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Tag: Bailout


Wikimedia Commons / mlb.com

Bailout Ballpark

The U.S. taxpayer is on the hook for more than $300 billion of Citigroup’s junk investments, so where did the ailing bank find $400 million to put its name on the New York Mets’ new stadium?

Posted on Dec 4, 2008 READ MORE


Big Three
aolcdn.com

Poll: Auto Bailout Low on Fuel

With a bailout of the Big Three hovering over our political landscape, popular opinion has signaled a considerable voice against any federal support for the failing auto industry. A poll shows 61% of Americans oppose a bailout, believing any government assistance would be both unfair and ineffective in fixing the economy.

Posted on Dec 3, 2008 READ MORE


The Movement

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Posted on Dec 3, 2008 READ MORE    


Obama's defense team
AP photo / Pablo Martinez Monsivais

Will Obama Stay the Course?

I do so want to believe that Barack Obama is on the right track. His brain is big, his style fresh, his pronouncements both logical and compelling, and it does feel good to have a president-elect elicit universal respect rather than make the world cringe.

Posted on Dec 2, 2008 READ MORE


Ford logo
cartype.com

Ford Asks Gov’t for $9 Billion

After a dismal November, Ford Motor Co. is hanging by a thread, but the automaker told Congress on Tuesday that it is in better shape than Chrysler and General Motors and could make it through its current economic crisis with a little help—to the tune of $9 billion in standby loans.

Posted on Dec 2, 2008 READ MORE



Flickr / SteelCityHobbies

Class Bigotry Mars Auto Debate

The auto industry bailout would have no chance of passing without the muscle of the Big Three’s unionized work force. Yet you can’t turn around without hearing someone trash autoworkers for the terrible crime of trying to earn a decent living.

Posted on Dec 1, 2008 READ MORE


Recession St.
whatpricejusticeblog.com

No Kidding: U.S. Economy in Recession

While it’s great that it has finally been acknowledged, the National Bureau of Economic Research’s announcement on Monday that the U.S. is officially in a recession is old news—even by the bureau’s own estimation. Updated

Posted on Dec 1, 2008 READ MORE


Neigh Sayer

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Posted on Nov 30, 2008 READ MORE    


Naughty or Nice, for the Right Price

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Posted on Nov 30, 2008 READ MORE


Bailout Turkey

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Posted on Nov 27, 2008 READ MORE


Summers and Obama
AP photo / Charles Dharapak

Obama Chooses Wall Street Over Main Street

Maybe Ralph Nader was right in predicting that the same Wall Street hustlers would have a lock on our government no matter which major party won the election. I hate to admit it, since it wasn’t that long ago that I heatedly challenged Nader in a debate on this very point.

Posted on Nov 25, 2008 READ MORE



White House / Paul Morse (altered)

No One In Charge

Having two presidents is starting to feel like having no president, and that’s the situation we’ll face until Inauguration Day. Heaven help us.

Posted on Nov 24, 2008 READ MORE


Financial Meltdown Capzle

Financial Meltdown 101

Getting a grip on the economic catastrophe that rocked the country during the fall of 2008 is no easy feat, what with so many players, back-room deals, bills, upswings and meltdowns to consider. Updated

Posted on Nov 24, 2008 READ MORE



Flickr / LoopZilla

Fed to Rescue Another Shaky Bank

What’s a hundred billion dollars between capitalists? The Fed and the Treasury are once again throwing good cash after bad business. This time the culprit is Citigroup, which could get bailed out—courtesy of you—to the tune of $100 billion. And with that, we’d like to announce that Truthdig is officially too big to fail. Update: Done deal.

Posted on Nov 23, 2008 READ MORE


Geithner
Wikimedia Commons / federalreserve.gov

Stocks Rise as Geithner Becomes Treasury Front-Runner

Friday brought more news from purportedly reliable sources close to Barack Obama, this time suggesting that the president-elect was zeroing in on Timothy Geithner as his pick for treasury secretary and New Mexico Gov. Bill Richardson for commerce secretary.

Posted on Nov 21, 2008 READ MORE


Auto Bailout

‘Morning Review’: Prop. 8 and the Big 3

Check out the most recent “Morning Review Friday with Roy Ulrich,” where UC Irvine Law School Dean Erwin Chemerinsky discusses Proposition 8’s current legal status, and Truthdig’s own Titus Levi engages in a fruitful debate on the virtues and pitfalls of a bailout of the auto industry in Detroit with the Cato Institute’s Dan Ikenson.

Posted on Nov 21, 2008 READ MORE


More Stuffing

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Posted on Nov 20, 2008 READ MORE


Sooner or Later, They’ll Bail Out Detroit

The Big Three left Capitol Hill empty-handed, but they’re bound to get some kind of federal help, however grudging. In the end, I don’t think either George W. Bush or Barack Obama wants to be remembered as the president who lost the auto industry.

Posted on Nov 20, 2008 READ MORE


Chrysler plant
AP photo / Carlos Osorio

Steering Clear of Disaster in Detroit

If jobs weren’t disappearing and a depression threatening, it would be easy and satisfying to send the American auto industry into bankruptcy or liquidation. But this isn’t the time to make Chrysler, General Motors and Ford pay for their years of failure and shortsightedness.

