• The Heritage Network
    • Resize:
    • A
    • A
    • A
  • Donate
  • bailout

    Another Subprime Idea from Obama

    The Obama Administration is reportedly pushing banks to increase mortgage lending to people with relatively weak credit in hopes of boosting home sales. But the very same policy under Presidents Clinton and Bush contributed mightily to the housing bubble that ultimately devastated millions of families in mortgage default. Credit is … More

    Cyprus Bank Raid: The Decaying Eurozone Is Rotting the European Union

    Today, Cyprus’s banks opened for the first time in more than 10 days, after Cypriot President Nicos Anastasiades—without seeking approval from his parliament—agreed to bailout terms that will raid citizens’ bank accounts. Those banking in Cyprus should not get too excited about the banks reopening. Strict capital controls are in … More

    Cyprus Bank Bailout: Russia Partly to Blame

    As Cypriots come to grips with this week’s agreement to bail out its banks, Russian policymakers need to think about why their citizens are involved in this crisis. Around 40 percent of Cyprus bank deposits belong to Russian individuals or businesses, and accounts with more than 100,000 euros now face … More

    Cyprus: Last-Minute Bailout Doesn’t Address Eurozone’s Underlying Systemic Issues

    A last-minute accord struck early Monday morning between Cypriot authorities and International Monetary Fund and European Union officials is being hailed in Brussels as a breakthrough. In reality, the agreement simply papers over serious structural fractures within the eurozone and is likely nothing more than a temporary solution to long-term … More

    Cyprus: Big Government on a Little Island

    The Cyprus bailout fiasco continues, elevating the four-year-old eurozone debt crisis to a new level of volatility and uncertainty. At the core of the debacle lies the tiny island’s outsized banking sector, which is over eight times the size of the economy. But the third-smallest European Union (EU) member has … More

    Cyprus Rejects Draconian EU Bailout Plan

    The parliament of Cyprus today emphatically rejected a European Union (EU) bailout plan that would have taxed private bank deposits. The plan did not garner a single vote in support, while 36 members voted against the plan; 19 parliamentarians abstained and one was absent for the vote. The deeply unpopular … More

    Low-Income or Filthy Rich, Cyprus Residents to Have Bank Accounts Raided

    The Republic of Cyprus has agreed to a eurozone bailout that will raid the bank accounts of Cyprus residents. In July 2012, the Republic of Cyprus became the fifth eurozone member to request a bailout. Eight months later, Cyprus has agreed to a €10 billion ($13 billion) bailout package with … More

    Auto Bailout Success? For Union Workers, Maybe

    President Obama’s auto bailout is being touted as a great success of his Administration. Speaking in Detroit at a Labor Day rally, Vice President Joe Biden used it to explain how Americans were better off. “Osama bin Laden is dead and General Motors is alive,” Biden boasted. In Charlotte, former … More

    Morning Bell: The Grecian Formula for Economic Decline

    The President and his team have been blaming “European headwinds” for some of the U.S. economy’s woes. But the truth is that the policies pursued by Washington and Athens are frighteningly similar—and the outcomes are not good for either country. Both countries are in need of comprehensive fiscal reforms, yet … More

    Will Electric Cars Make It Without Bailouts?

    Perhaps buyers are waiting for President Obama’s proposed $10,000 tax credit for the Chevy Volt. Despite government bailout money and incentives, GM temporarily halted Volt production and laid off 1,300 Detroit employees as lackluster demand resulted in low sales. Unfortunately, this is becoming a routine ordeal that inspires a glut … More