Word: nationalism
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...proposing that the government's mortgage purchases be spread out over two years - while speed is of the essence, the Treasury needs time to set up a fair program to evaluate just what it's buying. There is a lot of paperwork to go through: about 10% of the nation's $11 trillion in mortgages are delinquent or in foreclosure. Uncle Sam would likely hang on to some of the mortgage securities it buys for far longer before reselling them to investors, in an attempt to minimize its losses and maybe even turn a profit...
...this kind of bailout unprecedented? The current financial Hail Mary is much different from Washington's late 1980s rescue of the nation's savings and loans institutions. This time, the Federal Government wants only to carve out and buy poorly performing mortgages and securities, not the institutions that issued them, which had already gone under (or were on their way) when the Resolution Trust Corporation took them over. Richard Kogan, a federal budget expert at the nonprofit Center for Budget and Policy Priorities, says that buying all those bad assets creates "the greatest possibility of giving the taxpayers a bath...
...Beijing Olympics, China proved it was best in the world at coming in first. Now the country will show it can also be very happy with bronze. Later this week, 43 years after cosmonaut Alexei Leonov spent 12 minutes outside an orbiting spacecraft, China plans to become the third nation after the Soviet Union and the U.S. to conduct its own spacewalk...
...they've called for the banning of suspected war criminals and collaborators from the polls due to be held in December, but they face stiff resistance. The real authority in the country, General Moeen Uddin Ahmed, said earlier this year that the current period - as his regime overhauls the nation's politics and prepares for elections in December - was not the moment to sort out the weighty baggage of the past...
According to Myanmar Ahlin, a state-run newspaper, Burma's military government released Win Tin and 9,001 other prisoners this week so they could participate in national elections planned for 2010. The polls will be part of the regime's seven-point "Roadmap to Democracy." Burma, also known as Myanmar, has been ruled by a series of repressive military regimes since 1962. Classified by the United Nations as among the world?s least developed countries, the agrarian nation in southeast Asia is still recovered from May's Cyclone Nargis, which killed an estimated 80,000 people and devastated...