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    The TARP Bailout Parade: Is California Next?

    During yesterday’s Senate Banking committee TARP oversight hearing, Sen. Jim DeMint (R-SC) asked Treasury Secretary Tim Geithner: So it’s your understanding that you have $700 billion to use permanently as you see fit? Secretary Geithner replied: I’m not quite sure ‘permanently’ is right. So then what is the right word? … More

    End TARP and End the Stimulus

    Earlier this month the Treasury Department found that all 19 banks subject to government “stress tests” passed. Now this past Sunday, White House Director of the Office of Management and Budget Peter Orszag announced that: “The freefall in the economy seems to have stopped.” Economic catastrophe was the only rational … More

    Bad Regulation, Not Deregulation, Caused Financial Crisis

    Harvard University professor Niall Ferguson writes in the New York Times: Human beings are as good at devising ex post facto explanations for big disasters as they are bad at anticipating those disasters. It is indeed impressive how rapidly the economists who failed to predict this crisis — or predicted … More

    Paulson and the Banks: What an Offer You Can’t Refuse Looks Like

    Ever since the results of the government’s stress tests were released, banks across the country have been rushing to escape from their TARP traps. Now comes more details on how they got snared to start with. Documents made public this week by the Treasury Department – pursuant to a Freedom … More

    President Obama Still Running Auto Companies

    “I don’t want to run auto companies.” – President Barack Obama, April 29, 2009. “Obama Halves Chrysler’s Planned Marketing Budget” – Advertising Age, May 11, 2009. Congress should help President Obama stop running auto companies. We must repeal TARP now.

    The Zombie Contagion Spreads

    The New York Times reports: Hartmarx, known for its Hart Schaffner & Marx and Hickey Freeman suits, and for making President Obama’s inauguration tuxedo and topcoat, has long been America’s leading clothier for men. Now its workers want to make the company, which is in bankruptcy, a leader in a … More

    TARP and Stress Tests: Now Can Banks Return the Money?

    The results aren’t officially out yet, but it looks like 14 of the 19 financial firms subjected to “stress tests” by the Treasury Department passed their exams with flying colors. Now, the question is will they be allowed to return the money they borrowed from taxpayers? Many of them want … More

    Chrysler: Pay Back the Money!

    The Obama Administration appears about to walk away from $7.5 billion in taxpayer money used to prop up Chrysler. This little information nugget was buried in Chrysler’s filing before the bankruptcy judge last week and confirmed by Administration sources. So much for responsible government and transparency! The Bush Administration pumped … More

    The Havoc Our Government Wreaks

    Commenting on the White House’s Chicago-style negotiations with Chrysler’s creditors, The Atlantic‘s Megan McArdle writes: [W]hen did it become the government’s job to intervene in the bankruptcy process to move junior creditors who belong to favored political constituencies to the front of the line? … these people lent money under … More

    Meddling with Unacceptable Speculators

    “I want to disabuse people of this notion that somehow we enjoy, you know, meddling in the private sector.” – President Barack Obama, April 29, 2009 “After consulting with my auto task force, industry experts, and financial advisors, I decided to give Chrysler and Fiat 30 days to reach an … More