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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
New TARP Direction Puts Taxpayers at Risk
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New TARP Direction Puts Taxpayers at Risk

The Treasury recently announced that it may not need any more money to bail out banks aside from the $700 billion TARP money that it received already.  There is about $134 billion left of the original amount.  Instead of asking for more money, Treasury may convert the loans that it's made to large banks into common stock.  Common stock provide equity, which could help shore up bank balance sheets, but there are some problems.  

04/22/2009
Dear AIG,
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Dear AIG,

"It is with deep regret that I submit my notice of resignation from A.I.G. Financial Products." The New York Times on Tuesday ran an op-ed entitled "Dear A.I.G., I Quit!."  It's the real letter of resignation of Jake DeSantis, executive vice president of AIG's financial products unit.  Read it here.

03/26/2009
Ron Paul: Bankruptcy is Economic Stimulus
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Ron Paul: Bankruptcy is Economic Stimulus

Here is an interesting column written by Congressman Ron Paul (TX-14), making an extremely interesting case for the necessity of an AIG bankruptcy.

03/24/2009
Shocking, Just Shocking
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Shocking, Just Shocking

It seems that the quasi-constitutional TARP that has given money to institutions outside its legislative bounds, has exceeded it's Congressional authorized limit.  This comes as a surprise to just about no one. This morning it was reported that Pres.

12/29/2008

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