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“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 [...] Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course — the suicidal course of declining market shares, insurmountable labor and retiree burdens, technology atrophy, product inferiority and never-ending job losses. Detroit needs a turnaround, not a check. The federal government began the new budget year with a record deficit of $237.2 billion, reflecting the billions of dollars the government has started to pay out to rescue the financial system. The Treasury Department said Thursday that the deficit for the first month in the new budget year was the highest monthly imbalance on record. [...] When President-elect Obama proposes we spend $75 billion to provide health insurance to almost every American, he is a big spending liberal that wants the government to intrude unnecessarily in our lives. When President Bush takes $700 billion in taxpayer dollars to bail out failed financial institutions, it is a patriotic act for the good of [...] “We’re not proud of all the mistakes that were made by many different people, different parties, failures of our regulatory system, failures of market discipline that got us here. We will mitigate the impact on the real economy and we’ll get this financial system working again.” The federal budget deficit hit a new record in the just-completed 2008 budget year under the latest estimates from the Congressional Budget Office. The record $438 billion for the budget year that ended last week is up from $162 billion posted last year. The previous record of $413 billion was posted in 2004. Remember when Republicans were [...] |
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