It’s official. The auto industry has gotten a 17.4 billion (with a “B”) dollar bailout… and that is just for a start to hold them over until the new administration and congress gets in office. As our Ford Explorer starts to fall apart conveniently as the warranty expires and the dealer admits the extended warranty [...]
This is an interesting video and explains why this recession/depression may end up being prolonged.
Continue reading about Keynesian economics: Why it doesn’t work
I caught a program over the weekend on the History channel that compared our current economic condition to teh Gread Depression. The show made a case for the current government involvement in the economy (bailouts) by referencing the lack of government involvement in the early days of the Depression. I tend to disagree with this [...]
Continue reading about Mirroring the 70’s or the Depression?
I’ve always felt funny about the use “czar” in US politics. The word is rooted in ancient Rome when the emperors took Julius’ name to signify their stature. The name was reused in the form of tsar (czar) in Russia to denote their emperors. So needless to say a name used to signify imperial rule [...]
It looks like the US automaker bigwigs learn fast that you don’t show up for the welfare line in an Armani suit. It’s a shame that they don’t learn how to run automobile companies so fast. It seems almost days ago that they few into Washington in their private jets with tin cans extended, begging [...]
It was only last week that I posted about the auto executives flying to Washington in their private jets to beg for taxpayer bailout money. I guess the jets were indeed owned by the auto companies as GM has now decied to sell two in their fleet of jets.
Either way, politicians in Washington were basically [...]
For anyone who is still unclear why we are in a financial crisis, the Mint has created an excellent visual guide to the crisis. It’s a nice little… er… long flow chart that does a good job of trying to untangle the web that has lead to government bailouts, crashing stock markets, company failures, and [...]
Continue reading about The Financial Crisis Illustrated Graphically
In the latest episode of the national bailout comedy act, the big three auto maker executives flew to Washington in private jets to beg for our government’s bailout money.
Wagoner, whose flight reportedly cost $20,000 round-trip — about 70 times more than a commercial airline ticket — told Congress he expected about $10-$12 billion from the [...]
So who would really be the target of an auto industry bailout? GM, Ford, and Chrysler? I think the real target would be the United Auto Workers union. Now I am normally all for saving jobs, but let’s consider that the big three pay approximately 12,000 people not to work as part of the UAW’s [...]
Ever since the government bailed out the banks, it seems that Washington has installed a “Bailout Line Forms Here” sign in Washington. Within days of passing the banking bailout, there was already talk of the auto industry wanting their share too. The question now is, who really needs a bailout? Or better yet, who should [...]
Continue reading about Who Needs a Bailout? The Auto Industry?
