Bailouts

It's not a secret that billionaire investor and Berkshire Hathaway (NYSE:BRK.A) CEO Warren Buffett is a supporter of President Barack Obama - having endorsed and raised money for him. But has Buffett's approval of the president mirrored the declining marks he's getting from the rest of America?   No, according to Buffett, Obama's earned "high marks." Buffett appeared on CNBC's March 1 "Squawk…

Yesterday (at NewsBusters; at BizzyBlog), I noted Fannie Mae's $72 billion loss announcement and the ward of the state's simultaneous $15.3 billion handout request. Late Friday was also the occasion for the release by the Treasury Department of the "2009 Financial Report of the United States Government." The report shows how seriously the government's financial situation deteriorated during the…

After the closing bell on Friday, just in time for everyone to stop paying close attention, mortgage behemoth and ward of the state Fannie Mae ("Fan") released its fourth-quarter and full-year financial results. Its press release (PDF) informs us that its $74.4 billion loss in 2009 (inclusive of dividends paid to the government) followed a $58.8 billion loss in 2008. For those keeping score at…

Special C-SPIN Coverage of the Toyota Recall Hearings [Satire]House Committee on Energy and Commerce, Subcommittee on Oversight and InvestigationsFebruary 23 Begin transcript: REP. WALDEN (R-OR.): Secretary LaHood, are Toyotas safe to drive? SEC. LAHOOD: We believe that the Toyotas listed on our Web site are not safe to drive - unlike the sporty, affordable Chevy Cobalt. REP. SUTTON…

It's been almost three weeks since Sarah Palin addressed the Tea Party convention.  More than two weeks since Andrea Mitchell did her taunting little imitation of Palin's hand notes.  But there was Norah O'Donnell today, still milking the moment to mock Palin.O'Donnell worked her hand-note reference into a discussion on today's Morning Joe of Scott Brown's vote for the "jobs bill."  Later, on a…

On Feb. 19, 2009, one year ago tomorrow, Rick Santelli lost his temper while reporting from the floor of the Chicago Mercantile Exchange. The CNBC reporter was angry about bailouts of businesses and homeowners. His passionate free market rant spoke to many Americans equally distressed about the direction of the nation. The Tea Party movement was born.

On a low-attention Sunday, the Associated Press's Tom Raum put together a pretty good analysis ("US debt will keep growing even with recovery"), though not labeled as such, of the serious financial situation the country faces thanks to the mushrooming national debt. But the AP writer ignored two critical warnings raised in a related item he filed over a year ago on Wednesday, January 7, 2009 ("…

In late August 2009, Toyota announced that it would close its New United Motor Manufacturing Inc. (NUMMI) factory in Fremont, California at the end of March. The plant had been a joint venture of the company and General Motors until June, when GM withdrew. Almost six months later, in the wake of a series of Toyota product recalls, and roughly seven weeks before the plant's scheduled shutdown,…

On Thursday's Morning Joe on MSNBC, CNBC's Maria Bartiromo appeared as a guest and recounted some of President Obama's anti-business, anti-wealthy stands as she informed host Joe Scarborough and the panel why some see Obama as anti-business despite his support of bailouts on Wall Street. Responding to Scarborough's declaration that "there has been a redistribution of wealth since Barack Obama has…

President Barack Obama's $787 billion stimulus plan was the most expensive bill in history. Still, it received strong media support - blazing the way for the controversial bill to pass. Network journalists didn't just back the bill during that debate. Once it had passed, ABC, NBC and CBS spent nearly a year promoting "President Obama's stimulus cavalry," as NBC's Lisa Myers put it. That…

On January 27, in the wake of Toyota's gas-pedal recall, the Associated Press ran what might as well have been a free advertisement for a marketing effort by government-controlled General Motors: Is there any substantive difference between the three paragraphs above and the text of a paid ad? Today, they just did it again, this time for government-controlled Chrysler (what follows is most of…

In a post late Thursday afternoon (at NewBusters; at BizzyBlog), I noted that the half of the teases (6 of 12) for the Associated Press's short videos in business stories at its web site were about Toyota, specifically its recent product quality issues and falling sales.In that post, I noted a conflict of interest in the relationship between the U.S. government and Toyota, and wondered when…

Good Morning America co-host Robin Roberts didn’t even try for objectivity on Wednesday when she talked to pay czar Kenneth Feinberg about his attempts to stop AIG CEOs from receiving bonuses. "We can feel the fire in your belly," she enthused after Feinberg touted the administration’s efforts at reining in bonuses. "And that's great to see," Roberts opined. After Feinberg proudly told Roberts, "…

As the old cliché goes, you don't use a sledgehammer to crack a nut, but according to Rick Santelli, that's exactly what it appears the Obama administration is doing terms of financial regulation and fiscal discipline. On CNBC's Feb. 2 broadcast of "Fast Money," host Melissa Lee proposed that taxing the wealthy is not the path to "economic prosperity and fiscal stability." Santelli, the network'…