Word: receivershipped
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...economy actually grew last year, but its revenues crashed because its top earners had lower incomes and capital gains. That meant sharp cutbacks, especially in education, which in California is unusually dependent on state cash. "We have an incredibly dynamic economy, but we'll still end up in federal receivership if our government can't pay its bills," says historian Kevin Starr, a prolific chronicler of the state...
...Detroit's treasury is $300 million short of the funds needed to provide the barest municipal services. The school system, which six years ago was compelled by the teachers' union to reject a philanthropist's offer of $200 million to build 15 small, independent charter high schools, is in receivership. The murder rate is soaring, and 7 out of 10 remain unsolved. Three years after Katrina devastated New Orleans, unemployment in that city hit a peak of 11%. In Detroit, the unemployment rate is 28.9%. That's worth spelling out: twenty-eight point nine percent...
...Moreover, the specter of insolvency might be looming for some institutions. That calls for a plan to treat zombie banks, one that does not involve more taxpayer money again. This is why it is imperative that Congress proceeds to pass new insolvency-regime legislation to allow for orderly receivership of complex financial institutions...
...Except for some contract lawyers, very few people would argue that the portion of the AIG bonuses that was for employee retention are fair. The only reason the company isn't in receivership is because the government deemed it was "too big to fail." Fearing the financial market would be dealt a horrible blow if it went bankrupt, the government has provided AIG with several loans to prevent its untimely demise...
President Obama has acknowledged the success of the Swedish model, but he says that “cultural differences” and the relative complexity of our banking system make the model unfit for America. However, only the 19 biggest banks would be up for government receivership. Moreover, keep in mind that the FDIC takes over small banks all the time. Even Alan Greenspan, the image of free-market capitalism as Federal Reserve chairman from 1987 to 2006, has acknowledged that, “once in a hundred years, this is what you do.” Now is certainly...