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Obama’s Wars

Obama’s Wars

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Tag: Bailout


What You Dig

What do you get when you mix drugs, greed, God and a splash of Bristol Palin’s baby-daddy? The five most popular Truthdig stories from the last seven days.

Posted on Apr 10, 2009 READ MORE


The Best Investment Money Can Buy

In the last decade, the financial industry’s $5 billion investment in campaign contributions and lobbyists resulted in deregulation and boatloads of free money. By Bloomberg News’ account, $12.8 trillion worth of taxpayer loans, grants and guarantees—all to Wall Street.

Posted on Apr 10, 2009 READ MORE


Protesters Confront Summers

Two protesters storm the stage during a talk by Lawrence Summers, who tries to laugh off the incident. If only there were something funny about President Obama’s top economic adviser making $8 million last year from some of the financial firms that have benefited from his economic policies.

Posted on Apr 9, 2009 READ MORE


GM Saw

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Posted on Apr 9, 2009 READ MORE


Summers
AP photo / Charles Dharapak

Living Large and in Charge

Not surprisingly, Lawrence Summers is convinced that he deserved every penny of the $8 million that Wall Street firms paid him last year. And why shouldn’t he be cut in on the loot from the loopholes in the toxic derivatives market that he pushed into law when he was Bill Clinton’s treasury secretary?

Posted on Apr 7, 2009 READ MORE


Shovel Ready [A Cartoon From Mexico]

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Posted on Apr 7, 2009 READ MORE


Lauer and Spitzer

Welcome Back, Spitzer

So, Matt Lauer busted right out of the gates with the sex-scandal questions in his interview with Eliot Spitzer on Monday’s “Today” show, taking far too much time to extract mea culpas from the fallen former New York governor before getting to the better part of the program, during which Spitzer holds forth about the economy.

Posted on Apr 6, 2009 READ MORE



AP photo / Susan Walsh

Resist or Become Serfs

If we do not immediately halt our elite’s rapacious looting of the public treasury we will be left with trillions in debts, which can never be repaid, and widespread human misery which we will be helpless to ameliorate. The stimulus and bailout plans are not about saving us. They are about saving them.

Posted on Apr 6, 2009 READ MORE


The Nobelists vs. Obama and Geithner

The president’s plan to bail out the banks reveals a deference to the existing financial system that puts him at odds with Nobel Prize-winning economists Paul Krugman and Joseph Stiglitz.

Posted on Apr 2, 2009 READ MORE


Close These Refuges for Scoundrels

The story of former AIG executive Joseph Cassano points up once more how tax and regulatory havens across the world encourage nefarious conduct, lack of transparency, evasion of taxes and corporate criminality.

Posted on Apr 2, 2009 READ MORE


60 Days

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Posted on Apr 1, 2009 READ MORE


GM Collapse

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Posted on Apr 1, 2009 READ MORE


toxic schmoxic
AP photo / Mary Altaffer

In for a Penny, In for $2.98 Trillion

The good news on the government’s “No Banker Left Behind” program is that, according to the special inspector general’s report on Tuesday, the total handout to date is still less than 3 trillion dollars. It’s only $2.98 trillion, to be precise, an amount six times greater than will be spent by federal, state and local governments this year on educating the 50 million American children in elementary and secondary schools. 

Posted on Mar 31, 2009 READ MORE


Seattle’s Lessons for London

A former police chief of Seattle—who directed the harsh action there against 1999’s WTO protesters—has changed his views on protests, as well as on drugs. The G-20 leaders meeting in London should heed his words.

Posted on Mar 31, 2009 READ MORE


auto industry
fordnewsblog.wordpress.com

Blurring the Line Between Business and Government

President Obama grabbed the proverbial steering wheel on Monday, shaking up the American auto industry by stating tougher conditions for receiving federal subsidies and forcing GM’s CEO to step down. But critics are wrong to suggest that this represents an unprecedented use of executive power.

