Word: plan
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...with during the congressional "lame duck" session following the election - and faces longer odds in the Senate - could pour up to $150 billion into the economy in the form of massive construction projects, grants to states and additional aid for food stamps and unemployment benefits. Some are calling it "Plan C," coming in the wake of "Plan A" - the Wall Street rescue package - and "Plan B," the effort now underway to recapitalize ailing banks and get credit, the lifeblood of economic health, flowing again. Both of those plans are to be funded by the $700 billion rescue package Congress recently...
...vowed to deliver financial relief to any developing country facing an emergency. The World Bank says it has roughly $27 billion ready to offer in loans through the International Bank for Development and Reconstruction. But with a global recession looming, no coordinated plan addressing the needs of poor nations is being discussed. "People are starting to worry a little bit that some of these emerging market countries are the ones that are left out," says Ben Carliner, director of research at the Economic Strategy Institute, a think tank in Washington...
Renewed optimism similarly reigned in Europe, where effervescent markets got a midafternoon lift from U.S. President George W. Bush's announcement of a new government plan to inject $250 billion of capital in exchange for equity into at least nine American banks. The move to further stabilize the U.S. finance market prodded rising European indices to move still higher Tuesday afternoon, with both Paris' CAC 40 and Frankfurt's Dax up 4.5% and London's FTSE 100 up 4.9%. The trio boomed with 11.2%, 11.4% and 8.8% surges respectively during the previous session...
Though Britain is not part of the group that uses the euro, British Prime Minister Gordon Brown revealed a further pledge of $63 billion to partially nationalize the country's three biggest banks - a follow-through of his earlier approach that inspired the euro-zone plan. Ironically, Brown's quickness to act and sound tactics imbued the leader of Europe's most economically liberal and U.S.-inspired economy with the moral authority to urge his peers toward reform and greater regulation of their capitalist systems. On Tuesday Brown called for new international rules on trade, saying, "We must now create...
...Governments provided that for them with their collective rescue approach, which, it has to be said, was rolled out exceptionally well," says Mistral. Markets didn't want just a plan showing the way out, Mistral says, but also promises from governments that further failures like that of Lehman Brothers would not be allowed to happen. "We've avoided the worst and will probably see things returning to close to normal," Mistral says. "Still, we've got two to three months of anxious waiting to see how bad the wider economic outlook will...