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    No Contradiction Here

    Washington Post, January 16, 2009: Senate Votes To Release Bailout Funds To Obama In a personal pitch to Democratic senators this week and in two letters sent to lawmakers by his top economic adviser, Lawrence H. Summers, Obama has pledged to focus the rest of the TARP funds on homeowners … More

    Shovel Ready Nation

    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 … More

    Bush Started, Obama Will Continue, the Nationalization of Our Financial Sector

    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 … More

    Our New Gangster Economy

    Last week Citigroup struck a deal with Senate Democrats accepting the Dems mortgage cram down in exchange for … well not much really. The Wall Street Journal explains why: Since October, the government has invested $52 billion in Citi, while agreeing to eat up to $249 billion in losses on … More

    The Dynamic Duo

    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 … More

    Major Obstacle to Prolonging the Housing Crisis Clears Hurdle

    If the Senate Democrat/Citigroup plan to allow bankruptcy judges to rewrite mortgage contracts becomes law, there is no doubt that many homeowners who are struggling to pay their mortgages will be helped in the short term. But there is never any such thing as a free lunch. What benefits these … More

    TARP is Deficient Auto Savior

    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 … More

    Bush's Betrayal of Free-Market Principles Now Complete

    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 … More

    The Bailout Needs a Bailout

    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. … More

    Morning Bell: A Legacy That Matters

    The Bush administration is hopping mad at the New York Times for a story the Gray Lady published Sunday, “White House Philosophy Stoked Mortgage Bonfire.” The White House will have to defend itself on this one, but we are concerned that the Times, in its partisan desire to tarnish President … More