Word: troughing
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...according to one watchdog group, including millions of dollars in the farm bill that went to those infamous mohair subsidies, and politicians of both parties are quietly delighted that the public no longer seems to care. But economists are concerned that with each new trip to the trough, lawmakers are accelerating the arrival of a fiscal disaster. "The U.S. budget is out of control," the Wall Street investment firm Goldman Sachs & Co. warned in a newsletter to clients late last month...
This American cacophony is not unprecedented--see Father Charles Coughlin in the '30s, or the partisan free-for-all of the early Republic. Nor is it all bad. Politics has always been a mud fight--better that citizens jump in the trough than lose interest. And even the anger industry sometimes recognizes such a thing as going too far. MSNBC fired aptly named right-wing host Michael Savage this year after he told a gay caller, "You should only get AIDS...
Surprisingly, United's decision to return to the federal trough is drawing flak within the industry. In a rare display of intra-airline bickering, Leo Mullin, the head of Delta Airlines and the industry's key lobbyist for government assistance since 9/11, said, "The ATSB should be limited to overseeing the outstanding loans. Then it should go out of business." Added Mullin, whose carrier did not apply to the ATSB for money: "Let the marketplace work." That's easy for him to say, since Delta will probably survive. Some other airlines flying today will...
...deal with Smith & Nephew of the U.K., is suddenly being wooed by a U.S. firm, Zimmer Holding. Investors are thrilled, because all the activity suggests that the stock-market recovery of the past few weeks will continue. "It's exactly the sort of thing that should happen around the trough of the market," says Michael Hartnett, head of European equity strategy at Merrill Lynch in London. "If companies see value, then we should see value. It has to be good for sentiment." Some entire sectors, such as biotech (see next story), seem reignited. No, we're not reliving the frothy...
...right now, the game in Washington is to pin the blame for the fact that a fib, conscious or unconscious, made it into the State of the Union address. And in a summer news trough, that's bad news for the White House...