Fed HQThe Federal Reserve caused the current economic crisis by suppressing interest rates and creating the housing bubble, Texas Congressman Ron Paul, Euro Pacific Capital president Peter Schiff, and others have charged. And now there’s  finally been enough political push-back for the damage the Federal Reserve has wreaked that  the Fed will be hiring a lobbyist.

ChryslerThe June 6 Wall Street Journal has reported that the U.S. federal government pressured Chrysler into a post-bankruptcy deal with Italian carmaker Fiat, a pressure that had at least one Chrysler official calling the federal government “god” in the bankruptcy deal.

unemploymentThe oft-repeated line that “I have good news, and I have bad news” applies to the U.S. Labor Department’s latest figures on unemployment and job losses, though the first part should perhaps be modified to “I have relatively good news.”

GM hqMore information about GM’s Chapter 11 bankruptcy is beginning to emerge. The Kansas City Star reported on June 2 that this is “the biggest such filing by an industrial manufacturer and the fourth-biggest in U.S. history. It will also be one of the largest peacetime nationalizations of private enterprise.” In addition to the $20 billion the federal government has already pumped into the company, President Barack Obama has announced that another $30 billion in taxpayer money will be committed. This will bring the government’s ownership stake in GM to 60 percent.

GM closureAfter years of suspense, the bankruptcy that surprises nobody is finally official. One of America’s largest and proudest corporations, GM, has filed for Chapter 11 protection in what is being billed as the fourth-largest bankruptcy in American history and the largest ever for an industrial corporation. The failing auto company claims $82.29 billion in assets against almost $173 billion in debt — this, be it duly noted, after billions in federal government bailout monies were shoveled GM’s way.