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    Too Big to Fail: Some Questions for the House Financial Services Committee

    Tomorrow, the House Finance Committee, chaired by Representative Jeb Hensarling (R–TX), is holding a hearing on one of the most damaging legacies of the 2008 financial crisis: the “too big to fail” doctrine. Simply put, the doctrine holds that some firms are so essential to the functioning of the U.S. … More

    In Their Own Words: Geithner Makes the Case for Permanent Bailouts

    Conservatives say the Dodd Finance Bill means Wall Street Bailouts Forever. Progressives say the Dodd bill “makes bailouts impossible.” Who’s right? Well lets ask Treasury Secretary Timothy Geithner who described the bill this way in The Washington Post: The Senate bill gives the government the authority to wind down the … More

    Obama: Read My Lips, No More Bailouts (But Let's Keep $50 Billion Around Just in Case)

    President Obama met today with members of Congress to jawbone them on the pending financial reform bill. A key part of his message: “we must end taxpayer bailouts.” Few statements are less controversial than that. Nobody wants to see more bailouts. But wait a second. Doesn’t the very legislation he’s … More

    Obama's Bank Tax - The Victim is YOU!

    So President Obama wants to slap a tax on banks, but should you really care? Absolutely. Those taxes are going to wind up costing YOU money, whether you’re a customer, a bank employee or an investor, according to the non-partisan Congressional Budget Office (CBO). As ABC News reports, the CBO … More

    Taxing Banks to Pay for TARP: Just Playing Politics

    It is fun and politically profitable to attack banks and bankers, especially in the wake of a bailout program estimated to have cost American taxpayers some $150 billion. Given this, the plan floated yesterday by the Obama Administration to charge a “fee” (read tax) on financial institutions to cover losses … More

    New Year, New Federally-Owned GMAC

    If President Barack Obama’s New Year’s resolution was for the federal government to stop taking majority ownership in private corporations, he’s off to a bad start (or he decided to get one more in before 2010). Yesterday, the government indicated it will provide $3.8 billion in additional aid to GMAC … More

    TARP: Will This Crony Capitalist Slush Fund Ever Die?

    It’s been used to buy one car company, give another to union allies, punish non-union workers, undermine the bankruptcy code, enrich Wall Street at the expense of Main Street, keep unionized Zombie firms from dying, and generally terrorize the world economy. Now the left in Congress wants to use it … More

    AIG: Did Geithner Give Away the Farm?

    It’s official: U.S. taxpayers did not get a good deal when they bailed out AIG last year. That was the conclusion of a report released yesterday by Neil Barofsky, the federal government’s special inspector general for TARP. The conclusion is no surprise: no one holds up the $170 billion bailout … More

    Derivatives Bill: It’s Less Bad, but Still Bad

    Two House committees this week approved derivatives legislation that composes a significant part of the Obama Administration’s Financial Services reform plan. Remarkably, for a plan crafted significantly by uber-liberal Barney Frank (Chairman of the House Financial Services Committee), the bill is notably less bad than the Administration’s original proposal, but … More

    Dear Mr. Liddy...

    Today, the New York Times published the resignation letter of Jake DeSantis, an executive vice president of the American International Group’s financial products unit.   In it, Mr. DeSantis describes government mismanagement, broken promises, and the tale of his own upbringing from humble roots.  The letter clearly demonstrates the pitfalls of … More