn isn't opposed to using government stimulus to ease the transition, but he's worried that it could obscure the need for big changes in behavior. "If the moral of today's crisis is 'Let's stimulate this and bail out that, and as soon as things get back to normal, we can go back to a debt culture,' that's just not a sustainable idea," he says...
...date, Madoff is the only person charged in the case. He is still "free" on $10 million bail and is under house arrest, wearing an electronic ankle bracelet...