Tag Archives: bailout

Bush administration, Federal Reserve lied about banks’ health in 2008

ABC News – Government Watchdog Says Treasury and Fed Knew Bailed-Out Banks Were Not Healthy: The Treasury Department and the Federal Reserve lied to the American public last fall when they said that the first nine banks to receive government … Continue reading

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Saturn sale to Penske falls through

Via Patterico. The Saturn plant is in Spring Hill, TN, not far from where I live in Knoxville/Maryville. This is sad, but not unpredictable. Saturn has been in business almost 20 years and has yet to turn a profit. For … Continue reading

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GM undoes paycuts to white collar employees

Well isn’t that special? Related: U.S. taxpayers are unlikely to recover their $81 billion investment in General Motors Co. and Chrysler Group LLC. Gee, can’t imagine why that would be. Here’s a crazy idea. Let failed business go under so … Continue reading

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Indiana state pensions sue to stop Obama’s Chrysler deal

Obama’s plan for Chrysler demoted senior debt holders (whom he maligned as “speculators”) to benefit UAW union members. As a consequence of that decision Obama’s plan shortchanged police and teachers unions who had Chrysler investments in their pension funds. Now … Continue reading

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Obama sides with the unions in California

Washington Post – Tincture of Lawlessness: In February, California’s Democratic-controlled Legislature, faced with a $42 billion budget deficit, trimmed $74 million (1.4 percent) from one of the state’s fastest-growing programs, which provides care for low-income and incapacitated elderly people and … Continue reading

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The Top 10 Signs You Are Living in a Banana Republic

The Top 10 Signs You Are Living in a Banana Republic: 5. The bankruptcy process has becomes a political process. If this is the worst economy since the great depression, why aren’t there more bankruptcies? When did bondholders–which own a … Continue reading

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NY Times Joe Nocera: no bailouts for homeowners

There’s a teensy-weensie little twist at the end.

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Lost your job? Can’t pay your mortgage? Here’s a $15,000 credit card

Katie Grangu brings us this story. Guy loses his job, calls Citibank to find out how to get help with his mortgage under the Housing Recovery Act. The operator says the government hasn’t given them the information about HRA yet … Continue reading

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How are American’s investments in bailed-out banks performing?

In return for bailout money the government is getting shares in the bailed-out companies. How are American’s investments performing? Answer: not too well. Since the bailout the stocks of the 10 companies receiving the most TARP money have lost more … Continue reading

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Congress plans to give FDIC $500 billion for failed banks (UPDATED)

Wall Street Journal – Bill Seeks to Let FDIC Borrow up to $500 Billion: Senate Banking Committee Chairman Christopher Dodd is moving to allow the Federal Deposit Insurance Corp. to temporarily borrow as much as $500 billion from the Treasury … Continue reading

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The deuce you say

Shockah – massive government bailout has massive cost overruns: March 3 (Bloomberg) — Federal Reserve Chairman Ben S. Bernanke said policy makers may need to expand aid to the banking system beyond the $700 billion already approved and take other … Continue reading

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Warren Buffet’s annual letter to shareholders

Forbes – Buffett Bloodied But Not Bowed: “The economy will be in shambles throughout 2009–and for that matter, probably well beyond, ” Buffett writes. The debilitating spiral of the credit crisis has “spurred our government to take massive action. In … Continue reading

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WSJ: Obama can’t close deficits by soaking the richest 2%

Wall Street Journal – The 2% Illusion: Take everything they earn, and it still won’t be enough.: President Obama has laid out the most ambitious and expensive domestic agenda since LBJ, and now all he has to do is figure … Continue reading

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Gov. Bredesen may reject portion of stimulus

The Tennesseean – Tennessee may reject stimulus aid for jobless: At the National Governors Association meetings in Washington, D.C., Gov. Phil Bredesen said this week that he might turn down relief for unemployed workers worth an estimated $143 million because … Continue reading

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Good explanation of Obama’s refinancing plan

I haven’t said much about the housing plan because I haven’t had time to study it, but this seems like a pretty good explanation. The plan has two notable restrictions on the types of loans that qualify: The loan must … Continue reading

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