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...bondholders could try to resist bankruptcy, but there would be consequences. Among the bondholders are banks such as JPMorgan Chase and Wells Fargo that themselves have taken money from the government's Troubled Asset Relief Program. Standing in the way of the Administration's plans for the auto industry would win them few friends. One option the bondholders have is to try to seize the factories. But that would jeopardize the partsmakers too, and the banks are also holding the paper for many industry suppliers. If the factories shut down as a result of a legal battle, so would...
...area where there is the largest division among the nations is clearly in the amount of GDP that should be thrown into stimulus measures to create jobs, support financial firms, and build consumer demand. The US is the radical on the issue saying that its Treasury is "all in" and will raise whatever money is necessary to fix its economy and reverse job losses. Nations like Germany and France think the approach is irresponsible, and they may not have the credit ratings and access to global capital that the US does, which makes the disagreement academic...
...village cooking fires mingles with the evening mist rising off the Kameng River as two Indian engineers appear on the balcony of the Dewana Hotel. Our heads are surrounded by a hungry halo of mosquitoes, and on the street below, a Nishi tribesman wielding a sword wanders drunkenly among yapping dogs - until a half-century ago, his people had engaged in the quaint practice of headhunting. "You're perfectly mad to come here for a holiday," one of the engineers bellows. "For us, this is a punishment posting...
...Among my companions on this 12-day expedition are India's foremost expert on snakes and crocodiles, Romulus Whitaker, and his wife Janaki. They effuse about the hills along the Kameng being aslither with the incredibly venomous pit viper. Between the Nishis, the tarantulas, the leopards and the pit vipers, I begin to wonder if a trip down the Kameng is more than I'd bargained on. Luckily, our expedition is led by two of India's most skilled river guides, Yousuf Zaheer and Anvesh Singh Thapa, who supply cooks, tents and the oarsmen who will steer our inflatable rafts...
...quickly make way for gloom. Canning Town and Custom House, as the neighborhoods around the ExCel center are known, may have played spectator to the city's trade-driven growth, but they have seen little of its benefits. Dogged by poverty, poor health, and low education, both neighborhoods rank among the most deprived areas in Britain. Almost a fifth of the local working-age population receives welfare benefits. Half have no formal qualifications. For leaders of the world's most advanced economies, the area offers a stark reminder: the short-term aim of the G-20 summit might...