We have all seen this headline before, but one would think that in the midst of an extraordinary time in our history, some extraordinary measures would be taken. Instead, the Democrats in Congress are about to take the Bush recession and turn it into their own. Instead of utilizing new thinking to weather [...]
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The Securities and Exchange Commission said Tuesday night that it had missed repeated opportunities to discover what may be the largest financial fraud in history, a Ponzi scheme whose losses could run as high as $50 billion. The commission said it received credible allegations about the scheme at least nine years ago and will immediately open [...] Stock intended to eventually earn taxpayers a profit as part of the Bush administration’s massive bank bailout has lost a third of its value — about $9 billion — in barely one month, according to an Associated Press analysis. Shares in virtually every bank that received federal money have remained below the prices the government [...] “By proactively addressing the problems we saw coming and being pragmatic enough to change strategy in the face of changed facts and despite the inevitable criticism — we prevented a far worse financial crisis.†What Hank Paulson calls pragmatism, I call making it up as he’s going along. After receiving $700 million for the [...] “The crisis was not a failure of the free market system. And the answer is not to try to reinvent that system. Many European countries had much more extensive regulations and still experienced problems almost identical to our own. History has shown that the greater threat to economic prosperity is not too little [...] “The fundamentals of the ecomomy are strong.” - John McCain “The economy has taken a turn for the worse, big time. Consumption literally caved in. It is a prelude to much worse news on the economy over the next couple of quarters. The fundamentals around the consumer are all negative, and there are no signs of any [...] |
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