Corbett Daly at Reuters reports that having lost another $8.7 billion in the first quarter of 2011, Fannie Mae is now seeking another $8.5 billion in bailout funding from taxpayers, in addition to the $100 billion already received since Barack Obama became president. Mortgage finance giant Fannie Mae on Friday said it would ask…
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John Stossel at Fox Business recently hosted a superb one-hour program, “Freeloaders,” that brings up to date another program he did on the same subject at ABC’s “20/20” in 2006. In the new program, he critiques the welfare state in America and takes on major corporations, millionaire entertainers, panhandlers, Indian Reservations, and anyone on…
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Margo Thorning writes in the Wall Street Journal, “Pull the Plug on Electric Car Subsidies: They are costly and don’t do enough to protect the environment,” that the flow of taxpayer money into subsidizing plug-in electric vehicles (PEVs) is economically and environmentally harmful, a waste, and should be ended now. There are a lot…
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Central to the federal government’s creation of the sub-prime mortgage bubble and the subsequent economic collapse and recession, Fannie Mae and Freddie Mac (“government-sponsored enterprises” or GSEs) are now the target of a massive new bailout by the Obama administration of $153 billion and counting, all in the name of winding these agencies down….
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In shocking new disclosures, the Washington Post has reported in an article, “Fed aid in financial crisis went beyond U.S. banks to industry, foreign firms,” that in 2008 and 2009 the Federal Reserve created trillions of dollars in corporate welfare as secret bailouts “not just to Wall Street but also to motorcycle makers, telecom…
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In the new article on runaway spending from the Pentagon, “How Many More Trillion$ for Defense?”, Independent Institute Research Fellow Winslow Wheeler explains the dire need for effective budgetary controls over the Pentagon.� As it stands the Pentagon “is literally ‘unauditable.’” �Since Sept. 11, 2001, Congress and the Defense Department have added more than…
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As the Wall Street Journal reports in an article, “The Ethanol Bailout: EPA does the industry another big favor,” the Environmental Protection Agency has stepped in to expand the pork for ethanol producers: Scenes from a bailout: Last week, the Environmental Protection Agency decided to make the ethanol lobby’s guaranteed “market” even larger. Shares…
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The Associated Press reports that having received a $50 billion bailout in corporate welfare from the U.S. government, General Motors Corporation (GM) is giving its new CEO Daniel Akerson a $9-million pay package, the same deal received by his predecessor Edward Whitacre. Akerson is the fourth CEO in less than two years at Government…
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