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Posts Tagged ‘Bailout’

Bailout Bummer

4/06/09 - Posted by Christopher Reinhard under Economy

While money does not grow on trees, it would appear that the federal government is still quite confused about that bit of information. What’s more, they appear to be quite confused that such mythical money trees do not actually exist inside the wallets of taxpayers, because recent studies by government financial analysts suggest an increase in the net cost taxpayers will incur when the new budget drops—from a pocket-change estimate of $189 billion to over $350 billion. If you are reading along, you will recognize that we are officially screwed.

While the outlook is bleak, it has been announced that some of this cash will be used to help out homeowners who’ve slid closer to foreclosure, as well as to return money to individuals whose banks have gone under. So, that’s good. In the meantime, we’d suggest some of our older readers get around to thanking their children, their grandchildren and their supposed great-grandchildren for bailing them out over the next fifty years or so.

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Stimulate Me: $838 Billion Bailout is Official

2/11/09 - Posted by Evan Kessler under Economy, US

Not since Bob Dole stumped for Viagra has there been this much ado about the government’s need to bring about a rise in the good fortunes of the American Public.

In hopes of lifting the nation from it’s financial doldrums, the United States Senate has finally passed the long-awaited, long-debated stimulus plan to combat the nation’s worst financial crisis in decades. The $838 Billion bill garnered the favor of only three Republicans en route to a 61-37 margin of passage, as a spirit of partisanship continued to mar the institution of government despite President Obama’s efforts to make both the Dems and the G.O.P. play nice in this time of crisis. While the bill did pass, further negotiations took place late last evening to get the figure down around $790 Billion, forcing both sides to make compromises. Included in the concessions: a cutback on a $35.5 billion proposal to provide a $15,000 homebuyer tax credit that the Senate had approved the week before, and a several more nitpicky edits. For instance, the Republicans really wanted the Meat Lovers pizza to tide them over during the late night session, but the Dems outvoted them in favor of a more practical plain pizza with no extra cheesy bread, saving the US over $1.50 a head.

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A Chrysler Christmas

12/18/08 - Posted by Evan Kessler under Economy, US

If a tree falls in the forest and no one hears it, does it make a sound? If Chrysler halts production and no one had their heart set on a 2010 LeBaron, did it actually happen? The answer to both of those questions is unequivocally “yes!”

The automobile manufacturer who also controls both the Dodge and Jeep brands has announced they’ll be halting their assembly operation for the month of January, placing the blame on “”continued lack of consumer credit for the American car buyer” as the reason for the measure. The move makes them the final of the big three U.S. automakers to do so. The halt will give 46,000 employees a hefty dose of free time this holiday season as the last day of work for all 30 of the company’s plants will be this Friday. The earliest the employees might return is January 19th, but it’s all dependent on the progress of the Bush Administration’s attempts to solidify a bailout plan.

Sounds like Chrysler workers will get plenty of time to go on an awesome holiday vacation provided they actually have enough money to do so, which they probably don’t. On the bright side, the employees will be receiving paychecks, though not for their full amount, thanks to a combination from contributions from State Unemployment and the Chrysler Corporation. While it’s slightly hard to believe, Chrysler dealers have said that demand for their product is high, and that one of the main hindrances to sales has been “a lack of financing.” That just goes to show you, not everyone has the luxury of being SAVED BY ZERO.

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Bailout Failout

12/12/08 - Posted by Evan Kessler under Economy

Not so many days ago, the auto industry hopped in their 2003 Ford Aerostar and high tailed it to Washington D.C. to reap the benefits of a $14 Billion bailout. They packed light as they were going to need plenty of the minivan’s available rear storage space for the heaps of cash they were going to be bringing back to Detroit. Unfortunately, they forgot to stop for gas (a.k.a., love from the GOP), and were metaphorically forced to pull over to the side of the road when Congress nipped the plan to rescue the U.S.’s big three automakers in the bud.

Both the White House and Congressional Democrats had endorsed the move, but the plan’s demise was ultimately due to the refusal by many Republicans to back a measure that didn’t ensure that the United Auto Workers would accept wage cuts (which is some ways made their salaries resemble that of the U.S. workers toiling in the factories of Japanese carmakers). The bailout failure puts both GM and Chrysler on the brink of collapse despite Lee Iacocca’s fervent pleas to the American public to “buy a Chrysler!” Meanwhile, the current administration continues to seek alternatives to serve as savior to the cash strapped car companies, though President Bush probably just wishes he could close his eyes and wake up on January 20th.

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Detroit Drives (or Doesn’t) Another Stock Market Dive

11/19/08 - Posted by Abdullah Saeed under Economy, US

The stock market took another dive today as stockholder fears over the fate of Detroit’s automakers took their toll.

Earlier this week, the US auto industry collectively cringed as democrats and the White House battled over which massive pot of taxpayer money to waste on bailing out suffering American automakers. The dispute may lead to a stalemate, delaying the allocation of funds and threatening to leave the affected companies with nothing but their unsellable cars.

While democrats favor carving out a nice chunk of the recent 700 billion dollar bailout (known as Troubled Asset Relief Program, or TARP to its friends), the GOP wishes to utilize the 25 billion dollar Department of Energy loan program to aid the troubled industry. Those members of congress who suggested allowing the market to “do its thing” and avoid throwing vast sums of money into a pit of fire and twisted metal were politely asked by the majority to go to hell.

A divided vote in the houses of congress have led to a lame duck session, which will purposely reconvene Wednesday to continue being lame. No prospects of a vibrant, no-nonsense duck putting its foot down and making a decision are apparent, but in an unrelated story, my Hyundai Sonata is extremely fuel efficient and has an excellent warranty.

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