Word: pensiones
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...third argument is more problematic. Yes, GM and the other automakers have cut costs sharply, especially since 2005, and the United Auto Workers union has made historic concessions. But GM could accomplish even more along those lines, plus reduce the big debts it has incurred trying to settle pension and retiree health-care obligations, under Chapter 11 protection...
...workforce, or more than 2.5 million jobs. GM alone employs more than 100,000 workers, the same number of autoworkers that have been laid off so far this year. And that's not to mention the hit the Federal Government would take if GM dumps its pension, insured by quasi-governmental agency the Pension Benefit Guarantee Corp.; with nearly 1 million participants, it is the largest private defined-benefit pension plan in the U.S. Some experts estimate that that hit alone could cost taxpayers more than $100 billion, with another $100 billion in lost tax revenues and $10 billion...
...actually set - or discovered, in economic parlance - on the futures exchange. In late June and early July, speculators in oil futures battled one another, suspecting that a top was near. In the ensuing weeks, oil would come crashing down to earth as traders everywhere - including hedge funds, banks and pension funds - unwound their positions. And as SemGroup demonstrated, getting the timing wrong on this great unwind can have catastrophic results. (Read "Iraq's Pain at the Pump...
...cash, creating new protections for the unemployed and the elderly, and imposing rules for how industry was to behave. Conservatives wailed that economic freedom was under assault, but most ordinary Americans thanked God that Washington was securing their bank deposits, helping labor unions boost their wages, giving them a pension when they retired and pumping money into the economy to make sure it never fell into depression again. They didn't feel unfree; they felt secure. For three and a half decades, from the mid-1930s through the '60s, government imposed order on the market. The jungle of American capitalism...
...represented 18% of the Chinese gross domestic product, the equivalent of a $2.4 trillion program in the U.S. Of course, China has bigger problems to solve than we do. Its social safety net is made of tissue; vast sums will be needed to establish a proper health-care and pension system. But much of the $586 billion will also be spent on investments to jump-start China's next economic expansion - investments in transportation, education, communications and energy. (See TIME's special report on the environment...