In a sane world Tim Geithner’s tax troubles would have kept him from being confirmed as Treasury Secretary. Unfortunately, we don’t live sane and those tax troubles pale in comparison to what we’re learning about the Geithner led Federal Reserve Bank of New York’s role in the AIG bailout: The Federal Reserve Bank of New […]
Bailout
WSJ: Geithner Under Fire Amid Frustration on Economy
Normally I’d say the calls for Treasury Secretary Tim Geithner’s resignation were just hot air but given the recent disclosures about his role in AIG bailout while President of the New York Federal Reserve Bank, I suspect this is more than just normal political blustering: Snowballing frustration about the economy burst into a political fracas […]
Holy Crap: $12.8 Trillion Spent, Lent or Committed???
From Bloomberg News: March 31 (Bloomberg) — The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s. New pledges from the Fed, the Treasury Department and the Federal Deposit […]
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 […]
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 […]
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 […]
Call Your Senator…
The House of Representatives passed the auto industry bailout bill 237-170 last night. The Senate will be taking up the bill in the next couple of days. Call your Senator @ 202-224-3121 and urge him to vote no. Ask your friends and family to do the same.
Mitch McConnell: No
Senate Minority Leader Mitch McConnell has broken with the White House and come out against the auto industry bailout in a Senate floor speech: “These are turbulent times for the U.S. economy. Over the past several months, Americans have seen giant companies fail, significant job losses, and, after unprecedented problems in the credit markets, the […]
Will The Auto Industry Bailout Work?
I’ve been so focused on finishing up the projects I’m working before the holidays I’ve only been half attention to the news recently. I completely missed Holman W. Jenkins Jr. latest Wall Street Journal column: The Bailout That Won’t Would you buy a car from Congress? By Holman W. Jenkins Jr., Wall Street Journal, December […]
My Give a Damn’s Busted
I haven’t been blogging much recently I’ve tied up a couple of projects that have to be finished before the end of the year, and frankly I’m so disgusted, disappointed and disillusioned with the behavior of our elected leaders my give a damn’s busted. It doesn’t matter what we think, they’re just going to keep […]
The $25 Billion Question
Holman W. Jenkins Jr. has an excellent Op Ed piece in today’s Wall Street Journal. Mr. Jenkins ask the one question that no one Congress dares ask… Why is it Ford and GM can build viable auto businesses all over the world but not in North America? A Car Wreck Made in Washington Can Democrats […]
Creeping Socialism: Bush Defends Citigroup Bailout
I’m at a loss for words here… From the AP via Michelle Malkin: President Bush argued Monday that the government’s dramatic rescue of Citigroup was necessary to “safeguard the financial system” and help the economy recover, and he said there could be more such moves if other institutions need help. Bush said he approved the […]
Here We Go Again: Feds Agree to Citibank Bailout
From the Wall Street Journal: The federal government agreed Sunday to take unprecedented steps to stabilize Citigroup by moving to guarantee close to $300 billion in troubled assets weighing on the bank’s books. Treasury has agreed to inject an additional $20 billion in capital into Citigroup under terms of the deal hashed out between the […]
Mitt Romney: Let Detroit Go Bankrupt
Former Massachusetts Governor Mitt Romney has a must read Op Ed on troubles facing Chrysler, Ford and GM in today’s New York Times. Let Detroit Go Bankrupt By Mitt Romney, New York Times Op-Ed, Wednesday, November 18, 2008 Boston IF General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, […]
CNSNews.com: Union Workers at Big Three Automakers Average $73 an Hour
The headline may be a little misleading but the article is worth reading: Union Workers at Big Three Automakers Average $73 an Hour By Pete Winn, Senior Writer/Editor, CNSNews.com, Tuesday, November 18, 2008 Economists in Michigan, the long-time home of the auto industry, say they don’t support the proposed multi-billion dollar bailout of Big Three […]