The world’s hottest economist, Michelle Muccio, has created a bit of a stir with her simple commonsense stimulus plan, a one-year payroll tax holiday. Here she is discussing the plan with Bill Schieffer of CBS News. Watch CBS Videos Online I like it, a payroll tax holiday would put more money in people’s pockets immediately… […]
Economy
Chicago Tea Party
Drudge has been hyping this all afternoon… It’s hardly a revolt, but with the Dow industrials closing at a six year low of 7465.95 I think it’s safe to say the markets aren’t crazy about governments economic rescue plans.
Not Just No, But Hell No: GM, Chrysler Seek $21.6 Billion in Aid
General Motors and Chrysler have submitted their recovery plans submitted to the U.S. Treasury and are asking for another $21.6 billion in government aid. Not just no, but hell no… No amount of government aid is going to bring them back to profitability so long as the government forces them to build car consumers don’t […]
Federal Obligations Exceed World GDP???
I tend to be skeptical of articles like this one from World Net Daily: Federal obligations exceed world GDP Does $65.5 trillion terrify anyone yet? By Jerome R. Corsi, February 13, 2009, WorldNetDaily As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the […]
GM: Billions More In Bailouts or Bankruptcy
Today’s Wall Street Journal has a front page story about GM’s restructuring plans… The article is worth reading unfortunately, the on-line version is subscriber content so if you’re not a Journal online subscriber you’ll have to register to read it. Here’s the free excerpt: General Motors Corp., nearing a federally imposed deadline to present a […]
Senate Passes Pork Laden Stimulus Bill
The final vote tally is in… The Senate approved the measure 60-38 with three erstwhile Republicans, Alren Specter, Olympia Snowe and Susan Collins providing the votes needed for passage. No surprise really we all knew Specter, Collins and Snowe would vote with the Democrats… While I’m not happy about it I’m not going to jump […]
A Commonsense Stimulus Plan
Michelle Muccio offers a simple commonsense stimulus plan: I like it, suspending payroll taxes for a year would have a far more immediate effect than anything in the plan being rushed through congress. Personally, my idea of a stimulus plan would be: Make the Bush Tax cuts permanent. Cut the corporate tax rate from the […]
Breaking: House Democrats Pass Stimulus Package
House Democrats today voted to pass the pork laden so called “Stimulus Plan” without a single Republican vote. The final tally was 246-183, with 7 Democrats joining all 176 house Republicans in voting no. 1 Democrat voted present. Update: Here’s a list of the Democrats who voted against the bill: Bobby Bright, Alabama Peter DeFazio, […]
Porkulus Passes 61-37
The senate voted 61-37 in favor of the $838 billion pork stuffed stimulus package. Erstwhile republicans Arlen Specter, Olympia Snowe and Susan Collins joined democrats in supporting the bill. Judd Gregg abstained. God Save us from bipartisanship!
Cash for Clunkers???
The Wall Street Journal has details on ongoing talks between auto industry officials and lawmakers on a plan aimed at reviving vehicle sales. Under the proposal consumers who replace older gas guzzlers with new fuel-efficient cars would be eligible for federal tax credits of as much as $4,500. Auto-industry officials are in advanced talks with […]
Smoot-Hawley Rides Again???
The Washington Post has a detailed report on protectionist language in the Democrat’s pork laden stimulus bill that could trigger a trade war: The stimulus bill passed by the House last night contains a controversial provision that would mostly bar foreign steel and iron from the infrastructure projects laid out by the $819 billion economic […]
House Republicans Hold the Line
The Democrats pork laden “stimulus” bill passed the House 244-188… Republicans held the line not one them voted for it. 11 Democrats joined 177 Republicans in voting against it. It’s about time Republicans showed a little testicular fortitude. Now it’s on to the Senate… What are the odds the Republicans there will hold the line?
WSJ: You Won’t Believe What’s in That Stimulus Bill
Stimulus plan my ass: In selling the plan, President Obama has said this bill will make “dramatic investments to revive our flagging economy.” Well, you be the judge. Some $30 billion, or less than 5% of the spending in the bill, is for fixing bridges or other highway projects. There’s another $40 billion for broadband […]
WSJ: Let Detroit Build Profitable Cars
I’m doing a little catching up this weekend and trying to read all the two dozen or so articles I bookmarked over the past couple of weeks. One of the items I bookmarked was Holman W. Jenkins Jr. December 31st Op Ed piece in the Wall Street Journal “Let Detroit Build Profitable Cars” In the […]
Son of a Bailout – Bush Gives Auto Makers $17.4 Billion
President Bush this morning morning announced a $17.4 billion bailout plan for auto makers. Under the terms of the plan GM and Chrysler would receive $13.4 billion in loans in December and January, with another $4 billion likely available in February. The deal is contingent on the companies’ showing that they’re financially viable by March […]