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...finance companies and auto manufacturers. The nearly completed bill, which President Obama has indicated he will sign, offers consumers credits of $3,500 to $4,500 to trade in old vehicles for new, more fuel-efficient cars. The incentive is expected to cost the government $4 billion and to boost sales of new vehicles by one million units. "We believe this will play an important role in driving demand and stimulating sales," says Ray Young, GM's chief financial officer. (Read "My $4,500 Lemon: Taking the Feds Up on Cash For Clunkers...
...Still, even if the numbers are based more on positive thinking than cold hard facts, it's tough not to be impressed by what Geithner and company have accomplished. In addition to the boost in public confidence, they've apparently figured out how to get the banks to support Geithner's other iffy program, the one designed to rid banks of toxic assets. Until now, banks have resisted selling the highly securitized, largely illiquid toxic assets, arguing they're worth more than the current fire-sale prices being offered on the open market. But taking them off the banks' books...
...candidate search has also given an undeniable boost to Australian tourism, which has gone into considerable decline amid the current economic recession. Indeed, Southall's role is part of a wider $1.2 million campaign to publicize northeastern Queensland, which officials claim has already generated more than $75 million worth of publicity. The job itself requires Southall, a former project manager at an agricultural company, "to explore the islands of the Great Barrier Reef, swim, and snorkel, make friends with the locals and generally enjoy the tropical Queensland climate and lifestyle." But before his position kicks in on July...
...course, the government is hoping that the stress tests will be the beginning of the end of the bank crisis because they will raise confidence in these institutions and even give bank stocks a boost. As news of the results has trickled out in recent days, bank stocks have indeed shot higher as investor fear has subsided. But longer term a big issue remains: Investors need to know just what the government's stakes in these banks are worth since that directly affects what the investors' stake is worth. The government says the future stakes it takes in the banks...
...party has shrunk to its base, it has catered even more to its base's biases, insisting that the New Deal made the Depression worse, carbon emissions are fine for the environment and tax cuts actually boost revenues - even though the vast majority of historians, scientists and economists disagree. The RNC is about to vote on a kindergartenish resolution to change the name of its opponent to the Democrat Socialist Party. This plays well with hard-core culture warriors and tea-party activists convinced that a dictator-President is plotting to seize their guns, choose their doctors and put ACORN...