Let’s call it what it is – highway robbery.
The American taxpayers recently shelled out $700 billion that was supposed to prevent an “economic Pearl Harbor,” that we were told would “unfreeze the credit markets” and do so with “maximum transparency and accountability.”
Sure, it was an unprecedented government intervention that effectively stuck a fork in capitalism, [...]
Where Did All The Bailout Money Go?
This Is How $14 Billion Disappears
After totally botching the investment of George W. Bush’s $700 billion bailout of “Wall Street,” U.S Treasury Secretary Hank Paulson addressed a dubiously-titled “Captains of Industry” conference in New York yesterday to argue in favor of spending $14 billion of that money on Detroit’s “Big Three” automakers.
Amazingly, Chrysler, GM and Ford are facing financial difficulties [...]
Economy = Effed
Remember all those people who said America was facing an “economic Pearl Harbor” if we didn’t pass the federal government’s $700 billion bailout of its own failed lending and regulatory policies?
You know … the same people who kept telling us that government had to “do something,” and who now want the taxpayers to fork over [...]
Bailout = Didn’t Work
Not like this is news to anybody, but the economic recession – perhaps even depression – that the massive federal bailout of the American financial sector was supposed to “rescue” us from didn’t work.
In fact, it’s looking like all the bailout is going to end up doing is tack an extra $700 billion onto our [...]
Da Bears Are Back
After a major rally on Monday, stocks gave back most of those gains today as plunging retail sales and a Federal Reserve report showing the economy sliding into a recession caused the Dow Jones to plummet by 733 points.
Interestingly enough, the massive federal bailout which was approved earlier this month – you know, the one [...]
Bailout = Not Going To Work
In a bit of information that would have been a lot more useful a week ago, U.S. Treasury Secretary Henry Paulson said yesterday that the massive $700 billion “boondoggle bailout” passed by the U.S. Congress last Friday is not going to stop the widespread failure of financial institutions, and that the current economic crisis “will [...]
Bailout = Not Working
The Dow Jones industrial average is below 10,000 points for the first time in four years, plummeting nearly 500 points for the day (as of 3:30 p.m.) following a Friday loss of 157 points.
Just today, the Dow has lost 5% of its total value, putting it below 10,000 for the first time since October 29, [...]
Big, Bad Bailout Sails Through Senate
You had to know it wouldn’t last …
After all, it’s Washington D.C., people, where large groups of politicians going against the grain and taking principled stands have become increasingly rare, if not entirely obsolete occurrences.
Hell, a politician actually standing up for our country’s founding wisdom these days is about as rare as Britney Spears finding [...]
Washington Blame Game
“I’m with stupid” seems like the appropriate caption for President George W. Bush and House Speaker Nancy Pelosi after a $700 billion bipartisan bailout plan went down in dramatic and surprising defeat yesterday to – of all things – bipartisanship.
That’s right, folks, for all the finger-pointing and recrimination going on in the nation’s capital right [...]
Shocker!
A broad coalition of House Republicans and Blue Dog Democrats did what many believed was unthinkable today – they actually stood up for America’s free market economy and rejected the costliest government bailout in U.S. history.
In a shocking 228-205 vote, the House defeated the $700 billion proposal despite both Republican and Democratic leaders abusing procedure [...]
Bailout Day
Despite receiving the approval of less than a quarter of the American public, politicians in Washington will vote today to approve the latest version of a $700 billion taxpayer bailout of “troubled assets” created by the implosion of the American housing market.
Spawned in large part by failed government policies and millions of bad, government-mandated loans, [...]
