Chrysler: Credit the Bankruptcy, Not the Bailout
“We received confirmation this morning…that Chrysler Group repaid, with interest, by wire transfer to the United States Treasury and by bank transfer to the Canadian government, every penny that had...
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Businessman-Turned-Lawmaker Has a Plan to Save U.S. Postal Service
Rep. Darrell Issa knows a thing or two about running a successful business. Before winning his seat in Congress, the California Republican turned a troubled company into a profitable enterprise that...
View ArticleFannie and Freddie: The Bailout Continues
U.S. taxpayers were reminded on Friday (and again this morning) that our long national Fannie Mae and Freddie Mac nightmare is far from over. On Friday, Fannie Mae requested another $5.1 billion in aid...
View ArticleThe Postal Crisis Easily Explained: How to Avoid a Taxpayer Bailout
The House Oversight and Government Reform Committee meets Thursday to consider the most substantive postal reform plan under consideration in Congress. The debate in Washington triggered a spending...
View ArticleLatest Obama Mortgage Refinance Plan Another Dud
Undeterred by the underperformance of several previous efforts at mortgage refinancing, the Obama Administration has announced yet another plan designed to refinance the “underwater” mortgages of...
View ArticleTreasury Right to Reject Additional Funds for IMF
IMF Managing Director Christine Lagarde has been talking up the need for greatly expanded resources to bail out ailing European economies. European nations have offered to channel about $200 billion of...
View ArticleObama Cuts FHA Fees, Taxpayer Bailout Looms
President Obama has announced that he ordered the Federal Housing Administration (FHA) to cut in half the fee paid by homeowners whose mortgages the agency guarantees. The good news is that this...
View ArticleWill Electric Cars Make It Without Bailouts?
Perhaps buyers are waiting for President Obama’s proposed $10,000 tax credit for the Chevy Volt. Despite government bailout money and incentives, GM temporarily halted Volt production and laid off...
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Morning Bell: The Grecian Formula for Economic Decline
The President and his team have been blaming “European headwinds” for some of the U.S. economy’s woes. But the truth is that the policies pursued by Washington and Athens are frighteningly similar—and...
View ArticleAuto Bailout Success? For Union Workers, Maybe
President Obama’s auto bailout is being touted as a great success of his Administration. Speaking in Detroit at a Labor Day rally, Vice President Joe Biden used it to explain how Americans were better...
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Low-Income or Filthy Rich, Cyprus Residents to Have Bank Accounts Raided
Patrick Pleul/dpa/picture-alliance/Newscom The Republic of Cyprus has agreed to a eurozone bailout that will raid the bank accounts of Cyprus residents. In July 2012, the Republic of Cyprus became the...
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Cyprus Rejects Draconian EU Bailout Plan
Marios Lolos/Xinhua/Photoshot/Newscom The parliament of Cyprus today emphatically rejected a European Union (EU) bailout plan that would have taxed private bank deposits. The plan did not garner a...
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Cyprus: Big Government on a Little Island
Marios Lolos/Xinhua/Photoshot/Newscom The Cyprus bailout fiasco continues, elevating the four-year-old eurozone debt crisis to a new level of volatility and uncertainty. At the core of the debacle lies...
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Cyprus: Last-Minute Bailout Doesn’t Address Eurozone’s Underlying Systemic...
Patrick Pleul/dpa/picture-alliance/Newscom A last-minute accord struck early Monday morning between Cypriot authorities and International Monetary Fund and European Union officials is being hailed in...
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Cyprus Bank Bailout: Russia Partly to Blame
Tanya Talaga/ZUMA Press/Newscom As Cypriots come to grips with this week’s agreement to bail out its banks, Russian policymakers need to think about why their citizens are involved in this crisis....
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Cyprus Bank Raid: The Decaying Eurozone Is Rotting the European Union
Marios Lolos/Xinhua/Photoshot/Newscom Today, Cyprus’s banks opened for the first time in more than 10 days, after Cypriot President Nicos Anastasiades—without seeking approval from his...
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Another Subprime Idea from Obama
Newscom The Obama Administration is reportedly pushing banks to increase mortgage lending to people with relatively weak credit in hopes of boosting home sales. But the very same policy under...
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Too Big to Fail: Brown–Vitter Swings and Misses
Newscom In an unusual left–right pairing, Senators Sherrod Brown (D–OH) and David Vitter (R–LA) last week introduced legislation to increase capital requirements on large banks. Calling it the...
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Backdoor Bailouts Begin
Detroit, MI (Newscom) The Treasury Department’s release of $100 million from the Hardest Hit Fund last week amounts to a federal bailout of five Michigan cities without congressional oversight or...
View ArticleU.S. Mortgage Market Reform: Corker–Warner Bill Misguided
Draft legislation by Senators Bob Corker (R–TN) and Mark Warner (D–VA) would wind down federally sponsored housing finance giants Fannie Mae and Freddie Mac, but it suffers from many of the same...
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