Bailouts

If your blood pressure can stand it, you can learn a lot about how the Apparatachik Press -- er, the Associated Press -- operates as you watch a news story evolve, or I should say devolve. The wire service often reworks adequately-written stories with no new developments for no apparent reason other than to add bias and/or remove inconvenient truths. A classic example of this occurred in the…

The Obama administration and its car-czar group appear to be intent on teaching someone who got in their way a brutal lesson. If there's another way to interpret what is going on involving the "Old Chrysler," the company's first-lien secured lenders, and the US Treasury, I want to know what it is.

Since hitting their lows back in March, financial markets have rallied in the wake of last year's financial crisis. The Dow Jones Industrial Average (DJIA) is up 43 percent since March 9. But can it last? It could be all given up with this rate of government spending according to CNBC "Mad Money" host Jim Cramer. Cramer, responding to a viewer e-mail on his Sept.8 program, explained what a…

Give Sharon Silke Carty of USA Today credit for unearthing important information about the serious back-office problems with Uncle Sam's Car Allowance Rebate System (CARS) program, popularly known as "Cash for Clunkers." This is the program that ABC, CBS, and NBC have all characterized as "a victim of its own success." But Carty didn't do nearly as much as she could have with the information…

The Labor Day holiday is almost upon us and the networks are likely to spend it talking about vacation, barbequing and holiday sales instead of examining the 2009 victories of the labor unions. In fact, all year they avoided talking about the many recent blessings organized labor has enjoyed. The United Auto Workers (UAW), which donated more than 99 percent of its $25.4 million to Democratic…

A country boy can survive the Obama administration. Just ask Hank Williams, Jr.The country music artist --  best known to millions of Americans regardless of their musical taste for his "Are You Ready For Some Football?" theme to Monday Night Football -- was profiled yesterday by Bill Lynch of the Charleston [W.V.] Gazette (h/t my NB colleague Tim Graham).Lynch spent a considerable portion of his…

New York State's Off-Track Betting Corp. (OTB) is filing for bankruptcy "as a municipality" under Chapter 9 of the Federal Bankruptcy Code "after four years of losses totaling $38 million." You read that right: A government-run gambling monopoly has gone broke, after losing money for years. How was this seemingly impossible feat accomplished? There are clues in stories at Reuters and Bloomberg…

Ford and the United Auto Workers are set to begin new contract talks under a set of circumstances radically different from any previously faced by either party. There is the "minor" matter of the union's ownership stakes in General Motors and Chrysler that arose in the wake of those two companies' government-engineered bankruptcy filings, accomplished with more than a little rule-bending by the…

Some of us have been wondering how viable the Voluntary Employee Benefit Arrangements (VEBAs) set up by the United Auto Workers for its auto industry employees really are. This is of particular concern at the VEBAs tied in to General Motors and Chrysler. What happens to the employer stock these VEBAs own will heavily influence whether they have the money to pay promised benefits. The answer to…

Julia Seymour, Kyle Drennen, and several others at NewsBusters have done a great job (here and here, here, and here, just for starters) exposing the establishment media's rush to characterize the government's Car Allowance Rebate System (CARS) program, commonly known as "Cash for Clunkers" program, a success. This media meme has persisted despite processing snafus, slow payments to dealers,…

They warned back in 2008 what might happen if Barack Obama was elected president, and according to conservative talk show host Rush Limbaugh and Fox News Channel host Glenn Beck, a lot of bad stuff is unfolding right before our eyes. Limbaugh appeared on Beck's Aug. 26 program to discuss the threat of the federal government attempting to regulate the media. He explained the president's policy…

Try to keep a straight face when you hear this: President Barack Obama isn't getting enough media love. That's the world view of MSNBC "Hardball" host Chris Matthews - at least when it comes to the economy. According to Matthews, there has been a plethora of positive economic news - from a stock market that has shrugged off the threat of bad liberal policy, i.e. cap-and-trade or ObamaCare, to…

Who says the media are monolithic in their thinking? Yesterday we informed you of the media's serial misuse of an Obama-as-Hitler poster from esoteric left-winger Lyndon LaRouche's website, as outlets like NBC (on their Nightly News and Meet the Press), CNN and MSNBC all ascribed the poster to sentiments roiled up by talk radio host Rush Limbaugh specifically and conservatives generally.  We were…