Commenting on Treasury Secretary Timothy Geithner’s latest bank bailout plan, Nobel Prize-winning economist Joseph Stiglitz told Reuters: Quite frankly, this amounts to robbery of the American people. I don’t think it’s going to work because I think there’ll be a lot of anger about putting the losses so much on the shoulder of the American taxpayer. We think “robbery” is a little strong of a word, but Geithner’s “Public-Private Investment Program” (PPIP) is definitely flawed. Heritage analyst James Gattuso details why: Risk of uncertainty transferred, not eliminated. The main goal …
So desperate for a government takeover of the U.S. auto industry, some on the left are now stooping to borrowing rhetoric from Vice President Dick Cheney to make their case for the bailout of Detroit’s Big Three. Commenting on Cheney’s warning that “If we don’t do this, [the GOP] will be known as the party of Herbert Hoover,” The Washington Monthly‘s Steve Benen writes: The Neo-Hooverite caucus apparently seems willing to wear the label with pride. Well let’s just see who else, besides conservatives, has called for the auto companies …
There is not a ton of common ground between the Heritage Foundation and Neo-Keynsian Joseph Stiglitz. But it appears we do see eye to eye on the auto bailout. Yesterday we explained why Bankruptcy Is the Best Way to Save the Auto Industry. Today Stiglitz writes in the Financial Times: What needs to be done is to help the automakers get a fresh start and allow them to focus on producing good cars rather than trying to juggle their books to meet past obligations. The US car industry will not …
Yesterday the Associated Press reported that the last major remnants of Saddam Hussein’s nuclear program had been dismantled in Iraq. This Saturday marked the end of a top secret two-week airlift of 550 metric tons of yellowcake uranium from Baghdad to a Canadian uranium producer. Also removed earlier this year from the Tuwaitha nuclear complex 12 miles south of Baghdad were four radiation-exposure devices that experts say could be used in a nuclear weapon. The success of this operation and news from both Baghdad and Mosul that al Qaeda is …
Earlier this month the New York Times reported: “It is not easy to draw a straight line from the slumping economy to the war in Iraq and a trade deal with Colombia, but Democrats are trying to connect those dots.” The Democrats star witness in linking the economy to Iraq is economist Joseph Stiglitz, who has a new book out titled “The Three Trillion Dollar War” (never mind that Stiglitz has already upped his claim to $5 trillion). While liberals have poll numbers that show some voters are buying his …
