Word: baumohl
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Text by Bernard Baumohl and Valerie Merchant
...down is expanding the mandated banking welfare program known as the Community Reinvestment Act, which mandates low-interest loans in high-risk inner cities. The banks are willing to go along -- "they know that they won't get deregulation without a compromise," says TIME senior economics reporter Bernard Baumohl -- but Gramm...
...Compromise -- to put it euphemistically -- was Al D'Amato's middle name. "But Gramm is much more of an ideologue," says Baumohl. "He's not willing to trade." Gramm single-handedly killed the previous deregulation effort last October, and now it looks like he'll be in charge come January. Sometimes integrity can be a real inconvenience...
BRASILIA, Brazil: President Fernando Henrique Cardoso has finally rolled out the gritty details of his long-awaited austerity plan: tax hikes and spending cuts on nearly everything he's constitutionally allowed to touch. "It's a bold plan," says TIME senior economics reporter Bernard Baumohl. "It's what he promised both the IMF and the Brazilian people." Now for the hard part: getting it past Congress...
...proposed budget savings, which add up to $24 billion, target a lot of sacred cows -- especially the social security benefits of civil servants -- and despite Cardoso's popular mandate for the plan, Congress is expected to kick up a considerable fuss. But Baumohl thinks that the international response will prove convincing. "We should start to see foreign investment returning to Brazil, and the IMF now has an obligation to put together the planned $30 billion bailout." Cardoso has written the recipe for Brazil's recovery. All he's got to do now is make sure the meal gets cooked...