On Tuesday, the Wall Street Journal’s Bret Stephens noticed that President Obama’s policy initiatives resemble a 1998 South Park episode in which grand plans are formulated with a beginning and a successful ending, yet without the requisite how-to in the middle. When it comes to the handling of GM, we couldn’t …
Throughout the next two weeks, the Foundry will be highlighting some testimonials of General Motors bondholders. When President Obama describes bondholders, you get the distinct impression of pinstripe-suit-wearing bankers with scotch in one hand and cigars in the other. However, that is far from the case. In fact, GM bondholders …
All bankruptcies are not created equal. For months, Heritage and other conservatives have counseled that the proper course for an ailing automaker is the same medicine as for any other sick company: the bankruptcy process. All along, industry shills and union activists have pooh-poohed that idea, claiming that bankruptcy filings …
On April 8, 1952, President Harry Truman ordered Commerce Secretary Charles Sawyer to seize and take over operation of most of the country’s steel mills. Truman cited no legislative authority for his actions. Instead, he cited the Korean War. Truman claimed there was a national emergency and his presidential war …
Yesterday on Face the Nation, CBS’s Bob Schieffer asked President Barack Obama: Mr. President, you’re scheduled to announce on Monday what you plan to do with the auto industry as they’re asking for more federal money. … You’ve told them they’re gonna have to cut back, present a different business …
In February, groups representing the auto parts suppliers asked for a $25.5 billion bailout from the Treasury. Yesterday, the Treasury announced parts suppliers will receive about one fifth of that through Troubled Asset Relief Funds: The Treasury Department announced a $5 billion program to aid struggling auto-parts suppliers, raising the …
