Word: debt
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Faced with a $42 billion loss at RBS and credit markets which appear to become more frozen as each day passes, the U.K. will move its economic rescue package beyond the banks into the system of private debt...
...Those market cap figures are now closer to $40 billion for each of the four largest banks. A one trillion assistance package has to create some value for taxpayers. A stake in the banks would seem to be the only options whether it is through senior debt or equity...
...inexpensive that they will not be this low again for decades. A house which was once worth $500,000 is on the market for $125,000. A new appliance which would have sold for $600 a year ago can by bought for $200. Consumers, who have panicked over their debt and lost jobs, have finally saved enough money and paid enough debt so that unspeakably low prices bring them back into the market...
...prospect of a haphazard stimulus exploding the national debt is scary too - partly because we paid $450 billion in interest last year, rivaling what we spent on Medicare, and partly because our liabilities could crush us if foreign investors sour on Treasury bonds. That's why Obama's advisers want to focus on temporary initiatives that won't drown us in red ink by creating long-term obligations, which they call tails. It would be nice to give cash-strapped transit agencies enough money to reduce fares for a year, but what happens when the year is over? Similarly, some...
...provide stimulus if they don't get spent. That's what happened last year to a $168 billion stimulus package that relied on income tax rebates - remember when $168 billion was a big deal? - but foundered when many recipients hoarded the cash or paid down credit-card debt. It turns out that smart personal-finance decisions make for a lousy stimulus...