Posted on Mar 31, 2009 READ MORE


Cars, Banks and Confusion

The president is telling Detroit to shape up or die while at the same time politely asking Wall Street, whose recklessness and greed caused this economic crisis, if it would be so kind as to accept another heaping helping of taxpayer funds.

Posted on Mar 30, 2009 READ MORE



Flickr / richardefreeman

Obama Team Scraps Auto Bailout

The Obama administration auto task force has sent both GM and Chrysler back to the drawing board, turning down requests for additional loans until the companies come up with more realistic restructuring plans. The government will prop up GM for two months while the automaker tries again. Chrysler has 30 days.

Posted on Mar 29, 2009 READ MORE



Flickr / Anatoli Axelrod

GM Chief Booted in Bailout Deal

GM CEO Rick Wagoner resigned Sunday, apparently at the request of the Obama administration as part of a larger bailout agreement. The ouster of the man who gave us the Hummer wasn’t entirely unexpected. He spent the last eight years driving the world’s biggest car company into a ditch. Now if only we could apply this logic to the banking bailout. Update

Posted on Mar 29, 2009 READ MORE



What You Dig

Here are the five most-read stories of the last seven days, including Chris Hedges on America’s moral meltdown and Robert Scheer on the economic incompetents who find easy employment in the Obama administration. Full list after the jump.

Posted on Mar 27, 2009 READ MORE


Art Imitates Life

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Posted on Mar 26, 2009 READ MORE


Going Postal

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Posted on Mar 26, 2009 READ MORE


Lessons of the Exxon Valdez

Twenty years ago, the Exxon Valdez supertanker spilled at least 11 million gallons of oil into Alaska’s pristine Prince William Sound. The consequences of the spill were epic and continue to this day, impacting the environment and the economy.

Posted on Mar 24, 2009 READ MORE


Geithner and Bernanke
AP photo / Susan Walsh

Geithner Calls for More Authority After AIG Mess

In testifying before Congress on Tuesday, Treasury Secretary Timothy Geithner asked for what he called “new resolution authority” to grant the federal government the ability to more successfully take on financial institutions like AIG (i.e., non-banks) in the future.

Posted on Mar 24, 2009 READ MORE


Kill AIG Bonuses With a Tax? It’s a Lousy Idea

Obama needs to stop straddling and to threaten to veto any cockamamie tax scheme that emerges from Congress as retribution for the repulsive bonuses handed out at American International Group.

Posted on Mar 23, 2009 READ MORE


A Repairman, Not a Revolutionary

Timothy Geithner has not been a good performer, but he does have a vision. He sees an improved Wall Street, though one not fundamentally different from what we have now.

Posted on Mar 23, 2009 READ MORE



AP photo / M. Spencer Green

America Is in Need of a Moral Bailout

The methods used to attain what we want, we are told by reality television programs, business schools and self-help gurus, are irrelevant. Success, always defined in terms of money and power, is its own justification. Our moral collapse is as terrifying, and as dangerous, as our economic collapse.

Posted on Mar 23, 2009 READ MORE



Flickr / epicharmus

Putting the ‘Toxic’ Back in Tarp

The Toxic Asset Relief Program was originally designed to save the banks from their bad bets by purchasing toxic assets, but has since evolved into something of a multipurpose slush fund. Now the Obama administration is getting back to the business of buying junk, elaborating on a plan that sent the Dow tumbling when it was first announced. Update

Posted on Mar 22, 2009 READ MORE


White House
Flickr/dcJohn

White House Looking to Curb Wall Street’s Excesses

Faced with the glaring problem of indulgence and intractability on the highest tiers of Wall Street’s corporate behemoths, the Obama administration is putting together a plan to make financial institutions more accountable and more transparent to the government and to the taxpayers who granted them buoyancy.

