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NEWS
August 29, 2012
In its latest siren concerning public pension plans ("Beware the next federal bailout," Aug. 22), the Maryland Public Policy Institute (MPPI) relies on confusion and unjustified fear when it asks if there is another federal bailout coming. There is a simple answer: No. To support his conjecture, MPPI president Christopher Summers states that Maryland "does not have the money to pay for 60 percent of its actual pension liabilities. " Again, wrong, as Mr. Summers calculates these liabilities using economic assumptions and financial theory that comport with neither historical experience nor recognized accounting standards.
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NEWS
Thomas F. Schaller | July 22, 2014
Is there a way to actually unite economic populists on the liberal left and libertarian right? Maybe not. But one promising possibility is the prioritization of American small businesses over powerful, multinational corporate dominance. The events of September 29, 2008, certainly provided a brief glimmer of hope that a hybrid ideological alliance might push back against big business. That day, the U.S. House of Representatives stunned Washington and Wall Street by rejecting the Bush Administration's $700 billion bank bailout, 228 to 205. The Dow Jones Industrial index fell 778 points in a single afternoon, a 7 percent drop.
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SPORTS
December 13, 2011
The Sun's editorial last week called the Baltimore Grand Prix's finances "A grand mess" (Dec. 7). It certainly was that, but there is no reason Baltimore Racing Development should be able to leave the city holding the bag for expenses they had not considered or accounted for! The city has its own share of problems. Some of the recreation centers had to close, and there are not enough beds for the homeless. That is where the city money should be spent - not to bail out BRD. Anne Hackney
NEWS
March 4, 2013
Maryland's boating industry suffered badly in the economic downturn and has yet to fully recover, so it's no surprise that many in the boat business are once again looking for help from Annapolis. Unfortunately, the latest proposal - to cap the vessel excise tax at $10,000 - could do more harm than good. That's not just some knock against millionaires and their yachts - although they would be the primary beneficiaries of such a tax policy. Since the excise tax is set at 5 percent, that means only boats worth more than $200,000 would be affected.
NEWS
November 8, 2011
Encouraged by the support of President Barack Obama and his posse, the Occupy Wall Street protesters are trashing American cities, claiming that it's the "rich" people who are the cause of their "impoverishment. " To "correct" this alleged "injustice," they demand that the rich share their wealth with them. How? Well, President Obama wants the affluent to pay more taxes to the federal government. How will doing this provide the protesters with "affordable" comfortable housing, top quality cradle-to-grave medical care, meaningful, rewarding educations at colleges and universities, permanent good-paying jobs and cushy, guaranteed early retirements?
BUSINESS
April 3, 2010
The Treasury Department says automaker General Motors Co. and insurer Hartford Financial Services Group Inc. have repaid billions of bailout dollars. Treasury says GM repaid $1 billion of $6.7 billion in loans it received as part of a $50 billion rescue. Hartford repaid its entire $3.4 billion bailout. The money came from a $700 billion bailout that Congress passed in October 2008 amid the worst financial crisis in generations. The payments mean Treasury has been repaid $181 billion of the money it disbursed.
NEWS
By Christopher B. Summers | August 21, 2012
The past decade taught Americans of all political stripes an expensive lesson: When big institutions face financial crisis, the federal government bails them out. Wall Street? The federal government stepped in with the Troubled Asset Relief Program. General Motors? Uncle Sam again. Greece, Spain and Portugal? Germany will keep them afloat. Now a new crisis looms, and, if past is precedent, Marylanders have reason to worry. State-run pension systems across the country are underfunded to the tune of $2.5 trillion — equivalent to one-sixth of the American economy.
NEWS
October 4, 2012
Wasn't it just last year that firefighters and police officers had their hours reduced because of a lack of city funds ? Wasn't there talk of closing some of the city's summer places for children? So how is there so much money available for the mayor's VoIP project, for IndyCar races that cost the city millions and for bailing out the Senator Theatre ? How much benefit do the citizens of Baltimore gain from any one of these? Anne Hackney
NEWS
By JEAN MARBELLA and JEAN MARBELLA,jean.marbella@baltsun.com | September 25, 2008
WASHINGTON Tony Olender was on vacation in Washington, doing the Smithsonian, all the tourist sites, even the Bureau of Engraving. Then the Florida retiree decided he better check on the state of his 401(k). So he got in line yesterday outside Room 2128 at the Rayburn House Office Building, to get the information straight from the top - Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke. The country's top financial officials were testifying there as part of a whirlwind concert tour: Bailout '08: MarketAid.
NEWS
September 8, 1992
While savings and loan associations were going into the tank, while several large insurers were sliding toward bankruptcy from massive losses, the federal Pension Benefit Guaranty Corp. insisted it was in no danger of asking for a taxpayer bailout. But now, the agency that ensures the pensions of 40 million Americans warns that it, too, will need a major rescue within 10 years unless Congress enacts reforms to stem the mounting, but largely hidden, insolvencies of major retirement plans.The PBGC faces a potential deficit exceeding $40 billion if it continues on the present course.
