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...take a different look at that beating on the Dow. Turn the $1.2 trillion into a gain (say, by passing a bailout law that actually loosens stuck gears of credit) and the long-term capital gains tax on it is $180 billion, which could buy a lot of crap CDOs. And then perhaps resell them at a profit. If we take that $1.2 trillion as a loss, the government foregoes tax money, because taxpayers will report lower incomes after they write off investment losses. Revenues drop, so the government then has to keep priming the pump by increasing spending, which...
...nature, film and TV production isn't always the greenest undertaking in the world. Sets are built quickly and dismantled just as fast, with little regard for the long-term environmental impact. Productions can be energy-intensive, especially when shooting on location. And actors, no matter how green they claim to be on Entertainment Tonight, are accustomed to a certain level of luxury that carries a certain carbon footprint...
...things were still really, really bad. The Dow ended the day down 778 points, or 7%, and the S&P 500 - a better measure of the overall market - was down 107 points, or 8.8%, its worst performance since the 1987 market crash. And markets for bonds and short-term loans were, for the most part, nonexistent...
...ElBaradei replaced Hans Blix atop the U.N.'s nuclear watchdog agency in 1997, and has announced plans to pass the torch when his third term expires in November 2009. It's been a tumultuous tenure. He has clashed with the Bush Administration and weathered protests stemming from his negotiations with Tehran, and he has been chided for wavering when forced to confront intractable leaders. But it's been a decorated run as well: in 2005, ElBaradei and the IAEA were jointly awarded the Nobel Peace Prize. The Vienna-based agency kicks off its 52nd General Conference on Sept...
...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 that their damaged assets, composed largely of mortgage-backed securities...