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The Real Cost of the Auto Industry Bailout
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Blog

The Real Cost of the Auto Industry Bailout

Today, Politico’s Arena featured an online debate over the results of the automobile industry’s bailout. Many of the contributors have hailed the bailout as a success due to the perceived growth in the auto industry and, namely, in Michigan, Ohio, and Pennsylvania.

07/30/2010
Key Vote "NO" on the Motion to Invoke Cloture on Dodd Amendment No. 3739
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Press Release

Key Vote "NO" on the Motion to Invoke Cloture on Dodd Amendment No. 3739

Dear Senator:    

05/20/2010
Protest the Next Big Bailout: Scottsdale, AZ Thursday
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Protest the Next Big Bailout: Scottsdale, AZ Thursday

If you aren't otherwise occupied earning a living, FreedomWorks is looking for some patriots who might be up to a little protesting of cap and trade outside the Edison Electric Institute's board of directors and CEOs meeting Thursday morning at the Fairmont on East Princess Drive.

01/06/2010
FHA in Financial Hot Water?
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FHA in Financial Hot Water?

Friday’s Wall Street Journal features an article outlining concerns over the Federal Housing Administration’s (FHA) financial viability.  The article points out that FHA currently insures 23 percent of the loans in the housing market up from 2.7 percent in 2006.  7.8 percent of FHA loans at the end of the second quarter were 90 days late or more or in default.   Federal law says the FHA must maintain reserves equal to 2 percent of the loans insured and the ratio has fallen to 3 percent last year down from 6.4 percent in 2007.

09/08/2009
Take Me Out to the Bailout
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Take Me Out to the Bailout

A Winston-Salem businessman is asking the city to pay an additional $15.7 million to foot the bill for his unfinished stadium after a business deal fell through.  This comes on top of the $12 million the city already gave the project and will mean taking on $12.7 in debt.  You can read about the saga here and here.

06/18/2009
Key Vote "No": H.R. 2346
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Press Release

Key Vote "No": H.R. 2346

On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to vote “No” on the war Supplemental Appropriations Act of 2009 because the bill includes a $100 billion International Monetary Fund (IMF) bailout.  The bill contains funding for other projects that should not be used as a vehicle to ram IMF funding through Congress.  Using this method to get the IMF funding passed is dirty Washington politics and law makers should reject it.

06/03/2009
The arrival of Government Motors
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The arrival of Government Motors

For those of you interested in my view on GM's bankruptcy and the future emergence of Government Motors, please see my article at HumanEvents.com.  (My agreement with Human Events does not permit me to post the text of the article here.)see “GM Bankrupt: Obama Takes Over", Ross Kaminsky, HumanEvents.com, 6/1/09 http://www.humanevents.com/article.php?id=32085

06/02/2009
Chrysler and Sacrificing for the "Greater Good"
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Chrysler and Sacrificing for the "Greater Good"

A blog post over at the Foundry by James Gattuso, helps reveal the Troubled Asset Relief Program (TARP) as a delegated blank check to Administration bureaucrats.  Check it out here.  Some excerpts:

05/04/2009
No more bailouts, Br'er Durbin?!?
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No more bailouts, Br'er Durbin?!?

Last week brought a rare victory for the free markets and the sanctity of private contracts: By a 51-45 vote, the Senate defeated a measure championed by Democratic Senator Dick Durbin (Illinois) which would have allowed judges to reduce the principle amount of a mortgage on a primary residence during a bankruptcy proceeding. Twelve Democrats, including Arlen Specter, voted against the plan.

05/03/2009
Fed Losing $9.6 Billion in AIG, Bear Stearns
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Fed Losing $9.6 Billion in AIG, Bear Stearns

As of Dec. 31, the Federal Reserve faces $9.6 billion in unrealized losses on $74 billion in assets from Bear Stearns and AIG.  An unrealized loss represents the current value of the asset versus its face value.  The central bank will realize the losses if the principle is not returned.  According to Bloomberg, "The central bank lent $2 trillion to financial institutions and has not disclosed information about most of the collateral backing those loans."  While it's unlikely that all $2 trillion of the collateral the central bank has accepted is as risky as the assets taken from Bear Stearns and AIG, the Fed may still face substantial risk.  

04/24/2009

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