Senate conservatives last week waged a hard-fought and principled battle to protect both U.S. taxpayers and the integrity of the free market against the Washington establishment that favored a government bailout of General Motors and Chrysler. By late Thursday it appeared they had won. But within hours of the end …
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, …
It’s bad enough that there are already legions of lobbyists lining up in Washington for their slice of the upcoming $700 billion-plus pie. But when our nation’s local government leaders join the bailout parade, you know our nation’s sense of personal responsibility has significantly deteriorated. Earlier this week the U.S. …
According to The Center for American Progress, pointing out that much of FDR’s New Deal only prolonged the Great Depression is just a “favored pasttime of activists on the radical right.” Well someone might want to tell George Mason University economics professor Tyler Cowen that he’s now officially part of …
Earlier this week we documented how Treasury Secretary Hank Paulson’s erratic behavior has become perhaps the single most disruptive force in the global economy. But he is just one of many government actors throwing more uncertainty into an already volatile marketplace. Federal Deposit Insurance Corporation Chairwoman Sheila Bair has been …
Reporting on Fannie Mae’s and Freddie Mac’s new program to reduce monthly mortgage payments for those people who have missed at least 90 days worth of payments, The San Francisco Chronicle’s Kathleen Pender reports: Peter Schiff, president of Euro Pacific Capital, predicts that many homeowners who have little or no …
Barack Obama pushes for a $500 billion stimulus. Communist China announces a $586 billion economic stimulus. Barack Obama is pushing for a government bailout of U.S. auto makers conditioned on putting “a government representative on the boards of rescued auto makers, to ensure they hew to conditions attached to the …
Is there nothing the liberals on Capitol Hill will not throw money at? MIT Professor Andrew Lo testified before the House Oversight Committee last week on the increasing gap between pay for finance and engineering graduates (hint, there is money in finance kids!). Not content to let high salaries solve …
This week Capitol Hill is focused on bailing out the Big Three auto makers. But come January throwing money down the Detroit money hole will just be one of many schemes the Obama administration and his liberal majorities in Congress will be pushing. Sen. Chris Dodd (D-CT), of Countrywide Financial …
