The Obama administration is still thinking bank nationalization. In the latest twist to the saga of troubled American megabanks, the New York Times reported on April 19 that administration officials are considering converting bailout loans to the 19 biggest U.S. banks into shares of common stock, allowing them to stretch further the estimated $134.5 billion remaining of the $700 billion bank bailout fund passed by Congress last October.
There's something fundamentally wrong with the world when a country known for being the very embodiment of Old World socialism — Sweden — serves up an object lesson in capitalism to the United States. Amid all the global furor surrounding government bailouts, rescue packages for corporations deemed "too large to fail," and scandalous executive bonuses shelled out with taxpayer dollars, tiny Sweden has been quietly doing the right thing where its own pivotal domestic automaker, Saab, is concerned.
It's official: the Obama administration intends to nationalize the entire financial sector. If there were any lingering doubts as to the intentions of President Barack Obama and Treasury Secretary Timothy Geithner, they were dispelled by an announcement on March 26 detailing the Treasury Department's new "framework for regulatory reform."
The Obama administration is now in the business of subsidizing the auto parts industry. In yet another slug of taxpayer money intended to prevent the collapse of GM and Chrysler, the Treasury announced on April 8 it was making available $5 billion in short-term financing for auto parts suppliers. The money is intended to keep manufacturers and suppliers of parts to GM and Chrysler afloat while the beleaguered automotive giants struggle for survival.
The U.S. Citizenship and Immigration Services (USCIS) announced on April 8 it has received enough H-1B applications to meet the congressionally mandated cap of 85,000 H-1B visas for fiscal year 2009. The H-1B visas are given to foreign workers in “specialty occupations” (science, engineering, law, medicine, computer programming, etc.) where U.S. employers have filed petitions claiming there are not qualified U.S. applicants to fill the jobs.