The Cost of Government Financial Interventions, Past and Present

[Excerpt] Between March and September 2008, the federal government intervened financially with private corporations on three occasions, resulting in the government receiving significant debt and equity considerations. The firms affected were Bear Stearns, Fannie Mae and Freddie Mac, and AIG. Dissatisfaction with the case-by-case approach to addressing the ongoing financial turmoil led Treasury to propose a more comprehensive approach on September 19, 2008. On October 3, 2008, the Emergency Economic Stabilization Act (EESA, P.L. 110-343) was signed into law, authorizing the Troubled Assets Relief Program (TARP). TARP gave Treasury the option of purchasing or insuring up to $700 billion of assets from financial firms. On October 14, 2008, Treasury announced it was shifting its focus towards direct capital injections into banks through the purchase of preferred shares. Treasury’s announced “capital purchase plan” was for purchasing up to$250 billion in financial firms’ preferred stock under the TARP authority, with approximately $187.5 billion actually purchased as of December 31, 2008. In addition to the general capital purchase plan, there have been several other case-by-case interventions since the passage of the EESA. The initial$85 billion AIG loan from mid-September was first augmented and then revamped into a combination package of a $60 billion line of credit,$40 billion in preferred share purchases, up to $20.9 billion in commercial paper purchases, and up to$52.5 billion in troubled asset purchases. Citigroup received an additional $20 billion in preferred share purchases after an initial$25 billion, along with federal guarantees to cover losses on a $306 billion pool of assets. The U.S. automakers also received financial assistance through TARP, with a$5 billion preferred share purchase from GMAC, up to $14.4 billion in loans to GM and up to$4 billion in loans promised to Chrysler. These interventions have prompted questions regarding the taxpayer costs and the sources of funding. The sources of funding are relatively straightforward—primarily the Federal Reserve (Fed) and the U.S. Treasury. The costs, however, are difficult to quantify at this stage. In most of the interventions, many of the financial outflows that are possible have yet to occur, and the ultimate value of the debt and equity considerations received from the private firms is uncertain. At this point, the federal government has the option to own nearly 80% of Fannie Mae, Freddie Mac, and AIG. Depending on the final proceeds from the various debt and equity considerations, the federal government may end up seeing a positive fiscal contribution from the recent interventions, as was the case in some of the past interventions summarized in the tables at the end of this report. The government may also suffer significant losses, as has also occurred in the past. This report will be updated as warranted by legislative and market events

Professional decision making and women offenders : containing the chaos?

This article draws on the findings from research undertaken in south-east Scotland in 2008 which sought to identify the characteristics of female offenders and to document the views of policy makers and practitioners regarding the experiences of women involved in the Scottish criminal justice system. Despite Scotland having retained a stronger 'welfare' focus than elsewhere in the UK (e.g. McAra, 2008), this is not reflected in the treatment of women who offend, with the rate of female imprisonment having almost doubled in the last ten years and community based disposals falling short of a welfare-oriented system. This article explores why the treatment that women offenders receive in the criminal justice system may be harsh and disproportionate both in relation to their offending and in relation to the treatment of men. It is argued that interventions with women need to be initiated earlier in their cycle of offending and at an earlier stage in the criminal justice process but also that the wide-ranging health, welfare, financial and behavioural needs of women who offend cannot be met solely within an increasingly risk-averse and punitive criminal justice environment

Blue remembered skills : mental health awareness training for police officers

The Bradley Report (Bradley, 2009) has raised a number of important questions regarding the treatment of individuals who are experiencing mental health problems and find themselves in the criminal justice system. One of the key recommendations is that professional staff working across criminal justice organisations should receive increased training in this area. This paper explores the experiences of two professionals, a mental health nurse and a social worker, involved in providing training for police officers. It goes on to consider the most effective models of training for police officers

The challenges facing public libraries in the Big Society: The role of volunteers, and the issues that surround their use in England

The use of volunteers in English public libraries is nothing new, however their use is becoming ever greater and one may argue that we are increasingly seeing a mixed economy of public library provision, in the wider arena of the Big Society. This paper presents the findings of a Delphi Study of 15 library managers undertaken as part of a Professional Doctorate exploring the challenges facing public libraries in England today, particularly focusing on volunteer use. An overview of relevant supporting literature is provided to help contextualize the research, particularly focusing on concepts such as the political background surrounding policy development, community engagement, the Big Society, and volunteering. Explanation of how the Delphi Study was conducted is given, together with a discussion of the key findings. Results show that opinions of library managers cover a broad spectrum. Although volunteer use is generally viewed by the respondents as a good thing, with potential to further enhance a service and aid community engagement, there are also a number of concerns. These concerns particularly relate to the idea of the volunteer as a replacement to paid staff rather than an enhancement to the service. Other key concerns relate to the quality of service provision, the rationale behind volunteer use, and the capacity of communities to deliver. Volunteer use in public libraries on this scale is a new phenomenon, and the longevity of such a development is largely unknown. This raises the question as to whether this is simply a large scale ideological experiment, or a move to even greater community engagement

The Urban Political Ecology of Post-industrial Scottish Towns: Examining Greengairs and Ravenscraig

