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  • auto bailout

    They Should Have Been Lawyers

    At some point in every law school, students are taught the old lawyer’s trick of “inconsistent pleadings.” The classic example of this involves a case where someone is accused to borrowing someone’s teapot and breaking it. The (perfectly legal) defense can simultaneously be: I didn’t borrow the teapot The teapot … More

    Should We Hand Detroit a Blank Check?

    Despite the fact that Congress intended the $700 billion Troubled Asset Relief Program (TARP) solely for financial institutions, the Bush administration, the Treasury, Members of Congress and the automakers are negotiating a plan to use the last $15 billion to bail out Detroit’s automakers. I won’t get into the illegality … More

    How to Bury Inconvenient News

    Washington Post assistant managing editor Eugene Robinson believes that anyone who opposes a federal government bailout of General Motors and Chrysler is a “lunatic.” So how does The Washington Post deal with the fact that their latest survey shows 55% of the American people oppose that very bailout? Well you … More

    Joseph Stiglitz Is a 'Lunatic'

    Well, that’s what The Washington Post‘s Eugene Robinson said. He didn’t say that word for word, but he might as well have. This is what he wrote: Despite the popular belief, lemmings don’t really hurl themselves off cliffs to reduce their numbers. That sort of behavior is seen only among … More

    Morning Bell: Time to End the TARP Bailout Parade

    Senate conservatives last week waged a hard-fought and principled battle to protect both U.S. taxpayers and the integrity of the free market against the Washington establishment that favored a government bailout of General Motors and Chrysler. By late Thursday it appeared they had won. But within hours of the end … More

    Ford's UAW Contract

    Surely, some concessions can be made, right?

    No Contradiction Here

    CNBC’s Maria Bartiromo has a must read interview with Rep. Barney Frank (D-MA) in Business Week. Bartiromo asks: Should GM (GM) acquire Chrysler? I’m not competent to say. I try to resist the temptation that too many of us in politics and the media fall into, which is telling people … More

    The Newest Neo-Hooverites

    So desperate for a government takeover of the U.S. auto industry, some on the left are now stooping to borrowing rhetoric from Vice President Dick Cheney to make their case for the bailout of Detroit’s Big Three. Commenting on Cheney’s warning that “If we don’t do this, [the GOP] will … More

    Stiglitz: 'Chapter 11 Is the Right Road for U.S. Carmakers'

    There is not a ton of common ground between the Heritage Foundation and Neo-Keynsian Joseph Stiglitz. But it appears we do see eye to eye on the auto bailout. Yesterday we explained why Bankruptcy Is the Best Way to Save the Auto Industry. Today Stiglitz writes in the Financial Times: … More

    Morning Bell: Bankruptcy Is Best Way to Save Auto Industry

    Last night while marshaling votes for the House’s eventual 237-to-170 vote in favor of nationalizing Detroit, House Majority Leader Steny Hoyer (D-MD) told the Wall Street Journal: “If we do nothing we face the risk that sometime soon there will be no American auto industry.” Hoyer has it exactly backward. … More