Porn Industry Desperately Needs Bailout-UPDATE
The text below is a diary I posted while the first bailout was being discussed. At the time, I wrote this very obviously as a joke, I along with many others needed a laugh because the whole bailout business had my heart rate up, and my moral down. Of course it was also meant to point out what all rational thinkers knew…if you start bailing people | Read More »
Spending money that we don’t have for projects that we don’t have to have
Republicans push back against turning a stimulus package into a bloated boondoggle. Republican Senators spent the day at a retreat at the Library of Congress with three distinguished economists–Martin Feldstein, Larry Lindsey, and Peter Wallison–talking about how to get the economy going. At the conclusion of the retreat Senators McConnell and Alexander spoke about what an economic stimulus ought to contain: Senator Alexander: We — | Read More »
GOP May CAVE On Bailouts…again….
The GOP lost congress, they are fast losing credibility, now they come out and announce a potential “deal”? WE DON’T need bailouts or tax raises: they want to bail out the newspapers? they want to bailout the unions? they want to RAISE taxes on gasoline? Do you want to pay $4 per gallon to FUEL the New York Times? Do you think “taxing the rich” | Read More »
The local newspaper in Bristol, CT, The Bristol Press, has been going through hard times and will likely have to close its doors due to mounting debt and declining revenue. Frank Nicastro, who represents Connecticut’s 79th Assembly district, thinks something should be done to prevent it. The media is a vitally important part of America, particularly local papers that cover news ignored by big papers | Read More »
Highway Robbery, Wall Street Style
There is no amount of words possible to even begin describing this situation. The jaw dropping arrogance displayed by the banks and financial institutions is definitely one for the books. The AP approached 21 financial firms, which received bailout money, and asked for accountability on how the money was being spent. Some of the responses from these institutions range from outrageous to flat out apathetic. | Read More »
TARP accountability? None, apparently.
According to this morning’s news, banks are refusing to reveal what’s being done with the money that was provided under the $350B (so far) TARP bailout money. “We’ve lent some of it. We’ve not lent some of it. We’ve not given any accounting of, ‘Here’s how we’re doing it,'” said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. | Read More »
Georgia Teachers Union Asks for Bailout
On Thursday, the Georgia Association of Educators requested that the incoming Obama administration provide a bailout for the Georgia public school system. There isn’t much to this other than to say that this is obviously the tip of the iceberg. The UAW lead this charge with the $17billion being asked from Congress that was denied by the Senate (thank God) and then the President went | Read More »
The Curious Economics of our Times
We’ve all been focused recently on the tactical actions of our government in the current financial crisis. Recapitalizations. Bail-outs. Bridge loans to nowhere. Stimulus packages. Anything but actually helping us to solve the fundamental issue of concern – debt. A major component of the current economic crisis is an overabundance of debt. Financial companies borrowed in excess to feed leveraged investments to boost returns, encouraged | Read More »
F.A. Hayek on Meet The Press in 1975 – A Must Listen!
One of my favorite posters, John, over at Swords Crossed posted a diary with a link to a recording of Hayek on a 1975 Meet The Press Show, so I wanted you all to have the chance to hear it, amazing how relevant his words are today! Peter Boettk Writes; This is F.A. Hayek in 1975 on Meet the Press. If you have never listened | Read More »
And they said the Automakers CEO’s were oblivious!
And they said the Automakers CEO’s were oblivious! They had the brass cojones to slap them down forflying in company jets to Washington to ask for money to save their companies. Don’t they know that the WHOLE country is having to tighten the belt, trim their budgets and get used to doing with less? How oblivious can they be? Well not nearly as oblivious as | Read More »
Big 3 Blackmail
17.4 billion dollars ! Bailout bucks for automakers has been but in place in the form of loans at the behest of President Bush in reaction to the announcement that Chrysler would be shutting down operations for one month beginning December 20 and extending through January 19. While the announcement and one from Ford which suggested that they too would be closing until after the | Read More »
Bailouts and Stimuli and Deficits – Oh My…
During the Presidential campaign that seemed like a lifetime ago, then Democratic candidate and now President-Elect Barack Obama made a promise, largely in the debates, that to counter the extreme budget shortfall that was bound to arise from the bloated wall street bailouts, he would: And when I’m president, I will go line by line to make sure that we are not spending money unwisely. | Read More »
Bailout Coming for Madoff Investors?
The SEC chairman blames his staff of career regulators (staff attorneys) for not investigating Madoff. I guess that’s $50 billion bucks that won’t be stopping at the top. According to an AP article posted on Yahoo http://news.yahoo.com/s/ap/20081217/ap_on_bi_ge/madoff_scandal_26 “In a stunning rebuke, the Securities and Exchange Commission chairman blames his career regulators for a decade-long failure to investigate Wall Street money manager Bernard L. Madoff, now accused of | Read More »
Car Bailout Shenanigans
So, it appears that we will now bail out the automobile industry . . . with the proviso that a “car czar” will be able to force members of the Big 3 into bankruptcy if they show that they cannot survive without government aid. As if this hasn’t been shown already. If ever there was justification for a mercy killing, it would be now. But | Read More »