Word: debts
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...government can't fix the crisis. Everything the government's tried for the past two years has been wrong. That's why the crisis continues. The idea that you can solve a problem of too much debt and too much consumption with more debt and more consumption is ludicrous on its face. What they should have done is just let everybody go bankrupt, let the bankruptcy courts reorganize everything. The Japanese tried this approach of propping up zombie banks and zombie companies; it did not work. And it's not going to work in America either...
China has $2 trillion in U.S. debt. Do you think at some point these countries are just gong to say, "We're done? We're not going to keep underwriting your debt?" If so, what happens then...
...Fritz Henderson described the terms of the offer as "stern." For the swap to take place 90% of the bondholders must accept the offer. If that percentage is not met, GM will file bankruptcy. Many Wall Streeters believe the prospects for such a major swap of GM stock for debt are dubious since bondholders expect to fare better in bankruptcy. Some bondholders are said to have positioned themselves for a bankruptcy filing by buying credit default swaps, which would pay off if GM filed for Chapter...
...negotiated to sell $7.5 billion worth of combat jets, missiles and tanks to the government, while Russian energy giants Gazprom and Lukoil secured key oil and gas concessions in the North African nation. And Putin offered an extra sweetener: he wrote off Algeria's near $5 billion Soviet-era debt. Then there was the deal Putin cut with Libya just before he stepped down from the presidency to become Prime Minister: that one involved an agreement to sell $2.5 billion worth of arms, while cancelling Libya's $4 billion Soviet debt. Or there was last October's agreement with Venezuela...
...bankruptcy or federal intervention. The bank posted better-than-expected earnings--more than $1.8 billion. More strikingly, the firm revealed it had sold $5 billion in stock and plans to use the money to repay the $10 billion in TARP funds it borrowed in October 2008. In clearing its debt, Goldman hopes to free itself from the restrictions-- like those on executive pay--imposed on firms that received bailout money. Last year, 1 in 30 of its employees reportedly earned more than $1 million...