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 …
President Obama has announced that he ordered the Federal Housing Administration (FHA) to cut in half the fee paid by homeowners whose mortgages the agency guarantees. The good news is that this reduction will save those homeowners who are able to refinance their homes about $1,000 annually. The Administration says …
IMF Managing Director Christine Lagarde has been talking up the need for greatly expanded resources to bail out ailing European economies. European nations have offered to channel about $200 billion of their own funds to themselves through the IMF (a kind of gentleman’s money-laundering to avoid restrictions in their own …
Undeterred by the underperformance of several previous efforts at mortgage refinancing, the Obama Administration has announced yet another plan designed to refinance the “underwater” mortgages of homeowners who owe more on their mortgage than their houses are currently worth. However, this version of the Home Affordable Refinance Program (HAMP) has …
The House Oversight and Government Reform Committee meets Thursday to consider the most substantive postal reform plan under consideration in Congress. The debate in Washington triggered a spending spree from postal unions opposed to the reforms, including a national TV ad campaign launched last month. Now the Oversight Committee is …
Rep. Darrell Issa knows a thing or two about running a successful business. Before winning his seat in Congress, the California Republican turned a troubled company into a profitable enterprise that manufactured car alarms for the world’s most well-known carmakers. Issa is now turning his attention to saving the long-troubled …
“We received confirmation this morning…that Chrysler Group repaid, with interest, by wire transfer to the United States Treasury and by bank transfer to the Canadian government, every penny that had been loaned less than two years ago.” That simple statement by Chrysler (and Fiat) CEO Sergio Marchionne that Chrysler had …
Hamtramck, Michigan, is running out of money. City Manager William Cooper tells The New York Times: “We can make it until March 1—maybe.” And Hamtramck is not alone. According to the Times, 15 municipalities have pursued bankruptcy in the past two years. And if the economy does not improve revenues, …
In early August, when the U.S. Senate earmarked $10 billion to recover lost jobs in education, supporters of the measure claimed the money would save thousands of teachers’ jobs. President Obama put the figure at 160,000 jobs across the country. Sen. Barbara Boxer (D-CA) said it would save the jobs …
