General Motors and Chrysler submitted “financial viability” plans to the U.S. Treasury on February 17 that included combined requests for another $18.6 billion in federal bailout funds — $16.6 billion for GM and $5 billion for Chrysler.

Obama second termOn Tuesday, February 18, President Barack Obama achieved one of his first major goals in office by making his $787 billion stimulus plan a reality. TheWashington Post reported: "President Barack Obama ... signed into law a plan meant to create jobs, encourage people to spend money and in general feel better about the economy." Is it the economy Obama wants the people to feel better about or is it the president himself?

Obama signs stimulus billPresident Barack Obama today signed into law the $787 billion “stimulus” bill — a.k.a. the American Recovery and Investment Act — that is supposed to help jump-start the economy. And despite the gargantuan size of this measure, it is actually just an installment in the administration's overall economic recovery plan.

ObamaWhy doesn’t someone in the mainstream media take Presidenat Obama and his spokesmen to task for their ridiculous pledges not to repeat “the same failed ideas that got us into this mess in the first place”? Bush’s failed economic policies can be summed up as: 1. spending increases, 2. tax cuts and, therefore, 3. record deficits. And Obama’s economic “stimulus” plan is: 1. spending increases, 2. tax cuts, and therefore, 3. record deficits.

Citigroup Chicago buildingWill the banks be nationalized? That question would have seemed preposterous prior to the $700 billion Troubled Asset Relief Program to bailout major financial institutions. But with the TARP money comes federal control, and that  control could be strengthened to the point of full-blown nationalization, particularly if the already congressionally authorized $700 billion is deemed insufficient to “rescue” the banks.

Affiliates and Friends

Social Media