Posted on Nov 20, 2008 READ MORE



AP photo / Carlos Osorio

Bailout or Bust: How to Save the Big Three From Themselves

There’s no guarantee that a bailout would save the incompetently managed American automobile industry. However, doing nothing may be worse, especially for the state of Michigan.

Posted on Nov 20, 2008 READ MORE


ENTER_ALT_TEXT
washingtonpost.com

Running on Empty

Republican Sen. Richard Shelby seems to be one of the only real capitalists left on Capitol Hill. The Alabaman argued Wednesday that U.S. auto firms should be left to the realities of the market, letting companies like Ford, GM and Chrysler go bankrupt and forcing the failing industry to carry out what Shelby believes are much-needed reforms.

Posted on Nov 19, 2008 READ MORE


Pirates

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Posted on Nov 19, 2008 READ MORE


Paulson

Paulson and Bernanke Grilled on the Bailout

On Tuesday, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke faced a lineup of vexed, perplexed and otherwise agitated members of Congress, including Reps. Barney Frank, Ron Paul and Nydia Velazquez, all eager to ask some serious questions about the infamous bailout.

Posted on Nov 18, 2008 READ MORE



Flickr / SteelCityHobbies

Detroit Bailout Looks Unlikely

The chief executives of the Big Three American car companies head to Washington Tuesday along with the head of the United Auto Workers to beg Congress for a bailout that seems less and less probable.

Posted on Nov 18, 2008 READ MORE


Cummings

Fun With Bailout Hearings: Know Your Treasury Chumps

It’s clear from this monologue by Rep. Elijah Cummings that, when he wonders aloud if Neel Kashkari is a “chump” for enabling companies like AIG to hand out huge executive bonuses while seeking federal bailout money, Cummings already knows the answer.

Posted on Nov 15, 2008 READ MORE


Left, Right & Center

‘Left, Right & Center’: The Economy, Front and Center

What’s to be done to pull the U.S. out of economic quicksand? You can bet that “Left, Right & Center” stalwarts Robert Scheer, Tony Blankley and Matt Miller might differ in their takes on this question, as well as others posed on this week’s show.

Posted on Nov 14, 2008 READ MORE


What Santa Wants for Christmas

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Posted on Nov 13, 2008 READ MORE



Collage: Meutia Chaerani / Indradi Soemardjan and Shealah Craighead / White House

Paulson Revises Bailout Strategy

“I will never apologize for changing a strategy or an approach if the facts change,” explained Treasury Secretary Henry Paulson, who has retreated from his original plan of buying up near-worthless mortgage securities with taxpayer funds. Instead, Paulson will continue to pump money into troubled banks in exchange for equity, a scheme that has proved more expeditious and popular.

Posted on Nov 12, 2008 READ MORE


Paulson in negotiations
AP photo / Lauren Victoria Burke

Surprise! Paulson Sneaked $150B Bank ‘Windfall’ Into Bailout

Perhaps we should be more surprised than we are by the news that Treasury Secretary Henry Paulson and his DOT crew managed to sneak a handful of sentences into the approved bailout bill that amounted to a $150-billion “quiet windfall” for American banks, as The Washington Post put it.

Posted on Nov 10, 2008 READ MORE



AP photo / Jose Luis Magana

Only Nader Is Right on the Issues

Tomorrow I will go to a polling station in Princeton, N.J., and vote for Ralph Nader. I know the tired arguments against a Nader vote. But there is little disagreement among liberals and progressives about the Nader and Obama campaign issues. Nader would win among us in a landslide if this was based on issues.

Posted on Nov 3, 2008 READ MORE



AP photo / LM Otero

The Obama Standard

A good politician triumphs by adapting to the times and taking advantage of opportunities as they come. A great politician anticipates openings others don’t see and creates possibilities that were not there before.

Posted on Nov 3, 2008 READ MORE



us.penguingroup.com

Nicholas von Hoffman on Kevin Phillips’ ‘Bad Money’

An insightful book discloses how a confidence game combined pride and cunning and stupidity to bring America to the brink of catastrophe.

Posted on Oct 31, 2008 READ MORE


Mandate ‘08: Reagan vs. FDR

John McCain and Barack Obama have made the race’s final weeks an ideological proxy war between two presidential icons who still loom larger than them: Ronald Reagan and Franklin Roosevelt.

Posted on Oct 31, 2008 READ MORE


McCain Banking on a Confederacy of Dunces

Is John McCain stupid, or does he believe we are? That’s the question as he criticizes Barack Obama for allegedly trying to “redistribute the wealth” with a plan to lower taxes on the middle class and raise them on the super-rich.

Posted on Oct 23, 2008 READ MORE


Obama and the economists
AP photo / Chris Carlson

The Battle for Obama’s Economic Soul

Instead of running with the “European socialist” crowd, as John McCain has claimed, Barack Obama has turned to the same American “free market” elite that views government as merely a corporate subsidiary. Even within that group, however, there are serious splits, and the more enlightened side seems to be winning.

