Word: plan
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...what's in it for Petty and Thompson? "For me, it's about storytelling," Petty says. "I have a very deep psychological motivation: I want this site to be an opportunity for people to think more overtly of their life in terms of story." But FieldReport has a business plan as well: it envisions making money from advertising, from albums of story collections that members create on the site and buy for about $10 each, and from a story archive Petty has designed, which asks writers and readers to pay about $20 to include their prose. "Once...
Directly investing in the banks allows Paulson to get the money to where it is needed the fastest, which would then allow well-capitalized banks to loosen the strings of lending. Nationalization? Not quite. Under such a plan, the U.S. would become a shareholder in banks, taking stock in exchange for the capital injection. The government would essentially become a passive investor. It wouldn't take any board seats, and it wouldn't actively seek to influence how the banks were being run. It doesn't have to; Treasury has regulatory control over the banking system anyway. Harvey has proposed...
...Where has the government been? Remember Ronald Reagan's mantra: Regulation is bad. The Reagan, Bush I and Bush II Administrations believed in deregulation, tax cuts that provide little relief for most Americans, government subsidies for huge corporations and windfalls for the richest. John McCain now has a "comprehensive" plan for the economy that begins with firing the chairman of the Securities and Exchange Commission. Yet in September his initial response to this crisis was, once again, to make the Bush tax cuts permanent and to increase Federal Government support for corporate America. Maybe McCain hasn't noticed, but this...
...equality and social justice. So while the U.S. government has had to save Fannie Mae and Freddie Mac, Germany has had to save Hypo Real Estate with $69 billion. Berlin has also guaranteed all private accounts to the tune of $1.37 trillion. Britain has served up a bailout plan for its banks worth about $88 billion, and even Moscow has pumped $186 billion into the Russian banking system...
There may also be political reasons for this unexpected turn. When the crisis intensified in mid-September, Washington acted quickly. There was a Treasury Secretary to devise and present a rescue plan, and a Congress - after an initial case of the vapors - to act on it. But there is no Hank Paulson in Europe, nor a precise counterpart to Federal Reserve Chairman Ben Bernanke. Jean-Claude Trichet heads the European Central Bank, but it cannot play the lender of last resort, as the Fed did on Sept. 16 by loaning $85 billion to prop up the U.S. insurance giant...