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    Morning Bell: The System Failed

    Pentaerythritol tetranitrate (PETN), the explosive Umar Farouk Abdulmutallab tried to detonate aboard Northwest Airlines flight 253, is among the most powerful of explosives in the world and was widely used to blow up airplanes in the 1970s and 1980s. The only reason the passengers of Flight 253 are still alive … More

    Detroit Terror Plot Makes 28 Plots Foiled Since 9/11

    On December 25, 2009, a Nigerian student attempted to ignite a mixture of powder and liquid on a Northwest Airlines flight landing in Detroit, Michigan. Passengers helped to stop the suspect from carrying out his mission after the device failed to fully detonate, marking the 28th foiled terror plot against … More

    Automaker Bailout Sold on Empty Promises

    Have an idea but strapped for cash? Not sure if the idea is going to pan out? That’s all right, just ask the government for a few billion dollars. That’s what the automakers did. USA Today reports: If you believed all the talk from Chrysler about how our tax dollars … More

    Auto Bailout Funds Won't Be Repaid. And That's Not the Worst News

    Remember the auto bailout? It’s not in the front pages anymore, but last week the Congressional Oversight Panel — a body created by statute to oversee TARP spending — issued a comprehensive and critical report on Washington’s foray into Detroit. The headline news, reported in most major media: the money … More

    A Union Divided Against Itself: The UAW’s Conflict of Interest

    In the wake of the General Motors and Chrysler’s bankruptcies, United Auto Workers finds itself in a complicated position. In some sense it has achieved a Marxist ideal: it has gained (at least some) control of its means of production. The UAW owns 55 percent of Chrysler and 17.5 percent … More

    Thune Proposes Deadline for Denationalization

    With General Motors slated for nationalization, and the government holding major stakes in Chrysler and several major banks, many concerned observers have been asking when it will all end. President Obama, however, has not even ventured a guess. The omission is an odd, and dangerous, one: the president who campaigned … More

    Insurers Just Saying "No" To TARP?

    What if they ran a bailout program and no one came? Last year, the Bush Administration Treasury Department opened TARP’s doors to insurance companies, a number of which promptly filed for aid. Last week, the applications of six of those were approved, totalling some $22 billion. But rather than rush … More

    CEO Confirms Treasury is Calling Shots at GM

    In a surprisingly frank statement this morning, General Motors CEO Fritz Henderson confirmed that the Treasury Department is calling the shots on the company’s on-going restructuring. As reported by the New York Times, Henderson stated that GM was told by the Treasury Department to offer bondholders only up to 10 … More

    More on Chrysler and Offers You Can't Refuse

    Did the White House threaten a Chrysler creditor who refused to sign on to the rescue plan brokered by the government? That’s the charge levelled on Friday by a lawyer for the holdout creditors. In an interview with a Detroit radio station, attorney Thomas Lauria said that the investment firm … 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