By Robert Romano — The embattled creditors of Greece, Portugal, Ireland, and other troubled sovereigns breathed a collective sigh of relief as Germany has overwhelmingly approved those creditors’ next round of bailouts. But not so fast. It’s not over yet. “It is not at all excluded that the retrofitted European Financial Stability Facility, which is incomparably more dangerous than the [...]
By Bill Wilson — Tucked away in the $447 billion so-called jobs bill — which won’t create jobs — is yet another bailout of bankrupt states like New York, Illinois, and California. This time, the bailout totals $140 billion. This comes atop $145 billion states got out of the original Obama “stimulus”, and $26.1 billion in Aug. 2010 — all [...]
By Howard Rich – Last week a gleeful American press corps celebrated the most recent “European” bailout of Greece. In fact, one major wire service blissfully concluded that this $230 billion infusion of cash would “end the region’s debt crisis.” Of course such unfounded optimism is laughable — as anyone following the sovereign debt debacle in Europe is well aware. [...]
By Bill Wilson – It’s the second time within a month, but I agree with the New York Times’ Paul Krugman. This time, he writes that “bankers and wealthy individuals with lots of bonds in their portfolios” can count on the government to “protect the interests of creditors, no matter the cost”. Now, we would certainly disagree on which policies [...]
By Frank McCaffrey – Our nation is in a debt crisis, yet our President is working to help Greece with its debt. This may seem absurd, that’s because it is absurd. ALG’s Robert Romano explains how this “Big Fat Greek Bailout” is a “Big Fat Greek Mess.”
No surprise here, but taxpayers are definitely losing money on the bailout that was engineered by Obama and Bush for General Motors. As Shikha Dalmia wrote at Reason (bold text done for emphasis): …Bloomberg’s survey of 21 auto analysts put the average projected price for GM at $42.85 per share a year from now. This means that, outside of miracle, [...]
By Bill Wilson -In April, the people of Iceland went to the polls, decisively rejecting a bailout of British and Dutch investors who lost billions in the Icesave bank in 2008. Iceland is the rare example of a nation that allowed its banks to fail in the wake of the financial crisis. Now it appears to be an example for [...]
By Robert Romano – A taxpayer revolt in Europe, which most recently struck in Iceland, has now swept into Finland as well. There, the True Finn party has come out of nowhere to take control of 39 seats in that nation’s parliament in the April 2011 election. The party won on an anti-bailout message. This makes them the third largest [...]
By Robert Romano – It’s a perfect economic storm, and the clouds that are gathering now will have grand implications for 2012. Three mortal dangers imperil the U.S. economic Ship of State — and Barack Obama’s hopes at reelection, as each of them calls into question the Keynesian policies he has implemented. First up are crashing housing prices. On April [...]
by PattyShirey