Posted on Mar 21, 2009 READ MORE


Obama and Geithner
White House / Pete Souza

Wouldn’t Let Geithner Quit Even if He Tried, Obama Says

Although Timothy Geithner is under fire from several directions, especially because he failed to stop the AIG executive bonus train from arriving at its destination, President Obama continues to actively support him. In fact, Obama says he wouldn’t let Geithner quit even if the treasury secretary tried to do so at this point.

Posted on Mar 21, 2009 READ MORE


AIG sign
visitbulgaria.info

AIG Claims It Overpaid Taxes, Sues Government

Having succeeded in dispensing tens of millions of dollars to company executives last week as the country—and Congress—cried foul, the insurance titan is now suing the government to reclaim millions in taxes. Apparently AIG officials believe they paid the IRS too much and now are demanding a huge tax rebate.

Posted on Mar 20, 2009 READ MORE


A Government of Men, Not Laws

In the 21st century Gilded Age, the blue-collar shower-after-work crowd is given the tough, while the white-collar shower-before-work gang gets the love, and never before this week was that doctrine made so clear.

Posted on Mar 19, 2009 READ MORE


The Geithner Problem

The treasury secretary may indeed be the hardest-working man in Washington. But in order to survive, let alone succeed, he’s going to have to make a more convincing case that he’s part of the solution and not part of the problem.

Posted on Mar 19, 2009 READ MORE


Scheer

Amy Goodman and Robert Scheer: Should Geithner Step Down?

Truthdig’s Robert Scheer appeared on “Democracy Now!” on Thursday to tell host Amy Goodman who exactly sent the U.S. into financial dire straits and to recommend some changes that could put the country on a better track. Here are some hints: One culpable party rhymes with “Shmoldman Shmacks,” and another is at the top of President Obama’s economic team.

Posted on Mar 19, 2009 READ MORE


Geithner and Obama
AP photo / Gerald Herbert

And Now, This Tepid Message From Our Treasury Chief

We’ve seen a lot of Timothy Geithner lately in the news—usually looking concerned yet purposeful as he stands behind the president in photos and press conferences—but we haven’t heard a great deal straight from the source. On Thursday, CNN’s Ali Velshi managed to get the treasury secretary talking, but what Geithner had to say is distinctly underwhelming.

Posted on Mar 19, 2009 READ MORE


If You’re a ‘Little Guy,’ a Contract Means Nothing

If only the contracts entered into by shop-floor workers at auto plants were as inviolate as those secured by the incompetent pirates of the American International Group.

Posted on Mar 19, 2009 READ MORE


Colbert

‘Colbert Report’: Take Out Your Pitchforks

What’s to be done when companies that received major bailouts from taxpayers turn around and brazenly offer beaucoup bucks to the executives who helped put us in the hole in the first place? Here are a couple suggestions by way of an answer: Pitchforks! Angry mobs!

Posted on Mar 17, 2009 READ MORE



Geithner image from Presidencia de la Nación Argentina

Geithner’s Bonus Plan as Perplexing as His Other Proposals

Treasury Secretary Timothy Geithner has sent Congress an explanation of his plan to deal with the AIG bonus fiasco. Essentially, Treasury will dock the $165 million in bonuses from AIG’s next bailout payment. Here’s a question: If AIG can do without that $165 million, why were we giving it to the company in the first place?

Posted on Mar 17, 2009 READ MORE



AP photo / Mark Lennihan

N.Y. Attorney General Investigates AIG’s ‘Staggering’ Bonus Mess

In a letter to House Financial Services Committee Chairman Barney Frank, reprinted here, New York Attorney General Andrew Cuomo shares what his office has discovered so far about AIG’s scandalous bonuses, which “made more than 73 millionaires in the unit which lost so much money that it brought the firm to its knees, forcing a taxpayer bailout.”

Posted on Mar 17, 2009 READ MORE


Those Hit Hardest Get No Bailout

Taxpayers’ bailout money for AIG bonuses has rightfully provoked a massive backlash against AIG, Wall Street, President Barack Obama and his economic advisers, Treasury Secretary Timothy Geithner and Larry Summers.

