Word: putting
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...those cases it's not clear who will take the hit - shareholders, bondholders or the government. In the cases of AIG, Freddie Mac and Fannie Mae, however, there is no question where the money will come from. Freddie and Fannie were taken over by the government and put into conservatorship last fall. AIG is currently 80% owned by the government. The losses at those companies are now taxpayer losses. (See 25 people to blame for the financial crisis...
...getting toxic assets off the banks' books - it will be a dangerous moment for him. Not only will the health of the banks and the economy depend on whether his new program is well received but Geithner's reputation will be on the line as well. Panned after he put out a vague framework on Feb. 10, the new Treasury Secretary has only so many chances to instill confidence. With the new bank plan, he's getting a second chance, but it will be a hard sell...
After the $180 billion AIG bailout initiated last summer, the $700 billion financial-system booster last fall and the $878 billion stimulus package this winter, convincing Americans that their money isn't being wasted is no easy task. Geithner has said the government may put up as much as $1 trillion in loans and guarantees to subsidize the sale of the toxic assets to private investors. Though the government could get back the money if the assets start trading again, many Americans see it going down a sinkhole. Says Democratic pollster Mark Mellman: "There's a narrative out there...
...concern about rising national debt in countries without the American tax base and huge GDP has increased exponentially. It is even becoming an issue for large and more stable countries including the U.K. The British government may put some of its most valuable and well-known assets up for sale in order to prevent further increases in the national deficit. (See pictures of the snow crippling London...
...that for any proposal to actually stand a chance, it would have to build on the existing employer-based system. For much the same reason, few believe that "single payer" health care - a government-financed system similar to Medicare - will be given any serious consideration. As one Administration official put it in describing the Wyden plan, "A lot of people think this is where the system should be 20 years from now, but no one sees how it can be there two years from...