Word: starts
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...must start spending again, and we will. But we've all known people who, having survived the 1930s, never lost their Depression habits of frugality. And so it will be again. We don't need to turn ourselves into tedious, zero-body-fat, zero-carbon-footprint ascetics, but even after the economy recovers, deciding to forgo that third car or fifth TV or imperial master bathroom or marginally cooler laptop will come more naturally...
...that would mean it requires only 51 votes to pass the Senate, rather than the 60 it takes to overcome a filibuster under the normal rules. "If it's partisan, the minority party can find all kinds of ways to throw sand in the gears, and outside groups will start to mobilize," he warns. "My view is, we can get more than 60 votes." To do otherwise, he says, is to risk having the whole program come apart as it is being put in effect. "Once it becomes partisan," he warns, "the chance of success is diminished...
...Senate with just a simple majority rather than a filibuster-proof 60 votes. Several moderate Democratic Senators, including Ben Nelson of Nebraska, have said that inclusion of reconciliation instructions in the final bill would be a deal breaker for them. "Reconciliation is not where we'd like to start, but we are not willing to take it off the table," Orszag said...
Geithner argued that the power is needed to ensure that a floundering firm doesn't start a domino collapse among other companies doing business with it, thereby posing what regulators call "systemic risk" to the whole economy. "This is a prudent, carefully designed proposal to protect our financial system," Geithner said, arguing that if Treasury had had that power a year ago, it could have handled the collapses of Bear Stearns, Lehman and AIG very differently. Other Democrats said the power isn't so radical at all; the FDIC already takes over traditional banks on the verge of collapse - when...
...main culprits are not hard to divine. As households in the rich world, battered by a collapse in the values of their assets, start saving again, their appetite for new cars and consumer electronics has diminished. And as banks try to rebuild their shattered balance sheets, capital that would once have been used to finance trade is staying in their vaults...