Posted on Mar 17, 2009 READ MORE


Obama
AP photo / Ron Edmonds

Obama Aiming to Block AIG Bonuses

AIG’s dishing out $165 million in bonuses to executives who played a part in bringing their company to near ruin is an “outrage,” according to President Barack Obama, who pledged to do whatever he can to stop the payouts at the bailed-out insurance giant. Updated

Posted on Mar 16, 2009 READ MORE



Collage from Flickr / mobilestreetlife

OK—So Where Did the Other Billions Go?

In the face of mounting public outrage, AIG has revealed how it spent $75 billion of taxpayer money, a sum that amounts to less than half of the government’s $170 billion bailout of the firm. AIG says it gave a sizable chunk of the money to banks, including foreign institutions, and spent a pretty penny to cover junk investments.

Posted on Mar 15, 2009 READ MORE


AIG logo
listphile.com

AIG to Dish Out $165 Million in Post-Bailout Bonuses

The tug of war continues between corporate financial giants and the federal government, and certain members of the former seem to have some trouble adjusting to their post-bailout status. AIG, for example, is still planning to reward its top 400 executives with a whopping $165 million in bonuses this weekend, even after the company was given more than $170 billion from taxpayers to stay afloat. Updated

Posted on Mar 14, 2009 READ MORE


Cramer and Stewart
comedycentral.com

CNBC Does Damage Control After Stewart-Cramer Showdown

CNBC and sister cabler MSNBC promoted Jim Cramer’s appearance on “The Daily Show” last week, but that was before he was soundly trounced by Jon Stewart. After the fact, CNBC and its affiliate networks haven’t exactly been playing highlight clips in heavy rotation, and some industry types believe that damage may have been done to the financial network’s reputation.

Posted on Mar 14, 2009 READ MORE


Cramer on TheStreet.com TV

Jim Cramer’s Stock Market Manipulation Primer

So, CNBC hyperpundit Jim Cramer was the very picture of contrition during his cringe-tastic appearance on Thursday night’s “Daily Show.” But let’s revisit this moment from 2006—when Cramer brought a much haughtier version of himself to TheStreet.com TV to discuss, among other delightful topics, how to “create a new truth to develop a fiction” whilst in “hedge-fund mode”—shall we?

Posted on Mar 13, 2009 READ MORE


Cramer and Stewart

Jon Stewart’s Not Buying What Jim Cramer’s Selling

In this highly anticipated face-off between Jon Stewart and CNBC’s Jim Cramer on Thursday’s “Daily Show,” Cramer furiously backpedals as he’s zinged repeatedly by a (mostly) courteous but relentless Stewart, who questions whether Cramer isn’t a snake-oil salesman who has supported the myth that there is one unified economic system that works the same for everybody while knowing that’s not the case.

Posted on Mar 13, 2009 READ MORE


A Bad Fix Would Be No Fix

Advice to solve the financial crisis before even thinking about health care, energy or education is either misguided or disingenuous. Fortunately, Obama seems to be ignoring all the chatter.

Posted on Mar 12, 2009 READ MORE


Wall St. bull
AP photo / Mary Altaffer

Socialism Without a Soul

Newt Gingrich is right: “It is European socialism transplanted to Washington.” How else to describe an economy in which the government controls the entire financial center and is now supplying life support for the auto industry?

Posted on Mar 10, 2009 READ MORE


Eight Is Enough

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Posted on Mar 10, 2009 READ MORE


Slots

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Posted on Mar 8, 2009 READ MORE    



Flickr / Smith

GM Is Europe’s Headache, Too

If GM strikes out in Washington, the automaker could take its troubles to Europe, the second continent where it has asked for a bailout. That’s because GM operates plants in six European countries, to the tune of 300,000 jobs. The company is hoping for good news, especially since its auditors announced it may not survive much longer.

Posted on Mar 5, 2009 READ MORE


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