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 [...]
WSJ: Geithner Under Fire Amid Frustration on Economy
November 19, 2009 By Leave a Comment
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 [...]
Not Just No, But Hell No: GM, Chrysler Seek $21.6 Billion in Aid
February 18, 2009 By Leave a Comment
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
February 14, 2009 By Leave a Comment
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
December 19, 2008 By Leave a Comment
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…
December 11, 2008 By Leave a Comment
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
December 11, 2008 By 1 Comment
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?
December 11, 2008 By Leave a Comment
I’ve been so focused on finishing up the projects I’m working before the holidays I’ve only been half attention to the new 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 [...]
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