Today the President announced a $17.4 billion “loan” to the US automobile industry. Not only is this a cruelly cynical move, it’s both bad business and bad government.
Hundreds of thousands of workers are going to be put out of work. They deserve help from the government to move into more useful, viable industries. [...]It’s amazing that we’re debating whether or not to bail out the US car companies. They’re insolvent! They’ve got to reorganize, pursuant to the bankruptcy laws. Any other approach rewards unsuccessful managers. Both the Democrats and Republicans were prepared to bail out management teams that have failed in the free market. The only difference is [...]
Meet the new boss, same as the old boss.
Hope is one of the most powerful drugs, but it’s no substitute for progressive change. Our new President is dedicated to preserving a corrupt system. The US military is deploying in the USA. The government is going to bail out creditors instead of debtors. Get [...]The incoming Obama administration agrees with Bush that we should bail out the lenders instead of the borrowers.
It isn’t going to end well.The Federal Deposit Insurance Corporation (FDIC) wasn’t in the public eye until the banks started to fail. Sheila Bair is the Chair of the FDIC. She was appointed by President Bush, but don’t hold it against her. Ms Bair is a Republican who believes the FDIC should be a consumer protection agency. She has fought [...]
We’re printing an ungodly amount of borrowed money to bail out a bankrupt financial system, and so far that money is going to the people who caused the problems! It’s hard to see anything good coming of it.
I don’t see a significant difference between the two major candidates for President on economic issues. [...]This has been a dreadful week for Constitutional government in the United States. First, the government funds the National Applications Office. This is another step towards combining the US military with domestic law enforcement. Next, they enact the Wall Street bailout bill, one of the biggest crimes ever committed against the US Taxpayer.
The US Senate just passed its version of the Wall Street Bailout Bill. Criminal fingerprints are all over this long, tedious document. In yet another example of bizarre political double-speak, the Senate version has been "sweetened." This means that corporate handouts, tax cuts and other expensive promises have been built into this bill. All of [...]
The President of the United States has told us what he thinks our country needs in this time of economic distress: a more powerful President! His proposal violates the separation of powers.
It looks as if the US taxpayer is on the hook for at least $800 billion. The federal government is set to place a conservator over Freddie and Fannie (the GSE’s).
The US Treasury has every incentive to make the central bank of China happy. This story is a perfect example of why it’s [...]