Word: programer
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Instead of one coordinated program to bolster the economy, financial, and credit systems there are a number of piecemeal solutions. Freddie Mac (FRE) yesterday said it would need $30 billion in new funding. AIG (AIG) got billions of dollars in additional assistance and a restructuring of its obligation to the government just last week. The Wall Street Journal is reportingthat several large insurance companies may need substantial aid. Those who may put their hands out include MetLife (MET), The Hartford (HIG), and Prudential...
...reason for the surge: under a German economic stimulus program started in January, car owners who trade in vehicles that are more than nine years old for new, more environmentally friendly models can expect individual rebates of $3,172 from the German government. Buyers also get a break from paying road tax for at least a year. Similar scrapping schemes have been launched in recent months in France, Italy and Spain, while motor manufacturers in Britain are pleading with their government to follow suit. (See the 50 worst cars of all time...
...Critics of scrapping schemes point out that they are like administering a shot of adrenaline to a sick patient - first there's a rally, then there's a collapse. Like others in Europe, Germany's scheme is temporary. Buyer applications equivalent to a third of the program's $1.9 billion budget have already been submitted, with the remainder expected to be filed long before the program's Dec. 31 expiration date. When similar initiatives were launched in France and Italy in the early 1990s, Rhys says, "there was a big sag in the market when the scheme ended." That same...
...Stick with the Program Early action, however, is just the beginning. Japanese policymakers have learned the hard way that it takes years to leach toxic assets out of a financial system and restore confidence so that consumers shop rather than stash their money in safe-deposit boxes. While domestic demand remains sluggish, government spending has to take up the slack and keep at it. In Japan, a recovery was aborted in the late 1990s when, at the first sight of green shoots, the government raised taxes. President Barack Obama is committed to reducing this year's federal budget deficit...
...they may not return to their free-spending ways for years. "There is good reason to believe the capitulation of the American consumer has only just begun," said economist Stephen Roach, chairman of Morgan Stanley Asia. Ajay Chhibber, director of the Asia bureau at the United Nations Development Program in New York City, says the tigers can't expect to weather this recession by temporarily increasing government spending to boost growth until Western export markets recover. "The model where you stimulate and [then] go back to the old days is gone," he says...