world perspectives on US economy from BBC

world perspectives on US economy from BBC

recap of some world media perspectives on the US bailout failure.

http://news.bbc.co.uk/1/hi/world/7644129.stm


also, older article on impact in asia:
http://news.bbc.co.uk/1/hi/world/asia-pacific/7617976.stm


***** New post on Hwood / overseas production
HOLLYWOOD COULD GET A CUT OF THE BAILOUT
[SOURCE: Los Angeles Times, AUTHOR: Richard Verrier]
Hollywood would get a little unexpected boost from the proposed $700-billion bailout of the nation's financial system. The bill wending its way through Congress would provide tax breaks worth more than $470 million over the next decade for movie and TV producers that shoot in the US. That's not a lot of money, given that the average studio movie costs $106.6 million to make and market, but it could keep some low-budget productions -- and jobs -- from going offshore. Hollywood has long sought measures to curb so-called runaway production, which it blames for causing thousands of job losses in Southern California as filmmakers have fled to Canada and other foreign countries that offer cost savings through tax breaks and other incentives. One provision would provide film and TV producers with the same tax deductions that American manufacturers such as General Motors Corp., Boeing Co. and Xerox Corp. receive for making their products in the US. Specifically, the legislation would allow filmmakers who shoot in the U.S. to qualify for a tax deduction granted in 2004 to domestic manufacturers that capped the top tax rate at 32% instead of 35%. Additionally, the tax package lifts the budget cap on the existing tax deduction, which was limited to movies that cost less than $15 million to make -- in effect excluding most studio films, which cost a lot more.
http://benton.org/node/17507