Since the first day of his Administration President Obama has fully exploited a recirculating funding and campaign support system with public employee unions that has no equivalent on the Republican side. The system is simple: Democrats pass legislation to fund or subsidize states and municipalities that then hire more employees, who then pay more union […]
Another disappointing Jobs report was released by the Department of Labor on Friday. America lost 131,000 jobs in July, the second month in a row of declining employment. President Obama reacted during a speech at a sign factory in Washington: We know from studying the lessons of past recessions that climbing out of any recession, […]
This is the third in a series on The Big Bailout (Now called the “troubled Asset Relief Program” or TARP) and Treasury Secretary Geithner’s meeting with the Congressional Oversight Panel. During his meeting with the Oversight Panel Secretary Geithner gave strong assurances that he and his bureaucrats could manage the whole economy, would eventually “think […]
This is the second in a series on The Big Bailout and Treasury Secretary Geithner’s meeting with the Congressional Oversight Panel. This meeting serves as a textbook example of why America’s founders wrote the Constitution to charter a government with a few, limited powers and functions. Those powers did not – and still do not […]
This is the second post examining the political-media establishment claim that the Detroit auto companies are in financial trouble because they don’t manufacture more of the tiny vehicles politicians and the green lobby favor. The first is here On Main Street success is measured in satisfied customers and profits. In the Washington establishment success is […]
It now appears likely that the auto makers will receive about $18 Billion from Washington this week. The so-called “debate” over this issue has been a classic example of how ignorant and out of touch with reality the Washington media-political machine has become. The continuous flow of ignorant opinion and misinformation showcases the utter laziness […]
This week, Executives from GM, Ford, Chrysler, and the UAW made a return trip to Washington to grovel before the politicians who, if their egos are sufficiently massaged, have the power to hand them vast amounts of taxpayer money. The executives submitted to scores of stupid questions, and endured many hours of ignorant opinions from […]
Every week brings another, massive, new bailout. Various financial publications have come up with estimates ranging from $3 Trillion to $7 Trillion for the total amount of cash and backstop guarantees the government has hurled at problem financial institutions in just three months. One might expect the new administration to distance itself from this reckless […]
Stock indexes are an indicator of investor confidence in the economic future. The Chart tracks the 40% decline in the Nasdaq Index since the beginning of the most massive series of government interventions in the private economy in American history. Clearly, investors are not confident that Congressmen, Senators, and Treasury officials have the insights to […]
Big Bailout, Day 47: Can Government Fix The Crisis Government Caused? Click the boat to see all articles in Big Bailout Series Treasury Secretary Henry Paulson and Federal Deposit Insurance Corp. Chairwoman Sheila Bair testified before the House Banking Committee today. Paulson gave a vague summary of how bailout funds have been deployed so far.. […]
