One big worry for big government lovers who are pushing for Obama’s stimulus plan to include more government spending and less tax cuts is that “there’s a limited supply of ‘shovel-ready’ projects that can be started soon enough.” Thanks to mother nature this worry is now entirely misplaced. As the …
Defending the Troubled Asset Relief Program The Washington Post’s Steven Pearlstein writes: Of course, because money is fungible, critics can always say that the Treasury money is now being used to pay excessive salaries or dividends, or finance unnecessary acquisitions — or, for that matter, to clean the toilets or …
President-elect Barack Obama and President George Bush have joined forces to obtain the second $350 billion of the original $700 billion TARP bailout fund. There is way more than collegiality at work here. Obama and Bush are proving to be true ideological twins. With Treasury Secretary Hank Paulson at the …
My Heritage colleagues have already noted that the auto bail-out violates the terms of the TARP legislation by extending funding beyond “financial institutions.” It also appears the latest funding pledge to bail-out auto makers may have violated another Federal law, one normally taken quite seriously: the Anti-Deficiency Act. When Congress …
The Bush Administration’s disclosure that the Treasury Department had already transferred $5 billion in Troubled Asset Relief Program money to GMAC, and that another $1 billion had been promised to GM directly, represents a significant turning point in US economic policy. TARP has now been used, not just to restore …
Covering the Bush Administration’s latest attempt to save the free-market by abandoning free-market principles, The Washington Post reports: The new loans push the government’s planned investments under the financial rescue beyond the $350 billion that Congress has authorized; in order to make all the investments that Treasury Secretary Henry M. …
