Word: modeste
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Just a few weeks ago, Chancellor Angela Merkel seemed content to coast along and see just how bad the financial crisis would get before taking action. As world leaders were piling up huge bailouts, Merkel promised only modest aid for the German economy, and members of her Cabinet even ridiculed other European leaders for engaging in a race to see who could spend the most. But as the new year gets under way, Merkel has clearly joined the race and may be moving ahead of the pack...
Still, while Thomas' bold idea is a long shot, talk of more modest clawbacks is in vogue on Wall Street. Clawback provisions have long been standard at venture-capital and private-equity firms, where partners are expected to regurgitate past earnings to make good on unmet promises to investors. And wherever outright fraud can be proved, those who benefited can be forced by the courts to disgorge their gains--as investors who withdrew money from Bernard Madoff's apparent Ponzi scheme before it collapsed might discover in the coming months...
...retired Marine general James L. Jones for help. But after two months as Bush's Middle East envoy, Jones concluded that brokering a deal between Israel and the Palestinians inside of 12 months was, in his words, a "grandiose hope." So Jones turned his attention to the more modest goal of making peace in one city in the Palestinian-controlled West Bank...
...blunt about how bad things have become in Gaza. After advocating for more realistic goals in the Middle East last year, Jones started a pilot project in the West Bank town of Jenin to organize training for Palestinian police and funding for development projects. Now he fears that his modest successes there may be undermined if the violence in Gaza continues. "I think they still believe" in peace, Jones says, but "I haven't asked that question since Gaza." It will be up to him and Obama to find the answers...
...policy. The danger with fiscal policy is that they'd do too little, because we've spent the last umpteen years saying we've got to keep our deficit under control. This is not the time to worry about that. Until [Summers] came along, I was struck by how modest all of the stimulus packages everyone was talking about were. He's sort of the [John] Maynard Keynes of today. He says go for it - let's spend $600, $700 billion a year...