Filling the Federal Reserve Board Vacancies?
(See updates below, 2/13, 2/24, 6/12, 6/15, 7/27, 8/12, 9/8.) Five of the most important appointments Donald Trump will make during his first year in office will be to fill three vacancies on the Federal Reserve Board, to reappoint or replace Janet Yellen as Federal Reserve Board Chair, and to designate one of the...
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Skarbek and Shughart Interviewed on Budget & Tax News Podcast
MyGovCost.org Director and Independent Research Fellow Emily Skarbek was a guest on the Heartland Institute’s Budget & Tax News podcast. Click to listen to her commentary on the roots of our current spending crisis, what’s at stake in the Congressional budget war, and how to use the Institute’s very timely and user-friendly Government Cost...
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News Item: Nearly 100 Banks Benefiting from TARP Are on the Brink of Collapse
According to the Wall Street Journal’s Michael Rapoport (“Bailed-Out Banks Slip toward Failure”, 12/27/2010, p. C1), 98 U.S. financial institutions, which collectively were granted $4.2 billion in handouts under Washington’s Troubled Asset Relief Program (TARP), are in danger of going belly-up. The commercial banks imminently in peril, such as the Legacy Bank of Milwaukee...
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The Benefits of TARP
The Congressional Oversight Panel evaluating the Troubled Asset Relief Program (TARP) concludes “...that the public ‘stigma’ surrounding the Troubled Asset Relief Program has constrained policy choices and may make it politically impossible to take similar rescue actions in the future,” according to this article. The Panel’s report says, “Popular anger against taxpayer dollars going...
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Richard Fuld: Multi-Millionaire Whiner
Richard Fuld, who was CEO of Lehman Brothers when it went bankrupt in 2008, blames federal regulators for not rescuing his firm, which pushed it into bankruptcy. Since when is it the government’s job to save firms from their own mistakes and keep them out of bankruptcy? Fuld accurately notes that the federal government...
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Robert Higgs on Fox News: The Folly of Obama’s Spending Spree
Independent Institute Senior Fellow Robert Higgs is interviewed here by Judge Andrew Napolitano on Fox News’ program, “Freedom Watch,” regarding the utter folly of the gigantic federal spending programs first started under George W. Bush and now enormously expanded by Barack Obama and the U.S. Congress. Prolonging the recovery amidst enormous economic confusion and...
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Bank of America Settlement on Hold
In a blog post last week I questioned the fairness of the $33 million settlement Bank of America had agreed to with the SEC for concealing information related to its merger with Merrill Lynch. Now U.S. District Court Judge Jed Rakoff has put that settlement on hold, saying he is not convinced the settlement...
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The Obama War on Transparency Continues
Read about and listen to Neil Barofsky, a lifelong Democrat and Obama donor put in charge as watchdog over the TARP. TARP is a fitting word for DC-style “transparency,” as a tarp has apparently been thrown over the entire Wall Street-Washington revolving door. For daring to point out that TARP potentially puts taxpayers on the...
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The New Economy’s New Key Indicators: Lobbying, DC Luxury Hotel Occupancy Up
An article in today’s Wall Street Journal, “Federal Intervention Pits ‘Gets’ vs. ‘Get-Nots’” provides two new key indicators of just what drives the new, new economy: government largesse. Government spending as a share of the economy has climbed to levels not seen since World War II. The geyser of money has turned Washington into...
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