Word: careful
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...favoritism shown the United Auto Workers (UAW). Take the Chrysler plan: Taxpayers were to trade in a $4 billion IOU (i.e., the government loans) for about 5% of Chrysler's stock. The UAW, on the other hand, was trading in a $4.5 billion IOU (related to its VEBA health-care trust for retirees) in return for 55% of Chrysler stock. Does that seem fair? A third group, the secured debt holders, were to trade in a $6.9 billion IOU and get $2 billion in cash - an amount that was later raised to $2.25 billion to mollify disgruntled creditors, though...
Another popular argument against bondholders is that they made bad investment choices, so their steep losses are well deserved. But union leaders in Detroit negotiated the richest benefits packages of any industry - GM's health-care outlays grew so big that one Wall Street analyst dubbed the company "an HMO on wheels" - and that played some role in the declining competitiveness of GM and Chrysler. Don't the autoworkers and their union leaders bear some responsibility for that...
...where we live. Our insurance premiums can be crushing: it's $240,000 a year for a neurosurgeon in New York now. One way or another, it's an expense that gets passed down to all. Can our country afford this luxury at this time? Want more medical care for less money? Get the lawyers out of our garden, and find a better way to sanction bad practices without damaging everyone. (See the top 10 medical breakthroughs...
...there would be a need for mechanical-ventilator deployments to hospitals. The national stockpile has sufficient ventilators, but the necessary circuits that are needed to operate them are not produced in the United States but in Mexico, so having them come across to this country is critical for taking care of critically ill patients in the United States...
Historic though the ratio may be, it does not give Obama an unfettered hand. On all sorts of issues, from health care to energy policy, Senate majority leader Harry Reid will still have to bring along his own right flank - moderate Democrats such as Nelson, Louisiana's Mary Landrieu, Indiana's Evan Bayh and now Specter. And not everything that is about to come before the Senate splits the Democrats along ideological lines. On climate change, for instance, the make-or-break votes come from a diverse group of 16 Democrats from left and center who say they will...