” One thing, which I wish Taibbi had emphasized more is that it looks increasingly like credit would not have “seized up” across the board, for very long anyway had the big banks been allowed to fail. The mid-sized banks and the community banks, which lacked exposure to much in the way of toxic assets (because they sold them off to the big banks which then folded them into Mortgage Backed Securities) would have survived. It would have been bumpy but well run banks just outside of big bank status, BB&T for instance, would have filled in the space.
The bailout was, as David Stockman says, a Wall Street crisis. The bankers all freaked out when their bets turned terrible, and then played the information leverage game with Washington to get the tax payers to pay for their mistakes. They basically said that the entire economy was going down (it wasn’t) and therefore an unprecedented abandonment of what was left of our market based economy was justified. It was a giant con. “
Illustration By Mike Keefe
Fast and Furious: Post-Election, Golden Parachutes Deployed
“There is no reason to believe that Grindler
deceived Attorney General Holder about
this or any other matter, and it is frankly
curious that Chairman Issa and Senator
Grassley are accepting this farfetched
explanation. Unfortunately, unless a
criminal case is eventually filed to compel
Grindler to provide more information, it is
likely that his termination is the last we’ll
hear of his role in the cover-up.
Grindler is not the only DOJ official who has
apparently been forced out. The Bureau of
Alcohol, Tobacco, Firearms and Explosives
(ATF) has reportedly fired three officials and
demoted two, while
” A pair of foreign-owned solar companies that benefited from a combined $84 million in Energy Department tax credits have announced they will lay off employees.
One of the companies, German-owned SolarWorld, was integral in the fight for tariffs against the importation of Chinese photovoltaic solar panels. The other, Chinese company SunTech, blamed those tariffs for its own layoffs.
Both companies benefited from the Energy Department’s stimulus-funded Advanced Energy Manufacturing (48C) Tax Credit. The 48C credit is worth up to 30% of the cost of manufacturing qualifying green energy projects.
SolarWorld received a credit worth $82 million, while SunTech’s was worth $2.1 million.
Both companies announced this week that they will shed some employees. SolarWorld, which announced a 47% revenue decline in the third quarter, blamed a potential 37 layoffs at its Oregon plant on “illegal” Chinese trade practices.”
Illustration By Glenn McCoy
Labor Department Could Delay Jobs Report Until After The Election
” The Wall Street Journal is reporting that the release of the Jobs Report (which is typically released on the first Friday of each month) for October could be delayed until after the federal election takes place next Tuesday because of Hurricane Sandy. “
” “Bin Laden is dead and General Motors is alive.” That’s what the Democrats keep telling us. Sure, their jingoism came back to bite them in Benghazi, but at least the GM part is still true.
Workers at LG Chem, a $300 million lithium-ion battery plant heavily funded by taxpayers, tell Target 8 that they have so little work to do that they spend hours playing cards and board games, reading magazines or watching movies… “
“Making batteries for electric cars is a dirty process, and if the electric cars are run off a grid which is primarily powered by coal, as it is in China, the environmental benefits completely disappear.
Of course, this is not the only example of green policy being counterproductive. Ethanol is another case of expensive green reform that actually makes things worse. This movement just isn’t ready for primetime.”
“Nearly two years after the introduction of the path-breaking plug-in hybrid, GM is still losing as much as $49,000 on each Volt it builds, according to estimates provided to Reuters by industry analysts and manufacturing experts.
Cheap Volt lease offers meant to drive more customers to Chevy showrooms this summer may have pushed that loss even higher. There are some Americans paying just $5,050 to drive around for two years in a vehicle that cost as much as $89,000 to produce.
And while the loss per vehicle will shrink as more are built and sold, GM is still years away from making money on the Volt, which will soon face new competitors from Ford, Honda and others.”
In ”Shadowbosses: Government Unions Control America and Rob Taxpayers Blind,” Mallory Factor describes a December 9, 2008 memo from Service Employees International Union (SEIU) Healthcare president Dennis Rivera to the Obama-Biden transition team.”
ViaMeadia reports on yet another of the near daily reports of massive corruption in the “Green Energy” – AGW campaign .
