FULL DISCLOSURE: I own two Toyotas.
I told you over two months ago that the $700 billion would be just the beginning. It looks like the first ones to belly up to the Socialist Mother’s teat is the auto industry. They want $25 billion to bail them out; most think it would cost far more than that, [...]
Much to my surprise and excitement, the United States Congress voted today to defeat the $700 billion bailout plan proposed by Treasury Secretary Henry Paulson. Just last night, I was trying to describe the scope of this proposal to my 10-year old, and this is the best I could come up with: put $1 million [...]
You may have noticed that I have been quiet for several days now. Partially, that was because I really didn’t know what to say about the latest foray into socialism of our great nation. Just when I thought they had caught on, here we go again…
The government is now going to spend $700 billion to bail [...]
I suppose I was a bit hasty when I praised our government for having sense enough to stay out of the free market by declining to bail out Lehman Brothers. Now, they have decided to take over the world’s largest insurer, AIG, with an $85 billion loan from me and you in exchange for an [...]
Well, it looks like the feds may be catching on to what I have been saying. They are going to “allow” Lehman brothers to go bankrupt and not use my money to bail them out.
That’s how the free market works. You can already see the results. Merrill Lynch got concerned about the impact of Lehman Brothers [...]
It seems the federal government is taking over mortgage giants Freddie Mac and Fannie Mae, publicly-held companies formed years ago as Government Sponsored Enterprises (GSE) to purchase and/or guarantee mortgage loans. They now own or guaranatee about half the mortgage loans currently held in the nation, and, more alarmingly, about 75% of new loans made in the [...]