April 19, 2012 |
Detroit native Mitt Romney has long contended that the U.S. automobile industry would be better off had the federal government not bailed out General Motors and Chrysler. In particular, he argued in 2008 and again in February (while campaigning in Michigan's Republican primary) that the companies should have restructured themselves without the feds' involvement through a "managed bankruptcy" process. But that ignores a crucial fact: Companies that are broke require money to keep operating, even while under the protection of a Bankruptcy Court.
November 27, 2008
Re "America's muscle: Detroit steel," Opinion, Nov. 23 Every time the bill comes to renew my subscription to The Times, I wonder if this is the time to cancel -- then I come across an article such as Ellen Slezak's, and I renew. The story she tells reminds us of the importance of the auto industry to families across America and the decent future for them that the bailout will help ensure. I support the bailout, although I feel it must come with new ideas. For example, the bailout should subsidize buying up American-made SUVs and replacing them with high-gas-mileage, low-pollution station wagons -- possibly hybrids.
CALIFORNIA | LOCAL
August 13, 2013 |
SACRAMENTO -- Gov. Jerry Brown already has begun talking to legislative leaders about the amount of money that would be needed to bail the state out of its prison crowding crisis. The governor has a court-imposed Dec. 31 deadline to find room for some 9,600 inmates or face the prospect of early releases. The corrections department currently is discussing paying private prison operators, counties and cities to take those inmates, at prices that range from $38 to $65 per inmate per day. At the moment, Brown also will have to find funding and authority to continue sending inmates already contracted to go to out-of-state prisons owned by Corrections Corp.
March 28, 2013 |
As banks opened their doors Thursday for the first time in nearly two weeks in Cyprus, the odyssey over the nation's financial crisis and ensuing bailout took its newest turn. If you haven't followed the economic drama in this Mediterranean island, here's a recap of how Cyprus came to preoccupy the Eurozone. June 25, 2012: Cyprus seeks a bailou t after suffering heavy losses. Its banking sector was hit by the economic crisis in Greece; Cypriot banks had made loans to Greek borrowers that were worth 160% of the island's gross domestic product, according to the International Monetary Fund . Nov. 23: The European Union reports progress toward a deal with Cyprus.
June 8, 2012 |
Spanish officials are likely to follow those in Greece, Portugal and Ireland in asking for an international bailout when they participate in a conference call with representatives of fellow Eurozone countries Saturday, according to news reports. But there probably won't be any specific rescue plan for the country's besieged banking sector, according to the Guardian . On Thursday, Spain's credit worthiness was slashed to near-junk status by Fitch, which said the cost of a bailout would be as much as 100 billion euros.
February 16, 2012 |
On the same day that General Motors reported record profits, Mitt Romney stumped in Michigan, reiterating his opposition to the federal government bailout that many credit with saving GM and Chrysler. Romney told the Detroit News' editorial board Thursday that rather than the federal government lending the two companies $80 billion, GM and Chrysler should have entered bankruptcy six months earlier and the federal government should have offered loan guarantees. "I would have never allowed the auto industry to disappear," Romney told the paper.