Over the recent clamor of approval for the outcome of the Troubled Asset Relief Program (TARP), which Beltway insiders are proclaiming a success because of the high rate of repaid funds, a lone voice of comparative sanity reminded Yahoo! Finance’s Aaron Task that the Obama bailout has done far more damage than the government-massaged figures indicate. Nobel Prize-winning economist Joseph Stiglitz, who seems to understand finance and banking better than most celebrity economists, told Task that the monies paid back to TARP are “just a drop in the bucket compared to damage done to the economy.”
The foreclosure crisis continues to threaten the U.S. banking sector with more headaches, admitted Sheila Bair, head of the FDIC, on October 25. According to a Reuters report, the expected wave of litigation stemming from improper or downright fraudulent procedures banks have been using to speed up the foreclosure process could be “very damaging” to the housing market.
Now that the Chevy Volt, General Motors’ electric car, is about to arrive in selected dealers’ showrooms around the country, it has been getting a lot of press. Some are puff pieces, one of which appeared in USA Today, while others are much more critical.
Back in June, Republican Senate candidates Sharron Angle of Nevada and Rand Paul of Kentucky endured criticism from the mainstream media for their comments suggesting that government-run unemployment insurance was, perhaps, not the greatest idea in the world.
October 15, US Airways asked one of its passengers flying from West Palm Beach to Kansas City to exit the airplane. Johnnie Tuitel, 47, a motivational speaker with cerebral palsy, was told that he was “too disabled to fly."