Treasury Secretary Timothy Geithner stumps for Sen. Chris Dodd’s (D-CT) finance reform bill in today’s Washington Post: As the Senate bill moves to the floor, we must all fight loopholes that would weaken it and push to make sure the government has real authority to help end the problem of “too big to fail.” … Crucially, if a major firm does mismanage itself into failure, the Senate bill gives the government the authority to wind down the firm with no exposure to the taxpayer. No more bailouts. Excuse us if …
Cuban leader Raul Castro is a figure right out of the world of George Orwell’s political epic 1984. In that novel, Big Brother declared, through the propaganda subjected to the citizens of the future society of Oceania, that “freedom was slavery” and “war is peace.” Castro has engaged in Orwellian rhetoric in his response to mounting criticism over the government’s treatment of dissidents who have gone on hunger strikes to protest their imprisonment. He denied that there was merit to the criticisms leveled regarding the treatment of political prisoners or …
A recent GAO report warns that GM and Chrysler may need even more taxpayer money. This comes after GM and Chrysler received the overwhelming bulk of an $81 billion auto bailout under TARP. The report finds GM and Chrysler may have unfunded liabilities for their pension programs. These obligations could have been terminated if these companies had filed for a typical bankruptcy. They were maintained, however, after the government assumed sponsorship during the most recent crisis. Should these companies be unprofitable, these unfunded liabilities will be unmet by GM and …
An April 12 article in the Washington Post poses a timely question concerning one of our longtime friends: “In a world of dangerously failed states and willful challengers to American leadership, South Korea is an astoundingly successful democracy that wants to be friends. But will America say yes?” At the center of this challenging question lies a free trade agreement that Washington and Seoul signed almost three years ago, back in June 2007. The agreement, commonly known as the KORUS FTA, has been characterized as “strong and balanced” and as …
Former Speaker Newt Gingrich, architect of the “Contract with America” and general chairman of American Solutions, visits The Heritage Foundation today to speak at The Bloggers Briefing. The live feed from Ustream.tv will begin shortly after 12 noon ET. Tune in to hear Gingrich’s prescription for America and what lies ahead for conservatives, particularly in the wake of Obamacare’s passage.
Last night, Politico reported that Service Employees International Union President Andrew Stern is expected to resign and, according to The New York Times, the resignation is about to happen very soon. If Stern does resign, he will be doing so while at the top of his game. Stern told The Las Vegas Sun last year: “We spent a fortune to elect Barack Obama – $60.7 million to be exact – and we’re proud of it.” President Obama is well aware of his huge debt to the SEIU. That is why …
As oil prices steadily rise, many oil and gas experts fear higher prices could stunt economic recovery, not just in the United States but around the globe. From the Financial Times: This week oil climbed to $87 a barrel, its highest level since October 2008 and prompted concerns that triple-digit crude was once again in the offing. This was after a period of eight months when oil traded between $70 and $80, a narrow band that pleased oil producers without hurting consumers too much. The latest surge seems to have …
As federal income taxes come due this Thursday, Americans are well aware of just how expensive government is becoming. But as the Wall Street Journal warned today, we ain’t seen nothing yet. Obama’s go-to strategy for cutting the deficit is to tax the so-called rich, but this would send tax rates to exorbitant levels. For example, to reduce the deficit from 11 percent of the economy today to a sustainable 3 percent of GDP, families with more than $209,000 would see tax rates rise from 33% and 35% to 72.4% …
Economic realities are slapping states in the face as they come to terms with the fact that they can’t afford costly government programs amid declining revenues. Though many states are on a path toward economic ruin, some legislators in Missouri are taking heed and cutting spending. The Associated Press reports that a Missouri Senate Appropriations Committee voted last week to eliminate state funding for several government programs, reducing state expenditures by $506 million. The committee’s actions are incredibly significant, given the difficulty that comes with eliminating government programs, once enacted. …
With the long expected retirement announcement by Justice John Paul Stevens on Friday, President Obama gets a second opportunity to shape the Supreme Court to match his very activist view of the law and the role of judges. That role, according to the President, is not to interpret the Constitution and statutes based on the time-honored principle of blind justice, but to use “empathy” to make sure that “powerful interests” are not “allowed to drown out the voices of ordinary citizens.” Some might believe that it would not be worth …
