$154 billion. That is the amount of taxpayer money that will be needed to bail out Fannie Mae and Freddie Mac according to a new “stress test” performed by the Federal Housing Finance Agency. And that is the good news. If the economy dips into a second recession and foreclosures rise, the Fannie and Freddie bailout could nearly double in size. The agency, which oversees Fannie and Freddie, released the numbers “to inform public debate about the future of the two companies” ahead of expected Obama administration proposals slated for …
In yet another victory for corporatism over the free market and the American taxpayer, the Senate is expected to pass the Tourism Promotion Act of 2009 later today. The bill, a top priority of Majority Leader Harry Reid (D-NV), would create a new government-run entity to promote international travel funded by a $10 per person tax on visitors coming to the United States under the Visa Waiver Program (VWP). The Washington Post had an eye opening profile of the lobbying behind the bill last year: The explosion in the size …
When he signed executive orders which supposedly tightened federal ethics rules for White House officials, President Barack Obama said, “We need to make the White House the people’s house, and we need to close the revolving door that lets lobbyists come into government freely and lets them use their time in public service as a way to promote their own interests over the interests of the American people when they leave.” Already the Obama Administration has already signed dozens of waivers that completely undermine their executive orders by allowing lobbyists …
This past week some in Congress complained because Bank of America, who has taken billion of taxpayer bailout funds, hosted a promotional event at the Super Bowl. At lest that event was designed to help the bank’s business grow. What Congress should really be mad about is the $2 million Bank of America gave to Acorn last year. Yeah, Acorn. The same organization that has been indicted for voter fraud many times throughout the country and continually shakes down banks for “affordable housing” funds. Just another example of Progressive Corporatism …
As President Barack Obama and his leftist allies in Congress spend trillions in taxpayer dollars in the span of just a few months, it is important to remember that the left is no enemy of big business. The left LOVES big business. Who else could possibly pay huge corporate taxes and make payroll on exorbitant big labor contracts? So as the Obama administration both makes it harder for Detroit to turn a profit by mandating fuel efficient cars, and then turns around gives them more bailouts, remember, this is …
Last week both the AFL-CIO and the Center for American Progress claimed that seven out of the top ten countries on our 2009 Index of Economic Freedom do not require secret ballot elections for union organizing elections. Of course, being strong supporters of card check, CAP and big labor don’t call it that. They both called it “majority sign up as an option for workers trying to form a union” (See, it’s just a harmless sign up, like joining a kickball league!). CAP and Big Labor both go on to …
The Washington Post reports today: An influential group of large U.S. corporations and environmental organizations have forged a detailed blueprint for limiting greenhouse gases in the hope of shaping and pushing forward climate change legislation this year. The U.S. Climate Action Partnership says its ability to reach consensus is a crucial step forward since its 32 members include corporate giants such as General Electric, Conoco Phillips, Duke Energy, DuPont and General Motors as well as the Environmental Defense Fund and World Resources Institute. The Los Angeles Times reports today: Supporters …
Just two days ago, Illinois Gov. Rod Blagojevich (D) stood with about 240 union members inside the shuttered factory of Republic Doors and Windows. The company had closed the factory before providing its 240 workers their due severance pay and accrued vacation time. Blagojevich was determined to bring the full power of the governor’s office to bear to make sure the union members got paid. Blagojevich threatened to stop the state of Illinois from doing all business with Republic’s creditor, Bank of America, if it did not help the laid-off …
December 8, 2008: Illinois Gov. Rod Blagojevich (D) orders state agencies to stop doing business with Bank of America until it reinstates a line of credit for the company Republic Windows and Doors to either keep operating or provide severance and vacation pay to employees. On December 2, the company had announced it was shutting down, and the workers subsequently occupied the plant in protest. December 9, 2008: Illinois Gov. Rod Blagojevich (D) is arrested and charged with attempting to leverage appointment of a U.S. Senator for personal financial gain …
So the Big Three automakers returned to Washington yesterday, this time with slightly more specific plans on how they plan to spend taxpayer money to fix their faltering businesses. But it turns out that not all three of the automakers are really even asking for cash right now: While GM and Chrysler emphasized their immediate cash needs, Ford said it was financially prepared to weather this storm. Barring a bankruptcy by one of its domestic competitors or a more severe downturn, Ford said, it does not anticipate a liquidity crisis …
