Almost 30 years ago, a steep rise in oil prices drove consumers to buy smaller, more fuel-efficient cars. Cars that American auto manufacturers simply didn’t make. The resulting huge drop in sales drove Chrysler to the brink of bankruptcy, but before the market could play itself out, President Jimmy Carter …
For most Americans, there are 100 shopping days left until Christmas. But for the special interests in Washington, there are only 10 shopping days left with Congress tentatively set to adjourn for the year on Sept. 26. One would hope the financial turmoil on Wall Street would give legislators pause …
The two big issues in Washington this week are drilling and bailing out the automakers. Drill, baby, drill. For years, Congress has banned oil and natural gas drilling on most of America’s Outer Continental Shelf (OCS). Less than two weeks ago, the Republican convention erupted with chants of “Drill, Baby, …
Nothing gathers a crowd in Washington like the sight of money being handed out. Thus, in the wake of last weekend’s federal takeover of Freddie Mac and Fannie Mae, lobbyists for the automobile industry could be found stalking the halls of Congress, asking for help from the government too. Specifically, …
Pittsburgh Tribune-Review’s Bill Steigerwald posted a great Q&A interaction with Heritage housing expert Ron Utt this weekend. Excerpts include: Q: Is this subprime mortgage lending crisis sort of the final extension of this idea of liberalizing home buying? Is this what we get when we push it too far and …
USA Today’s take on the mortgage mess posed a crucial question: “Should taxpayers in Vermont be asked to bail out home buyers in Nevada?” The nation’s No.1 newspaper went on to note: “The answer now taking shape in Washington appears to be, ‘Yes.’” But the multi-billion dollar question for taxpayers …
When Congress passed its economic “stimulus” package this February, lawmakers tried to make it look like the plan would help lower-income Americans while not benefiting the rich. They made the $600 tax credit ($1,200 for married couples) refundable and excluded anyone making more than $87,000 ($174,000 for couples) from qualifying. …
Now that the Senate has passed its “Foreclosure Enhancement Act,” attention turns to the House, which will hold hearings on its own response to the housing “crisis.” As the Christian Science Monitor reports, “at the heart of the emerging consensus is a bigger role for the Federal Housing Administration in …
Congress has returned from their spring break to mounting pressure to “do something” about the current financial turmoil. The Hill reports: “Republican senators have spent the recess hearing complaints from constituents about foreclosures and falling home prices, and they feel pressure to act by passing legislation.” Before Congress starts passing …
