Word: debts
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...with Republican Senator Richard Shelby from Alabama, but my assessment of the current bank bailout conforms with his response: No! Invest in infrastructure, home weatherization, worker-retraining, green-collar jobs and whatever will move us away from our oil addiction. Rather than doubling down on our already obscene national debt, we should face up to letting the chips fall and reorganizing our lives and economy around a sustainable paradigm. Bruce Garver, MURRIETA, CALIF...
...support the government's efforts to end the turmoil, but are itching to emphasize Brown's own role in creating it. "When he rewrote financial regulation in 1997, Gordon Brown took away the Bank of England's power to call time on the build-up of debt," Conservative Shadow Chancellor George Osborne tells Time in a rare frontal attack. "The result is that we now have the most personal debt of any major economy ever...
...critical issue is the speed with which the inevitable weaning off of credit now takes place. If the "deleveraging" is quick, it will mean the European economy will be much better placed to rebound on a healthier footing. But curtailing credit would hurt consumers who are deep in debt, and would have serious consequences for retailers and others dependent on household spending for their livelihoods. If the deleveraging is slow, the economy could remain sluggish for several years, weighed down by debt levels. "It was transfusions of credit that made the economy buoyant, but if there's no growth from...
Under international accounting rules, the government should rightfully add the liabilities of those banks to its national debt. RBS's liabilities alone exceed the total national income of the U.K. Even excluding them, Brown is almost certain to break one of his own cardinal rules by failing to keep the total debt level below 40% of national income. Carl Emmerson, deputy director of the Institute for Fiscal Studies in London, estimates that Britain's budget deficit for the current fiscal year will likely grow from the government's planned 2.8% of GDP to about...
...problem of ballooning debt and deficits is the same elsewhere in Europe, especially in France, where the budget deficit was already perilously high before the financial meltdown. The consequences are that the E.U.'s rules stipulating that budget deficits shouldn't exceed 3% of GDP and that debt shouldn't go over 60% are about to be consigned to the trash heap - at least temporarily. "Fiscal rules are going to have to be abandoned," says Buckley of Deutsche Bank. The E.U. commission, which is the keeper of those rules, has already given its green light. "The existence of exceptional circumstances...