Just Say No to the Taxi Bailout

A New York City monopolist wants a taxi bailout because he is too big to fail. The great news here is that innovative technology led to legal loopholes that, for the first time in ages, brought competition to the taxi monopoly. As a result, we are about to see our first major failure of the old business. Thus, the New York Times reports, A medallion’s value is determined by the expectation of future taxi revenue. The real income generated by medallions is affected by competition from Uber, Read more […]

Bank of America Crimes Are Taxed, not Punished

How should we think of Bank of America crimes? Pretend for a moment that you’re a master-criminal, or a major national or international banker (but I repeat myself), and you make trillions of dollars from swindling others. Then, the big, bad sheriff Eric Holder comes to town–ropes you into court–and hits you with a $17-billion fine, but no jail time. Think you’d change anything about how you do “business”? Of course not. [See also, “Sorry ‘Distressed Borrowers,’ Politicians Steal Read more […]

All Michigan Residents Are Being Hit Up for Detroit’s Financial Failure

Detroit had many good years. People found jobs there and wanted to locate there rather than anywhere else in Michigan. Now that is no longer the case. But there was a time when many locations in Michigan could not attract businesses to their areas because they could not offer all that Detroit had to offer. So now these places that lost business to Detroit are going to be forced to help out Detroit. From the Detroit Free Press: “Gov. Rick Snyder ‘looking forward’ to bill signing Friday to Read more […]

The Insurance Bailout is Here!

The L.A. Times announced it by reporting that conservatives were “calling it a bailout.” Right, because when you are confronted by a government giving taxpayer money to an industry that might otherwise go bankrupt, it is really a matter of debate as to whether such an action counts as “a bailout.” The Obama administration has quietly adjusted key provisions of its signature healthcare law to potentially make billions of additional taxpayer dollars available to the insurance industry if Read more […]

Tea Party Candidate Trying to Protect Republican Brand from Major TARP Villain

  I have no idea if Tim Donnelly has a chance of beating Jerry Brown or not. I don’t have much of an idea of how good a governor he would be. It is hard to imagine him being worse than Brown. My main worry is I don’t see why anyone would want the responsibility of trying to fix California. Financially, it looks like mission impossible. But the “mainstream” Republican contender makes me sick at my stomach. Did everyone else know that Neel Kashkari identified himself Read more […]

Irony: Bailing Out Ukraine Might Make Russia Richer

Amid all the turmoil over Ukraine, politicians in the United States are thinking seriously about giving the country some kind of “bailout.” As CNBC explains, Ukraine has been in a recession since the middle of last year, and its economy has been hit by deflation. The Ukraine government said last month that its budget deficit rose 21.2 percent in 2013 over 2012. In response to its economic struggles and Russia’s invasion of the Crimea, the European Union on Wednesday said it’s ready to give Read more […]

Charles Krauthammer Confirms Coming Insurance Bailout

Since I posted about this back when Megyn Kelly first brought national attention to the story, I think it is good to point out confirmation about the implications I spelled out. Charles Krauthammer recently declared that a bailout of the insurance companies is the inescapable plan of Obamacare. From CNS News: President Obama, by issuing new rules that erode Obamacare’s “financial structure,” is putting the health insurance industry – and taxpayers – at risk, author and conservative political Read more […]

Government Motors Ends For Now: $10.5 Billion Doesn’t Cover Taxpayer Losses Over GM Bailout

The loss that is being reported is actually a whitewash. We don’t really know just how much we lost when the Treasury Department “bailed out” General Motors by buying its stock. The LA Times gives us the official version of the story: The federal government on Monday sold its remaining shares of General Motors Co. stock, ending the controversial $49.5-billion bailout of the automaker with an approximately $10.5-billion loss for taxpayers. “This marks one of the final chapters in the administration’s Read more […]

Trillion-Dollar Student Loan Industry to be Bailed Out by Taxpayers

The government’s problem-reaction-solution strategy to buy votes was summed up best by the late libertarian Harry Browne: “The government is good at one thing. It knows how to break your legs, and then hand you a crutch and say, ‘See if it weren’t for the government, you wouldn’t be able to walk.’” The government deliberately causes problems in order to elicit their desired reaction from the public and then offers their “solutions” that will inevitably earn politicians the undeserved Read more […]