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    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

    Chrysler's Creditors and Offers You Can't Refuse

    President Obama was clearly miffed yesterday. His plan for restructuring Chrysler without a bankruptcy had been blocked by the refusal of some of the firm’s creditors to sign on to the restructuring deal hand-crafted by the White House. He decried their decision, calling them a “small group of speculators.” Later, … 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

    If You Don't Like Meddling, Then Stop Meddling

    At the end of last night’s press conference President Barack Obama insisted: But I want to disabuse people of this notion that somehow we enjoy, you know, meddling in the private sector. … I’m always amused when I hear these, you know, criticisms of “Oh, you know, Obama wants to … More

    Morning Bell: Free Enterprise's 100-Day Death March

    Previewing the Obama administration’s upcoming “sweeping” environmental regulatory agenda, EPA Administrator Lisa Jackson told NPR‘s Michelle Norris yesterday: “The President has said, and I couldn’t agree more, that what this country needs is a one single national road map that tells automakers who are trying to become solvent again what … More

    Treasury Exposes Markets to Added Stress Flu

    Markets are weighed down by worries over the new swine flu and the ongoing stress flu; the former from Mexico, the latter from the Treasury Department. Recently, Treasury added markedly to market uncertainties by suggesting it would convert federal capital injections from preferred shares of banks to common shares. This … More

    Fool Me Once

    It seems that we keep being told that the policy is temporary, and is far short of nationalization, only for Congress to turn around after the legislation has passed and “convert” loans into stock: to turn a bailout into a nationalization. This has now happened with AIG, the car companies, … More

    Morning Bell: President Obama's Foundation of Straw

    Stealing from the Sermon on the Mount to defend his administration’s economic record this Tuesday, President Barack Obama urged Americans to “build our house upon a rock” instead of “the same pile of sand” it had been built on before. In Obama’s hands, the teachings of Jesus become just another … More

    Stop Spending Our Future!

    This cartoon from the 1934 Chicago Tribune has appeared more than once in our inbox. Hopefully, unlike 1934, we have already endured the worst of new federal government central planning in the U.S. economy. By 1934 the Depression had already lasted five years, but would still go on for another … More

    Illegal Bailouts Threaten Economic Recovery

    Rule of law? Who needs it! That seemed to be the message of the Obama Administration as it seeks to maneuver around restrictions imposed by Congress on bailout recipients. As the Washington Post describes, the Administration is laundering money to bailout recipients by “set[ing] up special entities that act as … More