Word: cleanups
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...still lacks the ability to cope speedily with such disasters. That shortcoming was dramatically illustrated last week when a Greek tanker crashed into three oil barges in the Houston Ship Channel near Galveston. Though Houston handles more crude oil than any other U.S. port, no fast-response cleanup team is stationed in Texas. By the time emergency crews from along the Gulf Coast arrived, 500,000 gal. of crude had leaked into the relatively shallow Galveston Bay, threatening shrimp, oysters, crabs and birds...
After the accident Congress passed a bill that had been languishing for years until the Alaskan catastrophe. Among other provisions, it establishes a $1 billion oil-cleanup fund and sets up 10 quick-response teams, one in each Coast Guard district. The action came too late for Galveston...
...dark portents came in rapid succession. First the Bush Administration angered friend and foe alike last week by admitting that it needs $100 billion much sooner than expected to continue its cleanup of the shattered savings and loan industry. Then tempers flared at a Senate probe of charges that the government turned over more than 200 failed thrifts to investors in 1988 in what amounted to sweetheart deals. Finally, the beleaguered Resolution Trust Corporation, which is managing the bailout, disclosed plans to dispose of 130 more thrifts and to sell $50 billion of seized assets...
...cost of the S&L bailout seems to keep on rising uncontrollably. Since the President signed the cleanup law amid loud fanfare exactly one year ago, the price tag has grown from a White House projection of $166 billion over 10 years to what some experts now fear could be a $1 trillion bill spread over 30 years as the government shuts down nearly half the entire thrift industry. The White House's own current forecast projects a cleanup cost of at least $500 billion over the next 40 years. That includes $160 billion to be used mainly...
...cleanup crew that followed in Souter's wake to glean cloakroom prattle heard him compared to Calvin Coolidge and called a "mousy little guy." Bush can live with that. Souter is a Harvard-Phi Beta Kappa-Rhodes scholar mouse...