Federal Tax & Bailout 2008

In 1953, General Motors chief executive Charlie Wilson said, “for years I thought what was good for the country was good for General Motors and vice versa”.  The years have passed. Car industry watcher Robert Farago writes that “its the morning after the day of. The day General Motors admitted to the world that they don’t have enough cash to last until the end of the year. “  The first port of call for Detroit’s foundering ships was Washington, where “GM chief Rick Wagoner has been making the r

Just in case you were wondering, it looks like some of your money will be headed to Detroit in a few months: WASHINGTON (AP) — Democratic leaders in Congress asked the Bush administration on Saturday to provide more aid to the struggling auto industry, which is bleeding cash and jobs as sales have dropped to their lowest level in a quarter-century. House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid said in a letter to Treasury Secretary Henry Paulson that the administration shou

Will Obama be blamed if things don’t turn around quickly?: More Pain to Come Even if He’s Perfect, by Joseph Stiglitz, Commentary, Washington Post: This is one hell of a way to win. Barack Obama owes his victory in large measure to the prospect of the longest and deepest economic downturn in a quarter-century and perhaps since the Great Depression. … In the crassest political terms, it was good luck to have the financial crisis hit so close to the election. But Obama’s lucky streak will

(Washington, D.C., Right Commentary): This past October, the US government provided 25 billion (with a “B”) dollars to US Automakers as part of the 2008-2009 continuing resolution budget package. The hope was that the 25 billion dollars would provide a cushion to the ailing auto industry and spur them to innovate and bring new more efficient vehicles to market. And if that weren’t enough - before the money even has fully hit the automaker’s balance sheets - they’re asking taxpayers for anothe

Mid week Tim Miller and Equusearch descended on Orlando to stage the largest recovery search in US history. Their target? Little Caylee Anthony, of course, who has been missing now for 21 weeks. With over 300 team leaders and what is expected to be upwards of 3000 volunteers from 30 different states, the search began in the early morning hours with special attention being paid to specific hot spots in the Orlando area. It was reported just about an hour ago that mid morning divers uncovere

The following letter came in via comment to BabyBoomerAdvisorClub via one of our readers.  It was kind of long so it is being posted here. Thank you. ———————– Comment: An open letter to David Plouffe First and second, congratulations and thank you. You masterminded the best campaign in history for a man I have the highest hopes for. I imagine you are not done yet. I am sure that you will have something to say about the inauguration speech, and that is the subject of this letter. JFK’s bes

Volume was very light, this was more likely short covering and a very limited amount of bottom fishing. Nov 8, 2008 Market Outlook Leave a comment Custom Search A lot of stocks are incredibly low priced. The market initially tanked when OB1 started speaking and then recovered when they realized he didn’t reveal anything new or exciting. It’s pretty obvious they are just going to put together another ineffective, deficit building “stimulus” package that is going to extend un

AIG asking for more; The banks all want more 100’s of billion more. Nov 8, 2008 Market Outlook Leave a comment GM needs 75 billion more this year. AIG wants who knows what next. The banks all want more 100’s of billion more. The other insurers want bailout money. The major home builders want bailout money. This is insane. SAN FRANCISCO (MarketWatch) — American International Group Inc. reportedly is seeking a new bailout from the U.S. government less than two months after the Federal Reserve c

Spotted in Santa Monica, this is Plymouth’s ironically named Reliant wagon from the 1980s.  The Reliant, and its siblings the Dodge Aries and Chrysler LeBaron, which are probably better known in boxy sedan form, were Chrysler’s famous mid-size ”K” cars, built after Chrysler Chairman Lee Iacocca obtained a federal government loan for his nearly bankrupt company in 1979.  For a while, the K cars sold well, and were somewhat of a fixture on America’s highways.  Chrysler came back from the brink