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Written by Richard M. Ebeling
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Friday, 21 November 2008 00:00 |
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The Congress has passed and the President will sign a new increase the the number of weeks that the unemployed workers may collect state and federal unemployment compensation. Lost in the shuffle is something very important: Subsidizing the unemployed may very well result in those without a job staying out of the labor market even longer. |
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Written by Richard M. Ebeling
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Monday, 10 November 2008 00:00 |
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Chances are the Detroit Big Three Automakers will receive a huge bailout from the politicians in Washington, D.C. Taxpayers will be expected to pick up the tab for $50 billion or more. Not only will this be bad for hard working Americans who will bear the cost of another bailout boondoggle, it will be a big mistake for the health and future prosperity of the United States economy. |
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Written by Richard M. Ebeling
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Thursday, 30 October 2008 22:17 |
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Once the government passed the $700 billion bailout for the financial sector, it was inevitable that virtually everyone else’s hand would soon be out asking for a piece of the near trillion-dollar giveaway. Municipal and state bond insurers, for example, now have their hands out, saying that they are as important to the financial health of the economy as any of the banks that the government is buying into. They are asking for up to $1.4 trillion in state and municipal bonds to be guaranteed, along with, perhaps, an additional $900 million in corporate and other debt they insure. |
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Written by Walker Todd
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Wednesday, 29 October 2008 00:00 |
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In a series of stutter-steps that have become the hallmark of the U.S. Treasury's approach to handling the subprime meltdown, the $700 billion bailout plan passed on October 3 was quickly revamped to emulate a British plan providing capital directly to banks. This tactic harks back to the long-forgotten Reconstruction Finance Corporation of the early years of the Depression, in the waning days of the Hoover Administration. Congress enacted the Emergency Economic Stabilization Act (EESA) on October 3, 2008, and President Bush signed it into law later that day. The EESA is a bailout package for the financial services industry. The initial bailout effort focused on giving the Treasury Secretary authority to purchase assets that are so good that taxpayers cannot possibly lose very much money but that are so bad that financial institutions are desperate to get rid of them. Within days, this approach proved to be a non-starter, at least when judged by its failure to get credit markets functioning again.
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Written by Richard M. Ebeling
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Wednesday, 29 October 2008 00:00 |
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The political airwaves recently have been filled with charges and counter-charges about whether or not the Democratic Party presidential candidate, Barack Obama, is a socialist. The Wall Street Journal and Investors Business Daily both ran articles on Tuesday, October 28, quoting from an interview that Obama gave with Chicago public radio station WBEZ in September 2001. Looking back at the achievements of the Civil Rights Movement, Obama said that the Supreme Court had focused on “court-imposed remedies regarding segregation and voting rights.” But, he went on, “the Supreme Court never ventured into the issues of redistribution of wealth and sort of more basic issues of political and economic justice in society.” |
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