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 […]

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 […]

American Taxpayer Money To Foreign Electric Carmakers

Back when GM needed to be bailed out, it was considered unthinkable that America would not have its own car companies. The big three auto makers were given the status of the Statue of Liberty or the Jefferson Memorial. When Romney was running his alleged opposition to the bailout was used against him. So how can we go from bailing out American automakers to giving more taxpayer money to their foreign competitors? That is exactly what the Detroit News reveals that our government is doing, though Read more […]