200812.31
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The Miracle TARP

From Jacob Sullum at Reason: The Treasury Department has agreed to buy a $5 billion stake in GMAC, General Motors’ former financial subsidiary, to help it become a bank holding company. The money will come from the Troubled Asset Relief Program (TARP), created by the Emergency Economic Stabilization Act. Yet GMAC wants to be a bank…

200812.31
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More 2009 Predictions

From Matthew Lynn at Bloomberg: One, Britain calls in the International Monetary Fund: In the last few months, the U.K. has been a lesson in how to turn a crisis into a catastrophe. Everyone knew its debt-fuelled, financial-services-dependent economy would need a painful overhaul to develop new industries. Instead, Prime Minister Gordon Brown has embarked…

200812.30
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2009 Predictions

It’s that time of year again and everyone it seems has a list of things that could/may happen in 2009. Some of them are interesting, some of them are just plain bizarre. Here’s a few I found interesting: Doug Kass 1. The Russian mafia and Russian oligarchs are found to be large investors with Madoff…

200812.30
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Redoing Globalization

Sherle Schwenninger’s article in the Nation, Redoing Globalization, blames others for America’s problems: The root cause of this unbalanced world economy was the enormous pool of excess savings generated by China, Japan and, more recently, the petrodollar states of the Persian Gulf. This global savings glut, as Federal Reserve chair Ben Bernanke called it, helped…

200812.30
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Crony Capitalism at GMAC

John Snow may have been a lousy Treasury Secretary, but his lobbying skills are not in doubt. The government threw a little more money GM’s way last night (via WSJ): WASHINGTON — The federal government Monday deepened its involvement in the U.S. automotive industry by committing $6 billion to stabilize GMAC LLC, a financing company…

200812.29
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States May Sell Assets

States facing budget deficits are considering selling off or leasing some assets to raise cash (via USA Today): Like families pawning the silver to get through a tight spot, states such as Minnesota, New York, Massachusetts and Illinois are thinking of selling or leasing toll roads, parks, lotteries and other assets to raise desperately needed…