Word: sectoral
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...necessary sacrifice in securing more significant provisions: the removal of enormous subsidies given to the oil companies in 2005 and the redistribution of this revenue to extend tax credits for renewable energy firms. There is no doubt that the United States is facing major problems in the energy sector, especially the supply of petroleum products for the transportation sector. Since 2003, the price of oil futures contracts on the New York Mercantile Exchange (NYMEX)–the largest coordinated global market for futures trading in commodities–has more than tripled. This major increase in fuel costs...
...failure and market turmoil, the bailout plan will appear in front of the House of Representatives this morning. The aim of the Paulson proposal, if passed, will be to inject liquidity into the stagnant credit markets, which must be greased in order to prevent further deterioration of the financial sector. The $700 billion bailout is an appropriate short-term tactic and should stabilize the U.S. economy, buying time to address root problems. The credit market freeze stems from banks that are unwilling or unable to lend out capital for any significant length of time. Surviving banks are, quite appropriately, concerned...
...main concern with the bailout plan is that there are no real provisions to increase the financial health of the banking sector,” Scharfstein said. “The government should include an increase in capital requirements as part of the bill and force the banks to issue stock, recapitalize, and put themselves in a healthier financial situation...
...McCain and Barack Obama share the genome of the alpha pol. Timing and instinct are among the dominant traits. How else to explain the fact that both men chose precisely the same day - nearly the same hour - to field press questions for the first time about the collapsing financial sector and the government's proposed $700 billion bailout? Like the cicada crawling up from the earth precisely 17 years after its mom lays her eggs, or the monarch butterfly fluttering a thousand miles to a particular spot, they were driven by something wired, not taught. And even more uncanny: they...
...Asked what impact this trillion-dollar crisis might have on his expansive and expensive array of policy proposals, Obama essentially answered, Maybe none. That's defensible in theory, because each of Obama's big ideas could be, in the long run, good for the U.S. economy. Overhauling the energy sector by selling credits to emit carbon could ignite a big new industry around alternative fuels. Reforming the inefficient health-care system could rein in the cost of insurance and allow employers to put more money into wages rather than into benefits. Drastically improving education ought to lead to a more...