Posted on Oct 21, 2008 READ MORE


Kristol
andrewsullivan.theatlantic.com

Wrong Again, Bill Kristol

The New York Times’ conservative stalwart William Kristol should receive some kind of award for being wrong with such baffling consistency while still retaining his job. Not only has he been credited (if that’s the right word) with steering John McCain toward picking Sarah Palin and waving his proverbial pompoms for the Iraq invasion, but he has just let fly with another doozy in his latest column.

Posted on Oct 20, 2008 READ MORE



AP photo / Henny Ray Abrams

The Idiots Who Rule America

Our oligarchic class is incompetent at governing, managing the economy, coping with natural disasters, educating our young, handling foreign affairs, providing basic services like health care and safeguarding individual rights. They have no concept, thanks to the educations they have received, of the common good.

Posted on Oct 20, 2008 READ MORE


Bank
spiegel.de

Otto Von Bailout

If you thought the United States’ $700-billion bailout would quell the global financial crisis, think again. The German parliament just approved a $675-billion bailout of Germany’s financial markets, a plan that is part of a coordinated European response to volatile global and regional markets.

Posted on Oct 17, 2008 READ MORE


Signs of an Earthquake in Oregon

No Republican says aristocrat like Sen. Gordon Smith of Oregon. And no Senate election could more intensely shift economic politics than his state’s.

Posted on Oct 17, 2008 READ MORE


AIG logo
listphile.com

N.Y. Attorney General Goes After AIG

It would seem imprudent, given the government’s recent and unprecedented bailout of companies such as insurance giant AIG, for the likes of AIG to even entertain the idea of hefty executive payouts.

Posted on Oct 16, 2008 READ MORE


Bank Crisis
AP photo / Mary Altaffer

Finding a Way Out After the Bailout

Wall Street has yet to recover after the economic shocks of recent weeks. Why? Two problems. One we already know: The “plan,” even with revisions, is deeply flawed. The second problem has not been mentioned all that much because it’s pretty scary: Put simply, we have no idea what we’re doing.

Posted on Oct 15, 2008 READ MORE


Palin and McCain
AP photo / Gerald Herbert

The Hoover-Palin Ticket

And the winner is … Franklin Delano Roosevelt. Remember him—the great Democratic president who saved capitalism from the capitalists by reining in their exorbitant greed? Forget the Reagan Revolution heralding a new era of small government, which turned out to be nothing more than a fig leaf for legalized corporate crime. The hero of the hour is FDR.

Posted on Oct 14, 2008 READ MORE


Gordon Gekko
lasvegasvegas.com

Greed: Still Good?

What would Gordon Gekko, the ruthless corporate raider from Oliver Stone’s 1987 classic cautionary tale “Wall Street,” have to say about the current state of the American economy? Well, we just might find out.

Posted on Oct 14, 2008 READ MORE


Volcker
group30.org

Former Fed Chief: U.S. Already in a Recession

Former Federal Reserve Chairman Paul Volcker said Tuesday that the U.S. was already in a recession, despite the efforts of the U.S. government and other nations’ leaders to intervene. “I have seen a lot of crises but I have never seen anything quite like this one,” said Volcker, who headed up the Fed for eight years before Alan Greenspan took over in 1987.

Posted on Oct 14, 2008 READ MORE


McCain
Flickr / soggydan

McCain Announces Economic Plan

John McCain has laid out his plan for how he would help Americans recover from the recent shocks to the domestic and international markets. He took the action on Tuesday, a day later than he initially said he would and a day after Democratic presidential rival Barack Obama released his own economic plan—and McCain’s timing was not lost on the Obama campaign.

Posted on Oct 14, 2008 READ MORE


NYSE
Wikimedia Commons / Asymptote Architecture

Stocks Zoom as International Financial Community Rallies

The Dow shot up more than 900 points Monday after nations around the world pitched into the effort to resuscitate the dangerously flagging global marketplace by announcing their own rescue plans.

Posted on Oct 13, 2008 READ MORE


This Is No Time for Specifics

Each campaign has given voters ample notice about the inclinations, temperaments, habits, philosophical leanings and advisers they would bring to the White House. That’s enough.

Posted on Oct 10, 2008 READ MORE


It’s Henry Paulson’s Move

Is Henry Paulson a crony communist or a businessman? The answer could be the difference between economic disaster and recovery.

Posted on Oct 10, 2008 READ MORE


Obama

Obama Responds to McCain-Palin Attacks

During a sit-down interview with ABC’s Charlie Gibson that aired on Wednesday, Barack Obama talked about the economy and how he’d lead differently from President Bush before addressing the McCain-Palin campaign’s ramped-up attacks of late. “All these statements are made simply to try to score cheap political points,” Obama told Gibson.

Posted on Oct 8, 2008 READ MORE


The Real Stars of the Debate

In the second presidential debate, the questioners seemed to understand better than either candidate that we are in the midst of a national emergency as grave and possibly more far-reaching than the terrorist attacks of Sept. 11, 2001.

Posted on Oct 8, 2008 READ MORE


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