CNBC is on its big-government kick again, the first real drive for the socialization of risk and the privatization of profits since the Bush-Pelosi Bailout. The subjects in the last half hour ranged from bailing out those who have mad mortgages, bailing out banks who gave bad mortgages, and also bailing out GM because they are too big to fail.
As Tom says in his latest post, controlling the knee-jerk left will be Obama’s biggest challenge, if Obama is elected President. Mortgage bail-outs can be one example. There are a lot of ways to increase affordable housing (such as subsidizing urban light rail and mass transit, which would allow more people to have apartments in the city and commute to work, without having an expensive car), and help the auto industry (such as heavily subsidizing alternative-fuel vehicles).
The other approach is to just write checks, which CNBC and many in the Democratic Party support.
If Obama wins, I hope he’s up for the challenge.
housing becoming more affordable everyday. will do so faster if government would get out of it altogether. unfortunately, the gov will not sit and do nothing as millions of BB’s watch their precious home equity go up in smoke (along w/ their 401k [not that they'll have one anyway once the dem's confiscate.]
More on corporate welfare… “GM, Chrysler Request #10 billion in aid,” [1]
The article includes the predicted sop to the labor unions:
But it seems to contain nothing about producing more alternative-energy fuel-efficient vehicles.
[1] http://www.reuters.com/article/topNews/idUSN2735477920081028?feedType=RSS&feedName=topNews
See my question here [1] on giving money to GM or Ford (I forgot to mention Chrysler).
[1] http://www.tdaxp.com/archive/2008/09/28/the-detroit-bailout.html#comment-154721
Actually here is the question:
Good news:
And even better:
Hat-tip to New York Times [1], courtesy of Calculated Risk [2]
[1] http://www.nytimes.com/2008/11/03/business/03gm.html
[2] http://calculatedrisk.blogspot.com/2008/11/report-gm-turned-down-by-government.html
Interesting, I missed that in the Sunday newpapers.
.. while at the same time, Ford is restarting production on the F-150 [1].
The global warming meme is a useful lie, but what’s really going on here is revving up a transfer of wealth (and all the harm that causes) to Putin’s Russia, Chavez’s Venezuela, etc….
[1] http://www.autobloggreen.com/2008/11/03/ford-rehiring-1-000-workers-to-build-f-150-will-buyers-with-sho/
[2] http://www.tdaxp.com/archive/2008/11/01/high-gas-prices-are-for-lack-of-better-words-bad.html