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    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

    Should We Hand Detroit a Blank Check?

    Despite the fact that Congress intended the $700 billion Troubled Asset Relief Program (TARP) solely for financial institutions, the Bush administration, the Treasury, Members of Congress and the automakers are negotiating a plan to use the last $15 billion to bail out Detroit’s automakers. I won’t get into the illegality … 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

    Morning Bell: Bankruptcy Is Best Way to Save Auto Industry

    Last night while marshaling votes for the House’s eventual 237-to-170 vote in favor of nationalizing Detroit, House Majority Leader Steny Hoyer (D-MD) told the Wall Street Journal: “If we do nothing we face the risk that sometime soon there will be no American auto industry.” Hoyer has it exactly backward. … More

    The Auto Bailout: So Wrong in So Many Ways

    There’s been a lot of good discussion on the auto bailout over the past day or so. And by good discussion, I mean pointing out how utterly ridiculous an auto bailout is. Our own James Gattuso lays out Congress’s plan in his latest paper: “Eligibility for the program is limited … More

    Saving Detroit

    June 4, 2008, must seem like light years ago for Detroit. On that Wednesday night, the Detroit Red Wings hoisted Lord Stanley’s Cup in Hockeytown, U.S.A. Since then, it’s been nothing but the doldrums. The Detroit Lions have managed to lose every single football game in the 2008 season and … More

    Sending Arsonists to Fight Fires

    In an Op-Ed peice about the Auto-bailout that appeared in today’s DC Examiner, Lori Roman equated the government bailing out to sending arsonists to fighting fires: One would think that, since the government created the crisis, they should fix it, right? No. They should STOP interfering with the markets, not … More

    Video: Bankruptcy, Not a Bailout, Is a Better Option for Automakers

    Heritage Senior Research Fellow James Gattuso explains what happens when bankruptcy is declared and why it is a better option for Detroit Automakers [youtube]http://www.youtube.com/watch?v=6wKGODqsZ2o[/youtube]

    The Auto Bailout & The Bankruptcy Myth

    When I think of bankruptcy I think of this. That’s right, the Monopoly Guy. Pockets empty. Shoulders shrugged. Game over. All the jobs will be wiped off the face of this earth and bulldozers will tear down the buildings. I’m guessing a lot of people think this way when they … More

    Car Sales Plunge: Who’s to Blame?

    Automobile sales have plummeted across the board for the month of September. Not only were sales down for Chrysler (33%), General Motors (16%) and Ford (34%), but Asia-based brands Toyota, Honda and Nissan fell 30% over the course of the month. Sales in European and Asian markets are down as … More