” Behold a green failure so colossal even ViaMeadia is surprised: a UN carbon-credit trading program intended to reduce global
concentrations of greenhouse gases has instead led a handful of factories in the developing world to massively increase them. ”
” The carbon credits represent such a lucrative business ($20–40 million per year per plant, by
one estimate) that some of the plants participating the scheme, located mostly in China and India, made the bulk of their profits from carbon credits alone; other plants would hit their carbon-credit subsidy limits and then shut down for the rest of the year. “
” less than 2 percent of all federal spending “
That’s some investment Barack .
” which includes not just spending on highways, but subsidies for Amtrak and Obama’s high-speed rail plans as well. ”
It’s even less significant when you consider that it includes underwriting that perennial money loser Amtrak AND Obama’s pipedream highspeed to nowhere rail plans .
Yes our Dear Leader has a fine grasp of economics and job creation .
As this NY Sun editorial makes abundantly clear , the Fed doesn’t work for us , the people , it works for the government and the banks .
” We’ve often thought of that harbinger in the context of the current crisis over the fiat dollar, but it was all brought together in column by Judy Shelton in today’s Wall Street Journal. She notes that many in America “fear that our nation is going the way of Europe —becoming more socialist and redistributionist as government grows ever larger.” But, she warns, “the most disturbing trend may not be the fiscal enlargement of government through excessive spending, but rather the elevated role of monetary policy.” She’s referring to the way the Federal Reserve, as she puts it, “uses its enormous influence over banking and financial institutions to channel funds back to government instead of directing them toward productive economic activity.” “
” Solar-cell manufacturer Solyndra became a household name when it collapsed, taking $627 million in American taxpayer dollars with it. It’s the poster company for the government picking winners and losers—or really, just losers—in the energy market. But there are 12 more “green energy” losers that have declared bankruptcy despite attempts to prop them up with taxpayer money—and the list is growing.
There’s a reason why these companies could not rely solely on private financing and needed help from the government. They couldn’t make it on their own; they couldn’t even make it with extra taxpayer help “
He’s as adept at investing as he is at job creation .
“SAN FRANCISCO — At an exclusive re-election fundraiser tonight, President Obama hobnobbed with 60 of his wealthiest supporters, including two figures at the center of the Solyndra loan controversy.”
“Sipsey Street Exclusive: Stratfor’s
“intelligence” analysis of Gunwalker
less than persuasive. ATF’s new target: “The Attack of the Eighty Percent Receiver.”
The myths and buzz words seldom cease from the agenda-driven media but we thought StratFor was seeking to provide a move valuable intelligence product than that .
The only thing “green” about Obama’s alternative energy policy is the cash that lines the pockets of his crony-capitalist bundlers .
” “Blue-collar voters were never that sold on environmental issues, and if some Democrats come across as not keen on economic development, it could lose them support here in Ohio,” he said.
Republicans, from Mitt Romney, the party’s presidential candidate, to the congressional leadership, have madeBarack Obama’s alleged stifling of the energy industry a centrepiece of their campaigns this year. . . .
Mr Romney has said he will approve the Keystone XL pipeline as soon as he wins office and curb the powers of the Environmental Protection Agency.
“Only time will tell whether this is a winning strategy, but there is reason to think it could work. As we’ve mentioned before, energy politics is an area where Obama is particularly vulnerable. His decision to nix the popular Keystone pipeline earlier this year signaled antipathy toward one of America’s strongest industries while doing nothing to help the environment; it was lambasted as a pointless blunder by observers on both sides of the aisle.” “
Does anyone notice a pattern here ? It pays handsomely to be a friend of Obama .
“New disclosures show that one of President Obama’s bundlers is the wife of an executive at an energy company that received a more-than- $1.2 Billion Department of Energy (DOE) loan guarantee for a solar power plant.
Arvia Few is a bundler for the Obama re-election campaign who has promised to raise between $50,000 and $100,000. She began bundling for Obama in the first quarter of
Her husband , Jason Few , is an executive at a company that has benefited handsomely from the Obama administration’s clean energy spending, records show. “
$500,000,000.00 a thousand words .
Thanks to a sharp eyed reader over at Legal Insurrection
This crowd really needs to be shown the door . I’m embarassed to say that the Republicans are hip deep in this sleight-of-hand deceit .
TERM LIMITS NOW-ONE AND DONE !!!
“The use of commemorative coins to steer money to pet projects is nothing new, as Heritage Action’s Ashe Schow noted this morning. From 1982 to 2009, the U.S. Mint has produced 92 such coins – a rate of 3.4 coins per year. But the 112th Congress alone has introduced 14 commemorative coin bills, a significant uptick.”