The Best Article I’ve Read On The Banking Situation
Anything that is too big to fail is too big to exist.
Someone Tell Me Why This Is A Bad Idea
Jon Stewart’s idea for the stimulus package is the best I’ve heard yet. While the guest in the clip below doesn’t really respond to it, one of this week’s guests, a guy who wrote a book about what President Obama needs to know about the economy, thought it was a good idea. Watch below, then [...]
Congress Gets Real
From Elizabeth Warren, chair of the Congressional oversight panel of the $700 billion bailout: “[The panel’s first report on the spending of the bailout money] is tough and it’s fast. And I think fast was important here too. An ordinary Congressional panel would’ve taken three months to get up and running and would’ve fooled around [...]
Bailout The Eight Track Makers!
From Tom Friedman’s While Detroit Slept: “[O]ur bailout of Detroit will be remembered as the equivalent of pouring billions of dollars of taxpayer money into the mail-order-catalogue business on the eve of the birth of eBay. It will be remembered as pouring billions of dollars into the CD music business on the eve of the [...]
Bailout Who For What Again?
From Organization & Market’s In Praise of the US Auto Industry: “The proposed bailout of GM, Ford, and Chrysler overlooks an important fact. The US has one of the most vibrant, dynamic, and efficient automobile industries in the world. It produces several million cars, trucks, and SUVs per year, employing (in 2006) 402,800 Americans at [...]
One Reason Detroit Should Be Allowed To Fail
From ABC News’ Big Three CEOs Flew Private Jets to Plead for Public Funds: “The CEOs of the big three automakers flew to the nation’s capital yesterday in private luxurious jets to make their case to Washington that the auto industry is running out of cash and needs $25 billion in taxpayer money to avoid [...]
Increase Spending & Cut Taxes? Are You Kidding Me?
From NY Times’s Senate to Vote Today on the Bailout Plan: “Senate leaders scheduled a Wednesday vote on a $700 billion financial bailout package after accepting tax breaks and a higher limit for insured bank deposits in a bid to win House approval and send legislation to President Bush by the end of the week.” [...]
I’m Mad As Hell
[Hat tip to Shawn for the video]
Why My Congressman Voted No
From Vermont Congressman Peter Welch’s statement on why he voted against Wall Street bailout: “The economic crisis we face is real. However, I voted against the bailout because it isn’t paid for and because I don’t believe it will work…It proposes to solve a problem caused by reckless borrowing and reckless lending by borrowing $700 [...]
F.I. Readers Are More Informed Than McCain
From The New Republic’s McCain Didn’t Bother to Read the Bailout Plan?: “Here’s John McCain [on Tuesday, 9/23] talking about the proposed financial bailout, during an interview with a local television station from Cleveland. The Obama campaign is sending the video around, and I can see why. Pay particular attention to the final few seconds, [...]
