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    CIT Bankruptcy Shows that It is Time to End TARP

    Sunday, CIT Group, with $71 billion in assets one of the largest small business lenders in the country and the recipient last December of $2.3 billion in taxpayer money filed for bankruptcy. It was the fifth largest bankruptcy in US history. Monday, nothing much happened. Stocks didn’t collapse. There was … More

    Obama's TARP Bailouts Fueling Ponzi Economy

    The Wall Street Journal reports: GMAC Financial Services Inc. and the Treasury Department are in advanced talks to prop up the lender with its third helping of taxpayer money, people familiar with the matter said. The U.S. government is likely to inject $2.8 billion to $5.6 billion of capital into … More

    Morning Bell: The Unaccountable Obama Czar State

    Yesterday the United States Department of the Treasury Special Master of Compensation Kenneth Feinberg announced a wage control scheme for the 175 executives of the seven companies that have received the most funds from the taxpayer funded Troubled Asset Relief Program (TARP). At first the Obama administration denied any involvement … More

    Obama Pay Czar Driving Execs to Go Galt?

    At Marginal Revolution George Mason University economics professor Alex Tabarrok comments on Obama administration’s pay czar Kenneth Feinberg’s decision to cut bailed out firm executive pay by an average of about 90 percent from last year: There is no way this will work as advertised. If the administration actually follows … More

    The Never Ending TARP Slush Fund

    This afternoon President Barack Obama announced that his administration would shift TARP’s $700 billion bailout fund away from big financial institutions and toward small businesses through small banks.Specifically, the Treasury Department will offer capital from TARP, at a 3% rate, to viable banks with less than $1 billion in assets. … More

    Exit Strategy or Entrance Strategy? New TARP Program On the Way

    One year and a week after Congress enacted legislation creating the $700 billion “Troubled Asset Relief Program,” the Treasury Department next week is expected to launch its first initiative to buy, well, troubled assets. Odd as it may be, in the year since its creation TARP has been used for … More

    Auto Bailout Funds Won't Be Repaid. And That's Not the Worst News

    Remember the auto bailout? It’s not in the front pages anymore, but last week the Congressional Oversight Panel — a body created by statute to oversee TARP spending — issued a comprehensive and critical report on Washington’s foray into Detroit. The headline news, reported in most major media: the money … More

    More Auto Bailout Cash Tucked Inside Obamacare

    The Obama administration’s bailout of General Motors and Chrysler has already reached a staggering $110 billion. But even that is not enough money to undue the damage big labor has done to the industry. Tucked inside H.R. 3200 is yet another $10 billion in bailout cash. The Detroit Free Press … More

    Obama Goes NASCAR

    As part of his on-going effort to reduce carbon emissions – or perhaps in an effort to charm a conservative-leaning audience that’s skeptical of his health care plans – President Obama, Wednesday, honored Jimmie Johnson, the 2008 NASCAR Sprint Cup Champion, and extolled the virtues of this “uniquely American sport.” … More

    Is Government Motors Lying About Its New Electric Car?

    The American taxpayer owned General Motors recently announced that its 2011 Chevrolet Volt will get 230 miles per gallon. While the Obama administration has repeatedly claimed it has “no interest” in running GM, from literally its first day as majority owner of the car maker the White House has been … More