Michigan Crony Capitalism: Secret Spending

A crony capitalism agency of the Michigan state government has hidden their expenses on their own authority. It is pretty amazing that our state governments pretend that taking taxpayer money and giving it to huge corporations is in the public interest and the legitimate power of the state. But it is even more amazing when such a department of crony capitalism (i.e. pseudo-capitalism) makes its work—which is allegedly so good for the economy—a state secret. Back in 2009, the Michigan Economic Read more […]

US Auto Bailout Forced US Taxpayers To Prop Up Failing Italian Company

Do we really need any more examples of why the government should never be allowed to meddle in companies that just need to go bankrupt? Oh, why not one more. From the Open Market blog: In the 2009 deal overseen by the Obama administration’s auto task force, Fiat paid no money to acquire its initial 20 percent stake in Chrysler — only contributing some of its intellectual property, instead. Fiat would later pay $2.2 billion to raise its stake in the company to 58.5 percent. Continuing the 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 […]