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Archive for February, 2009

Yet Another Reason To Fear The Stimulus

by Doug Mataconis @ Monday, February 23rd, 2009. Filed under Barack Obama, Economics, Joe Biden, Politics

Obama’s put Joe Biden in charge:
President Obama has turned to his own vice president to oversee implementation of the $787 billion economic stimulus package, part of which will be available this week for state Medicaid programs.
Obama announced his decision before the National Governors Association in Washington on Monday, saying Vice President Joe Biden will help [...]

Wall Street Parties Like It’s 1997

by Doug Mataconis @ Monday, February 23rd, 2009. Filed under Barack Obama, Credit Crisis, Economics, Politics

Today, the stock market closed at its lowest level since Bill Clinton was President and Monica Lewinsky’s blue dress was still unstained:

Major stock market indexes tumbled today to their lowest levels in 12 years on skepticism over new details of the government’s plan to ease terms of their investment the country’s ailing banks.
The Dow Jones [...]

The March Toward Nationalization Continues

by Doug Mataconis @ Monday, February 23rd, 2009. Filed under Barack Obama, Credit Crisis, Economics, Politics

Now, the Feds tell the banks they may want to start exercising control:
WASHINGTON — The Obama administration put the nation’s biggest banks on notice Monday that the government could become their biggest shareholder if regulators decide they are not strong enough to weather a deeper-than-expected downturn in the economy.
In an unexpectedly assertive joint statement, the [...]

Obama’s Plan for Detroit: Bankruptcy ?

by Doug Mataconis @ Monday, February 23rd, 2009. Filed under Auto Industry, Barack Obama, Business, Economics, Politics

Judging from today’s Wall Street Journal, it seems that bankruptcy may still be on the table for Chrysler and General Motors:
Outside advisers to the U.S. Treasury have started lining up the largest bankruptcy loan ever, talking with banks and other lenders about at least $40 billion in financing for General Motors Corp. and Chrysler LLC, [...]

Is The Foreclosure Crisis Really A National Crisis ?

by Doug Mataconis @ Monday, February 23rd, 2009. Filed under Barack Obama, Economics, Politics, Real Estate, Sub-Prime Mortgage Crisis

President Obama would have you believe that the foreclosure crisis is a national crisis demanding a national solution.
As Alan Reynolds notes, however, that isn’t really the case:
It turns out that the five states with by far the highest foreclosure rates have some things in common with each other, but very little in common with most [...]

Barack Obama And The Third Rail

by Doug Mataconis @ Monday, February 23rd, 2009. Filed under Barack Obama, Politics

It looks like President Obama’s honeymoon may be ending, at least when it comes to one of the most explosive issues in American politics:
WASHINGTON — President Obama is eager to seek a bipartisan solution to ensure the long-term solvency of Social Security, people who have spoken with him say, but he is running into opposition [...]

Senate Set To Vote On Unconstitutional Bill

by Doug Mataconis @ Monday, February 23rd, 2009. Filed under D.C. Vote Bill, Politics, U.S. Constitution, Washington DC

Later this week, the Senate will take up debate on the bill to give the District of Columbia voting representation in Congress and, unlike two years ago, the prospects for passage look good:
Supporters of D.C. voting rights believe that they are on the verge of their biggest victory in at least 30 years as the [...]

Finally, The MSM Is Asking The Question

by Doug Mataconis @ Monday, February 23rd, 2009. Filed under Auto Industry, Business, Economics, Politics

After months of near-obsequiousness in it’s coverage of the auto manufacturers, it looks like the mainstream pundits are finally starting to realize what a sucker’s bet a bailout would be:
When General Motors and Chrysler asked Washington for more money last week they took very different approaches. In exchange for an extra $17 billion from taxpayers [...]

Because Renaming It Will Make All The Difference

by Doug Mataconis @ Monday, February 23rd, 2009. Filed under Congress, Dumbasses, Education, Politics

Congress engages in the act of putting lipstick on a pig:
WASHINGTON — Two years ago, an effort to fix No Child Left Behind, the main federal law on public schools, provoked a grueling slugfest in Congress, leading Representative George Miller, Democrat of California, to say the law had become “the most negative brand in America.”
Education [...]

Where Were They The Last Eight Years ?

by Doug Mataconis @ Monday, February 23rd, 2009. Filed under Economics, Politics, Republicans

Suddenly, Republicans are worried about spending and the budget deficit:
Deep public worry about the federal budget deficit has jumped since December, according to a new Washington Post-ABC News poll, upping the ante on the White House’s fiscal responsibility summit that kicks off later this morning.
Among those adults aged 40 and up, almost all express concern, [...]

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