Bailouts

On February 19, 2009, Rick Santelli helped create a movement whose political impact has not yet been fully realized. The "Rant Heard 'Round the World," as it has become known, was a profound, if hardly isolated example of the power of conservative pundits to enact political change.That power has grown as Americans have become more sympathetic to the economic conservative argument--both the moral/…

On Saturday’s Huckabee show on FNC, as the show was broadcast from Las Vegas, singer Wayne Newton appeared as a guest to discuss the economic situation in the city, and, when asked by host Mike Huckabee his reaction to President Obama’s remarks from last year attacking businesses for indulging in trips to Las Vegas, Newton did not mince words: "I think that it was the most irresponsible, arrogant…

A few weeks ago (covered at NewsBusters; at BizzyBlog), the Associated Press tried to pass off a poll it had conducted with its partner GfK Roper Public Affairs and Media (inexplicably held for 40 days) as showing that "Americans (are) shifting to US cars." Actually looking at the poll's detailed results revealed that Americans are "shifting to US cars" made by Ford, and either shifting away or…

The comparison of the results contained in the April 2010 Monthly Treasury Statement released this afternoon to April of last year is bad enough. But if the American people knew that April 2010 came in about a quarter-trillion dollars worse than both 2007 and 2008 with almost 40% less in tax collections, most of them would be appalled. Many more than are already doing so would be questioning what…

It doesn't seem like this exercise should be that tough. The government issues Daily Treasury Statements telling everybody what went in and out on a given business day. At the end of the month, the last Daily Treasury Statement has a record (admittedly jumbled and larded with lots of bureaucratic excess) of all receipts and disbursements for the month. The folks at the Congressional Budget…

If a conservative or Republican uttered the nonsense to be revealed shortly, we'd justifiably never hear the end of it on the late-night comedy shows and elsewhere. As it is, former car czar Steve Rattner's "creative" term for fibbing has and probably will continue to get little coverage outside of Detroit. Rattner's risible rendition of reality spewed forth before he spoke at a Federal…

Chris Matthews is stuck in the 1970s, it seems, and I'm not  talking about his pop culture references. Talking with CNBC's Jim Cramer on the May 6 "Hardball" about the Greek fiscal crisis, everyone's favorite MSNBCer blamed "right-wing" dictators from the Cold War era for financial troubles in Greece, Portugal, and Spain [MP3 audio available here]: I'm a political guy, you're a money…

The European Union and the International Monetary Fund to the rescue! The Dow Jones Industrial Average (DJIA) soars and investors breathe a sign of relief. But where's this $1 trillion in bailout funds for Greece coming from? On CNBC's May 10 "Squawk Box," host Joe Kernen channeled Rick Santelli's anti-bailout populism, suggesting it was important to note that this bailout was made possible in…

Have you seen the new General Motors commercial? In it, CEO Ed Whitacre highlights the taxpayer-funded bailout GM received and then brags: "We have repaid our government loan, in full with interest, five years ahead of the original schedule." That advertisement (Watch it here) gives the impression that A) GM is financially stable and able to repay its debts B) the government bailout was…

Well, it's not the same as saying "the company lied through its teeth and the government let them," but it's as close to that as you'll probably ever see in an establishment media outlet like the New York Times. In a column that apparently appeared on the web on Friday while appearing Sunday's print edition, Gretchen Morgenson, assistant business and financial editor at the Times, ripped into…

A $787-billion stimulus. Liabilities of $356 billion for the TARP bailout on the federal government's balance sheet. And that's in addition to other unfunded liabilities from federal entitlements like ObamaCare, Medicare, and Social Security. But that doesn't mean the U.S. is heading down the path toward socialism because they were one-time expenditures, according to CNBC senior economics…