Word: processing
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Dates: during 2000-2009
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...House of Representatives has already moved to keep the program going by expanding its funding, and the Senate is considering a similar measure this week. But while the initiative has proved highly popular with consumers, critics are raising concerns about the economic and environmental hazards inherent in the process of ruining so many cars beyond repair...
...party involved thinks the process is perfect. Just a week into the program, the National Association of Auto Dealers (NADA) lobbied successfully to tweak the rules. Dealers, who were originally forced to dismantle the cars before receiving the government's check, can now hold on to cars until they get the money, so long as they ruin the car's engine within seven days. The NADA says it's happy with the Obama Administration's response to its concerns and says the latest changes significantly reduce the risk to dealers, who aren't saddled with a dead engine...
...recyclers who process the cars aren't so lucky, according to Michael Wilson, executive vice president for the Automotive Recyclers Association (ARA), a trade group that represents 4,500 recyclers across the country. Because of the way dealers must destroy each clunker's engine, fewer parts are salvageable - which means less profit for the recyclers who process the automobiles. Although 60% of a car's salvage value comes from the engine and drive train, Wilson said the original cash-for-clunkers plan - the formal name is the Car Allowance Rebates System (CARS) - called for the obliteration of both. While...
...officially worthless—all of my colleagues, from the most senior money managers to the lowliest analysts, had sat through a number of crash courses in our conference rooms 40 floors over Midtown, covering the inner-workings of “mortgage securitization.” This process governs how a home buyer’s payments make it from Main Street to Wall Street, and what happens when the flow stops
...conflict. At a speech at NATO headquarters in Brussels on July 27, Foreign Secretary David Milliband urged military commanders to open negotiations with midlevel Taliban leaders in order "to separate hard-line ideologues who are essentially irreconcilable and violent from those who can be drawn into a domestic political process." (Watch a TIME video with Gordon Brown...