Urban ecological politics is shaped by both moments of concerted action and more silent perceptions and responses. Instead of only being evident in situations of organised protest, the politics of urban ecology is also manifested, in material and symbolic terms, in the daily life of the residents. The fragmentation of urban political ecology turns out to be an important element in the affirmation of post-political forms of urban governance. Those issues were the object of fieldwork research carried out in Greengairs and Ravenscraig, two towns in North Lanarkshire, near Glasgow, with the goal of unravelling the understanding and the coping mechanisms of environmentally deprived residents. The towns are permeated by a widespread, often dissimulated, political ecology that is nonetheless always present. Empirical results demonstrate that a more comprehensive handling of the political ecology of the urban is crucial in order to halt the sources of marginalisation and ecological degradation

Local status and power in area-based health improvement partnerships

This is the authors' PDF version of an article published in Health© 2014. The definitive version is available at http://hea.sagepub.comArea-based initiatives (ABIs) have formed an important part of public policy towards more socio-economically deprived areas in many countries. Co-ordinating service provision within and across sectors has been a common feature of these initiatives. Despite sustained policy interest in ABIs, little empirical work has explored relations between ABI providers and partnership development within this context remains under-theorised. This paper addresses both of these gaps by exploring partnerships as a social and developmental process, drawing on concepts from figurational sociology to explain how provider relations develop within an ABI. Qualitative methods were used to explore, prospectively, the development of an ABI targeted at a town in the north west of England. A central finding was that, although effective delivery of ABIs is premised on a high level of coordination between service providers, the pattern of interdependencies between providers limits the frequency and effectiveness of cooperation. In particular, the interdependency of ABI providers with others in their organisation (what is termed here ‘organisational pull’) constrained the ways in which they worked with providers outside of their own organisations. ‘Local’ status, which could be earned over time, enabled some providers to exert greater control over the way in which provider relations developed during the course of the initiative. These findings demonstrate how historically constituted social networks, within which all providers are embedded, shape partnership development. The theoretical insight developed here suggests a need for more realistic expectations among policy makers about how and to what extent provider partnerships can be managed. Keywords: partnership, collaboration, community services, area-based initiatives, organisational pull, figurational sociologyNational Health Service (NHS

Protracted precarities : the residential mobilities of Poles in Scotland

Funding: ESRC (Grant Number(s): ES/N011430/1 and ES/J007374/1).The significant inflow of migrants to the United Kingdom following the Eastern EU Enlargement of 2004 is noteworthy due to its scale, intensity and geographic diversity. Recent statistical data suggest that these migrants exhibit spatial mobilities that reflect their disadvantage not just from the White British but also from other minority groups. Drawing on 83 interviews with Polish migrants living in Scotland, this paper illustrates the often‐persistent residential relocations experienced by this group postinternational migration and considers the drivers behind them. A key driver of this is the cycle of low paid and insecure employment that many migrants become entangled in, most frequently on arrival but often also longer term. These insights speak to wider debates about the scholarly dichotomy between international and internal migration and social inequalities in relation to labour market change and associated exposure to labour market and residential precarities.Publisher PDFPeer reviewe

Teacher agency and professional learning communities; what can Learning Rounds in Scotland teach us?

Recently there has been growth in researching teacher agency. Some research has considered the relationship between teacher agency and professional learning. Similarly, there has been growing interest in professional learning communities as resources for professional learning. Connections have been made between professional learning communities and teacher agency, with professional learning communities seen as an affordance for the exercise of teacher agency. However, it has also been argued that there is little detailed evidence of what happens inside professional learning communities or of teacher agency in action. The research reported here focuses on a form of professional learning community from Scotland: Learning Rounds. It uses data from transcripts of post classroom observation conversations to consider the extent to which Learning Rounds provide an affordance for teacher agency and the extent to which that affordance is utilised. This research makes a contribution in three ways: adding to an empirical understanding of what happens in professional learning communities; understanding how teacher agency is (or is not) exercised in practice; considering what factors might affect the utilisation (or otherwise) of affordances for teacher agency. The paper concludes with several recommendations for developing effective professional learning communities as an affordance for teacher agency

Cancer diagnosis in Scottish primary care: results from the National Cancer Diagnosis Audit

The National Cancer Diagnosis Audit (NCDA) in Scotland received enabling support from Cancer Research UK and the Scottish Government. ACKNOWLEDGEMENTSThis audit used data provided by patients and collected by the NHS as part of their care and support. The authors would like to thank all GPs and health professionals who participated in the NCDA in Scotland and England, the members of the NCDA Steering Group (National Cancer Diagnosis Audit (2014) Steering Group: Sue Ballard (patient †), Patricia Barnett, David H Brewster, Cathy Burton, Anthony Cunliffe, Jane Fenton-May,Anna Gavin, Sara Hiom(chair),Peter Hutchison, Dyfed Huws, Maggie Kemmner, Rosie Loftus, Georgios Lyratzopoulos,Emma McNair, John Marsh (patient), Jodie Moffat, Sean McPhail, Peter Murchie, Andy Murphy, Sophia Nicola, Imran Rafi, Jem Rashbass, Richard Roope, Greg Rubin, Brian Shand, Ruth Swann, Janet Warlow, David Weller and Jana Witt.) and contributing staff at Cancer Research UK; Information Services Division (NHS Scotland); Scottish Government; the National Cancer Registration and Analysis Service (Public Health England); NHS England; the Royal College of General Practitioners; and Macmillan Cancer SupportPeer reviewedPostprin