Word: deal
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Many Democrats like to think of Barack Obama as a reincarnated JFK, but his congressional colleagues reached further back in time Monday to resurrect FDR and his pump-priming New Deal jobs program to help bolster a wobbly economy. "We need to address the fragility of markets, the stability of our economy," House Speaker Nancy Pelosi said as she prepared to meet behind closed doors to talk about the contours of a $150 billion stimulus plan with a high-powered squad of liberal economists including Joseph Stiglitz and Lawrence Summers, both of whom held senior posts during the Clinton Administration...
...Democrats actually came to work on Columbus Day, when the federal government - the Postal Service, the Pentagon, the Pension Benefit Guaranty Corp. and all the rest - was shut down. "Even a holiday of such importance could not stand in the way of our coming together here in Washington to deal with the financial crisis that is facing our country," Pelosi said after the Capitol session. FDR would certainly understand: he proclaimed the first Columbus Day in 1934, in the depths of the Great Depression...
...Business owners may get some comfort on Oct. 15, when Hong Kong Chief Executive Donald Tsang is expected to detail the city's plan to deal with the economic crisis. Hong Kong's Monetary Authority has already said that it may use the city's $160 billion in foreign currency reserves to help shore up its financial sector...
...Royal Bank of Scotland (RBS), Britain's second-largest lender, a cash injection amounting to almost double the bank's current market capitalization. Most of the investment will take the form of ordinary shares, which private investors are invited to purchase along with the government. But under the deal, those shares yield no dividends until the government recoups its stake, which it will hold in non-voting preference shares. So no one is expecting many private takers, leaving the government shouldering around 60% of RBS. At Lloyds TSB and HBOS - rival U.K. lenders in the midst of a merger - plans...
...would Russia promise $5.4 billion to bail out Iceland, when Iceland's traditional allies weren't offering the money? After all, Russia has its own grave financial issues to deal with. Does the country really expect to be paid back in "the famous Icelandic herring, popular in Russia since Soviet times?" as Victor Tatarintsev, Russian ambassador to Iceland, noted in an interview on Russian television. More likely, this act of benevolence is being viewed as a way for Russia to help secure a bridgehead for an advance into the Arctic regions to claim the vast hydrocarbon and other mineral deposits...