Word: debt
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General Motors' (GM) creditors have rejected a program that would have swapped most of the auto company's debt for equity, effectively driving the firm into Chapter 11. The century that began with the mass production of the Model T in 1909 and ended with the worst collapse of domestic vehicle demand in history is over. It was a 100-year period when Detroit was considered the seat of global manufacturing prowess, a period when the Big Three were among the largest, and often the most profitable, companies in the world...
Satellite navigation owes a debt to Sputnik, the pioneering Soviet satellite launched in 1957. U.S. scientists learned they could track the satellite's orbit by listening to changes in its radio frequency, relying on the same principle that explains why the pitch of a car's horn seem to change as the car speeds by. The Navy's TRANSIT navigation system was developed in the 1960s, relying on six satellites and designed originally for use by submarines. More than 10 satellites were eventually launched, though ground units had to wait up to several hours to pick up a signal. Meanwhile...
...aggressively spent as elsewhere in the region. The nation's wealth was also placed in very liquid investments, predominantly U.S. government paper assets, rather than real estate. While other regional investment funds were buying into international banks, Saudi Arabia was purchasing U.S. government bonds, or paying down its debt. The country can tap into those liquid assets while its neighbors are struggling to sell their investments in banks, equities and companies - Saudi's debt now stands at just 13% of the total size of its economy...
...less than it asked for. But without Obama's billions in auto subsidies, it would have gotten far less from insolvency. The children of nonunionized American autoworkers in Kentucky and Alabama who build cars that succeed in the marketplace made the largest concessions. They will endure a larger national debt so that billions of federal dollars can be used to prop up the UAW jobs of far less successful autoworkers in Michigan, Ohio and Ontario...
...real bankrollers of Obama's budget plans come directly from the old political playbook: First, future generations of Americans, who will face our tripled national debt. Second, those reliable villains favored by every Democratic speechwriter, "the top 2%," namely Americans with incomes of $250,000 or more, who already pay nearly half of all federal income taxes. Not to mention our Chinese creditors, who hold huge piles of likely-to-be-inflated and therefore less valuable U.S. dollars...