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    TARP Explained in Pictures

    The federal government’s Troubled Asset Relief Program been complicated and controversial from the beginning. First sold by then Treasury Secretary Hank Paulson as a plan to buy mortgage-related assets from U.S. financial institutions,TARP quickly morphed into an incoherent slush fund. New Treasury Secretary Timothy Geithner has had a very similar problem … More

    Unintended Consequences on Executive Pay III: Exit Goldman

    Is it any coincidence that on the same day that the Obama Administration announces restrictions on executive pay for companies taking government bailout money, Goldman Sachs announced that it is pulling out of the government’s Troubled Asset Relief Program? The investment bank, says CFO David Viniar, is chafing under the … More

    75 Years Ago, Ford's Better Idea

    “A Conservative,” that anonymous scribe within Heritage, surfaces again for the second time in three days with a cautionary tale for the Big Three about Henry Ford, FDR and Big Government strings. This latest edition of New Common Sense, titled “Ford Faced Down FDR’s Blue Eagle,” reads as follows:   Out … More

    UAW Won't Let Detroit Make Competitively Priced Cars

    Even as the Detroit automakers are asking Congress for a taxpayer bailout, the Detroit News reports that Ford Motor Co. is operating highly automated, highly integrated, and highly profitable auto plants — in Brazil. They employ state of the art technology and techniques to produce high-quality vehicles: This state-of-the-art manufacturing … More

    Now Ethanol Wants a Bailout

    Nothing gathers a crowd in Washington like the sight of money being handed out. Banks, carmakers and now ethanol? From the Wall Street Journal: The Renewable Fuels Association, a trade group for the U.S. ethanol industry, has spoken with staff members from Capitol Hill and President-elect Barack Obama’s team and … More

    Bailout a la Russe: Government Establishes Tight Control Over Industries

    The Russian government is aggressively exploiting the current economic downturn to step up its grip over the economy and actually nationalize most of the lucrative industries. The past week saw new examples of this trend. President Dmitry Medvedev endorsed a new business bailout fund to provide direct financial assistance to … More

    TARP: Now A Slush Fund for Detroit?

    With the Senate’s rejection of a bailout for Detroit’s ailing automakers, there now comes word that President Bush is actively considering using funds allocated by Congress for the Trouble Asset Relief Program (TARP) to prop up the automakers for the time being. Such action would be wrong legally, wrong economically, … More

    A Keynesian Christmas Present: Rep. Louie Gohmert's Tax Holiday

    Rep. Louie Gohmert (R-TX), champion of a federal tax holiday, faced skeptical questions today about his idea to give the economy a boost. Gohmert wants to stop collecting taxes for two months — using the unspent $350 billion from the Wall Street bailout to pay for the plan. Although his … More

    Bell Ringers

    Was the Real Target Indo-Pak Peace? – Peter Brookes The Indians claim al Qaeda doesn’t exist in their country, and the lack of suicide bombers lends credence to the idea it wasn’t Osama’s cronies. Yet his direction or inspiration for an attack can’t be ruled out – many of the … More

    Video: Gattuso on Hardball with Chris Matthews

    Heritage Senior Research Fellow James Gattuso appeared on Hardball with Chris Matthews last night to talk with Pat Buchannan about the auto bailout. Gattuso has also written about the bailout.  [youtube]http://www.youtube.com/watch?v=GnOV8okhQgA[/youtube]  In the interview Pat Buchanan stated Heritage is completely subsidized. … You get all this money from big fat corporations. … More