Word: capped
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...valuable to look at the shares of GE through the eyes of common sense. The company has lost $300 billion of market capitalization in about a year. During the same period, Citigroup has lost $130 billion in market cap. Bank of America has lost $200 billion. Since GE's financial services business is not the majority of its revenue, the destruction of it market value seems extreme. Balance sheet jockeys would say that the trouble the market fears is hidden within GE's asset base and will jump out to eviscerate earnings soon. So far there is no sign that...
...state could be in for a serious citizen backlash over the next few months. In California, tax revenue enhancements must be voted on in a special election. On May 19, voters will determine the fate of $5.8 billion in measures, which also include a permanent state spending cap (which would extend the tax hikes from two to four years) and whether or not to divert money from children's services, mental health programs and the lottery into state coffers...
...other words, Californians need to brace for another wave of campaigning by politicians and special interest groups. "We're most concerned about the spending cap that would not just lock us into our broken health care system and prevent us from restoring or reforming, but it would force us to make cuts to existing services in the future," says Anthony Wright, executive director of the reform-minded Health Access California, who plans to campaign against the proposal...
...very possible that the public will not want to go along with keeping the taxes, and they could vote them out if they don't vote for the spending cap," says Tony Quinn, GOP policy analyst and co-editor of the California Target Book. "Most are in favor of a spending cap because the budget is out of balance, but nevertheless, there's no certainty that will pass. This is a continuation of the political battle...
...Even most environmentalists, however, don't really want to see the EPA take all the responsibility for reducing carbon emissions, using a law that was drafted before climate change was a known threat. Instead, they see federal regulations as a protective stopgap measure until Congress can pass national carbon cap-and-trade legislation specifically tailored to global warming. "It's not going to be easy, but it can be done," says Doniger. Since the only thing that coal-industry executives and other fossil-fuel peddlers fear more than a carbon cap is EPA regulation, he might just be right...