NEWS
November 6, 2012
I am genuinely puzzled by the bewilderment of people like Dan Rodricks who do not understand the anger of voters and the source of that anger ("At long last, it's time to cast our votes," Nov. 6). They are angry about the augmented intrusion of government into their lives at every level — national, state, municipal. It is an intrusion that, almost without exception, is expensive and ineffective in advancing any social or fiscal progress. It is not the bailout of Wall Street, the auto industry, and other TARP beneficiaries — although that bailout is an indicium.
NEWS
October 4, 2012
Wasn't it just last year that firefighters and police officers had their hours reduced because of a lack of city funds ? Wasn't there talk of closing some of the city's summer places for children? So how is there so much money available for the mayor's VoIP project, for IndyCar races that cost the city millions and for bailing out the Senator Theatre ? How much benefit do the citizens of Baltimore gain from any one of these? Anne Hackney
NEWS
August 29, 2012
In its latest siren concerning public pension plans ("Beware the next federal bailout," Aug. 22), the Maryland Public Policy Institute (MPPI) relies on confusion and unjustified fear when it asks if there is another federal bailout coming. There is a simple answer: No. To support his conjecture, MPPI president Christopher Summers states that Maryland "does not have the money to pay for 60 percent of its actual pension liabilities. " Again, wrong, as Mr. Summers calculates these liabilities using economic assumptions and financial theory that comport with neither historical experience nor recognized accounting standards.
NEWS
By Christopher B. Summers | August 21, 2012
The past decade taught Americans of all political stripes an expensive lesson: When big institutions face financial crisis, the federal government bails them out. Wall Street? The federal government stepped in with the Troubled Asset Relief Program. General Motors? Uncle Sam again. Greece, Spain and Portugal? Germany will keep them afloat. Now a new crisis looms, and, if past is precedent, Marylanders have reason to worry. State-run pension systems across the country are underfunded to the tune of $2.5 trillion — equivalent to one-sixth of the American economy.
NEWS
By John Fritze, The Baltimore Sun | May 1, 2012
Updated with comments from Harris and Bartlett. In a rare intra-delegation, across-the-aisle nudge, Sen.Barbara A. Mikulskion Tuesday called on the state's two Republican lawmakers in Washington to support a Senate version of an overhaul of theU.S. Postal Servicethat would save a pair of mail sorting facilities that just happen to be located in the lawmakers' districts. The move instantly put Republican Reps. Andy Harris and Roscoe Bartlett on defense, forcing them to either support the bipartisan Senate version of the postal legislation -- which is not popular with Republican House leaders -- or acknowledge that the Postal Service must be allowed to trim costs and close plants, even if the cuts are made in their own districts.
NEWS
By Hanah Cho, The Baltimore Sun | April 18, 2012
Annapolis Bancorp has repaid half of the $8.2 million it received in federal banking bailout aid under the Troubled Asset Relief Program, or TARP, the parent company of BankAnnapolis said Wednesday. The company, which accepted the money in 2009 during the nationwide financial crisis, has paid the U.S. Treasury more than $1.2 million in stock dividends since then. "We are very pleased to take this significant step forward, which was made possible by the strength and consistency of our earnings and substantial improvement in our asset quality," Richard M. Lerner, the company's chairman and chief executive, said in a statement.
BUSINESS
By New York Times News Service | November 2, 1990
WASHINGTON -- The Bush administration said yesterday it would use a loophole in the bailout law adopted last year to borrow up to $18.8 billion to keep the rescue of the nation's savings and loans from grinding to a halt.Under a complex calculation in the law, the new borrowing would enable the administration to spend an additional $8 billion to $10 billion to continue the rescue.The decision by the Oversight Board of the Resolution Trust Corp., the agency overseeing the bailout, comes less than a week after Congress adjourned until next year with out authorizing any new funds for the bailout, which had virtually been out of money.
BUSINESS
By JAY HANCOCK and JAY HANCOCK,jay.hancock@baltsun.com | January 3, 2009
Who wants to be a bailout recipient? We do! say the steel companies. Not content with what is likely to be the biggest public works program in decades, Big Steel wants to ensure taxpayers buy bridge, road, school and electric-grid steel only or largely from U.S. producers. Every provision in Congress' forthcoming stimulus should contain "a buy America clause," Nucor CEO Daniel R. DiMicco told The New York Times. What a good idea. The Buy America Act of 1933, signed by Herbert Hoover as he exited his miserable presidency, fueled a global trade war that hurt American exports and made the Great Depression even greater.
NEWS
By Jules Witcover | March 20, 2012
As the Republicans continue to fret over Mitt Romney's authenticity or lack thereof, the Democrats unleashed their version in Ohio the other day by sending Vice President Joe Bidento a United Auto Workers hall in Toledo. Talk about sending coals to Newcastle. As Rick Santorum, Newt Gingrich and even Ron Paul struggle to establish themselves as the non-Romney before Republican audiences in the primary and caucus states, Mr. Biden just by being himself demonstrates what Mr. Romney desperately lacks.
SPORTS
December 13, 2011
The Sun's editorial last week called the Baltimore Grand Prix's finances "A grand mess" (Dec. 7). It certainly was that, but there is no reason Baltimore Racing Development should be able to leave the city holding the bag for expenses they had not considered or accounted for! The city has its own share of problems. Some of the recreation centers had to close, and there are not enough beds for the homeless. That is where the city money should be spent - not to bail out BRD. Anne Hackney
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