Word: deficits
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When you're staring at a $250 billion budget deficit for the year, a fresh tax or two can come in handy. And if unpopular banks are the targets, better still. Few of Britain's voters will quibble with Alistair Darling's call Wednesday, March 24, for a global tax on banks to help recover the billions in public funds doled out during the crisis. "We intend to get all taxpayers' money back," the Chancellor of the Exchequer said during his budget speech to Parliament, his last before a general election expected in May. Charging banks to help do that...
...crucial feature of any British plan: revenue from the tax would be funneled directly into state coffers - remember that $250 billion deficit - and not into an insurance fund to be tapped in the event of any future catastrophe. Such a pool, the U.K. reckons, could simply encourage banks to behave recklessly, safe in the knowledge they'd be covered for any damage. Germany's proposal is different. Having had to nationalize or buy stakes in a string of beleaguered banks since the crisis began, the German government wants to pass the bill for future bailouts to the banks themselves. Lenders...
Harvard closed out the third set using a 5-0 run to overcome a 29-26 deficit. Ivica got the run started, working off a set from Lothman to come away with the kill. Three straight Pride attack errors put the Crimson ahead...
...little too late, as the Crimson was unable to dig itself out of the early 2-0 deficit...
...Merkel has so far been unmoved. She says that Greece, which has enacted stiff austerity measures to slash its budget deficit, does not need an influx of outside money yet. She is backed by the German public, which is reluctant to spend its hard-earned cash bailing out a country it sees as reckless, feckless and even corrupt...