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  • Monthly Archives: March 2009

    Auto Parts Get $5 Billion Bailout: Where Does the Cycle End?

    In February, groups representing the auto parts suppliers asked for a $25.5 billion bailout from the Treasury. Yesterday, the Treasury announced parts suppliers will receive about one fifth of that through Troubled Asset Relief Funds: The Treasury Department announced a $5 billion program to aid struggling auto-parts suppliers, raising the … More

    Initial Talking Points on CBO Scoring of Obama Budget

    • President Obama’s budget presented at the end of February painted a picture of a fiscal trainwreck. The Congressional Budget Office (CBO) today confirmed what many had suspected – the fiscal consequences of the President’s policies would be much worse. • The President is calling for massive tax increases equal … More

    A Russian-Chinese Axis at the G-20?

    Earlier this week, Russia issued a radical call for the eventual replacement of the dollar as an international reserve currency, and its replacement by a new, fiat currency to be created by a global regulator. The prospects for agreement on this at the G-20 summit in April, to put it … More

    Blue Dog Democrats Urge Caution on Cap and Trade, More Spending

    Congress is rumored to be considering passing a cap-and-trade plan through budget reconciliation, which is a process that is only completed if there are special instructions passed in the budget resolution and requires a simple majority, rather than a 2/3rds vote to pass the Senate. Unfortunately, this action sets a … More

    The AIG (And Everyone Else) Bill: Counterproductive and Unconstitutional

    Whom It Really Targets The Hit List: H.R. 1586 retroactively taxes AIG employees who are due deferred compensation and would tax that compensation at a 90% rate. A Much Broader Sweep: Going forward, the bill also imposes a 90% federal tax rate on anyone employed by a company receiving $5 … More

    Countrywide, Fannie Mae, Freddie Mac, AIG Who?

    [youtube]http://www.youtube.com/watch?v=1GoK0539Gl4[/youtube]As Congress builds its target list with any wage earner who makes over $250,000 and is even slightly tied to a company recieving TARP funds, let’s not forget who modified the $800 billion stimulus bill to formally recognize these bonuses in the first place. And this from Larry Kudlow: What … More

    Global Financial Crisis=Minnow. Entitlements Crisis=Whale.

    That’s a bit of an exaggeration. No serious person can deny the importance of the global financial crisis. We can only hope that the U.S. and Britain don’t get swept away by its urgency and agree to a lot of European and Russian proposals that would make it worse, and … More

    House Republicans Show the Search for Principles Goes On

    In Thursday’s outraged House debate on the AIG bonuses, House Republicans rallied around a different approach. Members of both parties in the House and Senate have taken the tack of proposing to tax these bonuses through targeted, retroactive taxation. This is the substance of the bill that passed the House … More

    We Smell a RAT

    Testifying before the House Committee on Oversight and Government Reform yesterday, Recovery Accountability and Transparency Board (RAT board) inspector general Earl Devaney noted: “Logic would suggest there’s going to be a loss of money to fraud and waste with this amount of money going around.” Devaney even put a number … More

    Nothing Special About Tax and Spend Policies

    [youtube]http://www.youtube.com/watch?v=JKlYT2bseII[/youtube]Before the Tonight Show aired last night, President Barack Obama called Special Olympics Chairman Tim Shriver to apologize for making fun of Special Olympic athletes during his jovial performance on the late night comedy show. This was the correct course of action for a very un-Presidential remark during a very … More