One year and one day after the Bush administration first offered to rescue GMAC, the Obama White House has announced a $3.8 billion bailout for the struggling auto- and mortgage-loan giant. From the Treasury Department’s statement:
Due to a variety of factors, including that
President Obama announced his $150 billion job creation initiative on Tuesday, which includes everything from new spending for highway and bridge construction, to small business tax cuts, to retrofitting millions of homes to make them more energy-efficient. It’s the sort of news that probably would have gotten More…
WorldNetDaily breathlessly reports the latest from the birtherverse: two owners of Chrysler dealerships are going to sue to get their businesses back, on the basis that Barack Obama, having never been the legitimate president, had no right to use TARP funds to restructure car companies.
A revealing moment from Robert Draper’s entertaining writeup of the GOP gubernatorial primary in Texas comes when Gov. Rick Perry (R-Texas) makes an offhand attack on TARP.
“What would have been your remedy, then?” I asked.
He shrugged. “What was our remedy then is still the remedy,” he said.
The finance industry, seeming to forget that it was responsible for the economic turmoil that’s pushed unemployment above 10 percent, is lobbying furiously (and successfully) against Democratic legislation designed to protect consumers and prevent a similar episode in the future.
Yesterday, industry representatives held More…
Equating today’s rising credit card rates to usury, several House Democrats today announced plans to introduce legislation capping credit card rates at 16 percent.
“Things were a lot better for the average person in this country when we had usury caps,” Rep. Louise Slaughter (D-N.Y.), head of the House Rules Committee, said More…
As the Senate idles awaiting a procedural vote on unemployment legislation — a vote that’s held up activity on all other pending legislation and nominations — Senate Majority Leader Harry Reid (D-Nev.) this morning offered a solution that might speed things up: “Maybe [Republicans] needed another ACORN amendment,” More…
It’s no mystery that Treasury Secretary Tim Geithner is the ultimate Wall Street insider. But it seems that more and more Democrats are losing their patience with what they perceive as his protectionism of the finance industry at the expense of consumers and taxpayers. The latest More…
As we just noted, Senate Republicans are urging consideration of three amendments on the proposal to extend federal unemployment benefits, but only two are the source of disagreement between the parties.
The first, sponsored by Sen. Mike Johanns (R-Neb.), would fund the extension using unspent stimulus money, rather More…
Different bill; same concerns.
House Democrats introduced legislation Tuesday granting the White House broad new authority to bail out investment houses and other non-banks when their potential collapse is a threat to the larger financial system. But while the bill goes far beyond a similar White House proposal More…
rss