From the Right Side of Campus

Category: Massive Bailout Madness

Shocker: Chrysler Won’t Repay Bailout Money

There goes that cash… straight down the money pit. But, hey, what’s $7 Billion among friends. Especially nowadays: Chrysler LLC will not repay U.S. taxpayers more than $7 billion in bailout money it received earlier this year and as part of its bankruptcy filing. This revelation was buried within Chrysler’s bankruptcy filings last week and confirmed by the Obama administration Tuesday. The filings included a list of business assumptions from one of the company’s key financial advisors in the bankruptcy case. Now, a pessimist might say that the bailout money has gone down the black hole that these failing companies

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Chrysler Expected to Fail Despite Bailout

Well, there’s absolutely no way anybody could have ever seen this coming. There was no way to ever predict anything like this. No posible way to figure out that the massive bailout madness would backfire and leave the tax payers holding the tab. Who would’ve thought that the brilliant thinking behind all of this could have turned out to be idiotic? But none the less most analysts now expect Chrysler to fail despite the massive amount of cash the government has thrown their way. These hideous numbers, reported by the Associated Press, tell the story of the idiocy that is

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Bank of America Gives in to Squatters

In an incredibly stupid move the Bank of America has given in to protesters who were demanding money from them despite the fact they have no legitimate reason to do so. The absurd decision to surrender to the Republic windows and doors employees comes shortly after the workers decided to occupy their old factory. The workers decried that they would not leave the factory until Bank of America, which has zero obligation to these workers, extended more loans to a company which had already gone bankrupt. So, what does this idiotic cave in by Bank of America mean for the

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Not So Shocking News: 53% of Rescued Borrowers Default Anyway

Proving that incompetent and irresponsible people will be incompetent and irresponsible no matter how many breaks you give them or how much taxpayer money you throw at them, U.S. Comptroller John Dugan revealed yesterday that 53% of borrowers with loans modified in the first three months of 2008 and 51% of those with loans modified in the second quarter could not keep up with payments within six months. Seems like pure common sense to me… a financial free pass from the government is no cure all. In fact, its little more than snake oil. But will this make a bit

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AP Cites Workers ‘Occupying’ Factory as a ‘Rallying Point’

In an article heroically chronicling the efforts of 200 union workers “occupying” their old window and door factory the Associated Press made sure to emphasize how the squatters have given the nation’s grim economy a “rallying point.” Here is how they introduced the story (emphasis added): The nation’s grim economy now has a rallying point: Employees at a window-and-door factory that went out of business have taken over the building in a siege that has come to symbolize the woes of the ordinary worker. Yes, that’s right; the AP sees a group of people who are illegally squatting on private

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Paulson to Lend Money to Anybody Who Wants it

Gosh, doesn’t this sound familiar? The government stepping in to let just about anybody borrow money regardless of their circumstances. In fact, I’m relatively sure this is exactly what caused the problem in the first place. Ummm, yea, actually I’m completely positive of that. Hmm lets think back to the first presidential debate when Obama claimed that deregulation was the cause of our economic ills. Here was my reaction then: “Deregulation, Obama? Are you kidding? Was it deregulation that created organizations to give people loans that clearly weren’t qualified for them and never would have received them otherwise? Was it

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Forbes: Bailout Costs 5 Trillion… So Far

Yup… you read that right. 5 TRILLION dollars. So far… I recommend taking the time to go through and read every last detail in this article because there are little spending gems hidden throughout. Gems that you, most likely, wouldn’t hear about otherwise. But the best part of this has to be the results… or, more accurately, the complete lack there of. After all lending between banks, which the government tells us is the most important problem, is still frozen even after interest rates have been cut by more than half. And it would appear the much touted bailout bill

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