Asian Conservatives

If Adam Smith, father of modern economics, were alive today in America, he’d have a heart attack. We are facing a national debt crisis that’s unprecedented in size and scope: $12.3 trillion (link warning: may cause sudden depression). Each citizen is responsible for about $40,000 of it. Well, we all know that most Americans do [...]

Apparently $12 billion wasn’t enough to keep GMAC afloat, and now it’s asking the Treasury Department for more bailout money. The government and taxpayers already own 35% of the company. It continues to bleed: GMAC, which lost $3.9 billion in the second quarter of this year, got into financial trouble largely to many sub-prime mortgages [...]

So deep down I’m okay with President Obama winning the Nobel Peace Prize. The peace prize has lost its prestige long ago when the likes of Carter and Arafat and Gore received it. The peace committee is obviously agenda driven, and that agenda has no relation to peace. At least President Obama didn’t win the [...]

Kenneth Feinberg, the Treasury Department “pay czar,” ordered a major reduction in the compensation of top earners at Wall Street firms which received TARP funds: The plan, for the 25 top earners at seven companies that received exceptional help, will on average cut total compensation this year by about 50 percent. The companies are Citigroup, [...]

The federal government continues to spend more than it takes in and continues to implement policies that do nothing to create positive economic opportunities in the long term. For the month of July, the U.S. deficit grew by $181 billion! Because of the recession, tax revenues have significantly decreased from households as well as corporations. [...]

This is not good at all. The Obama administration and Congress have insisted on spending more money to rescue our failing economy, in turn letting the nation take on billions of dollars in debt in hopes that foreign countries like India and China would finance the U.S. out of this recession. But if recent Treasury [...]

For the first time ever, the federal deficit has reached $1 trillion and could balloon to even more. The depressed economy means much lower tax revenues from families and corporations, add on to the fact that we’re still fighting a war in Afghanistan, plus a $700 billion in financial bailout and a $787 billion stimulus [...]

Our Treasury Secretary, not Secretary of State Clinton, is visiting China to calm Beijing’s nerves about the once-mighty U.S. dollar. As of first quarter China holds a record $768 billion of U.S. Treasuries, and the Chinese are very worried about Washington’s budget deficit and liberal monetary policy causing hyperinflation down the road. After responding to [...]

Seriously, why is there even a Treasury today? The U.S. has no treasury. America has no money! Who can fathom a debt of $63.8 trillion?! According the Treasury’s website, its mission is: Serve the American people and strengthen national security by managing the U.S. Government’s finances effectively, promoting economic growth and stability, and ensuring the [...]

In recent years more American businesses and wealthy individuals have moved their money into offshore havens and foreign banks to escape the tax consequences at home. The Obama administration sees this as a big problem — possibly more of a “fairness” issue rather than a tax issue — and will soon release extensive plans to [...]

The Treasury Department announces FinancialStability.gov: a website dedicated to bringing transparency and clarity to the immensely complex problems in the financial system and the President’s plans to address them. If Geithner cannot explain it on TV, how can he explain it on a website? I’d rather all that money, time, and energy spent on creating [...]

Not wasting a good crisis, indeed! Team Obama could seek more power for the Treasury Department to seize non-bank financial companies like insurers, hedge funds, etc. Currently only banks can be seized by the government. This is a dangerous path. What’s next? Nationalization of the oil companies? Share and Enjoy:

The fury over AIG executive bonuses is now snowballing towards the White House, Congress, and all those in between who’d voted for the stimulus bill. Apparently the infamous stimulus allowed for executive bonuses that so many are ticked off about. And the man who’s receiving most of the finger pointing? None other than Sen. Chris [...]

First, it was Rep. Connie Mack (R-FL). Now Rep. Derrell Issa (R-CA) also calling for the Treasury Secretary’s resignation: “As one of the chief architects of the AIG bailout, Secretary Geithner was in a position to do what any lender of the last resort would do – negotiate concessions from AIG. Secretary Geithner either didn’t [...]

Poor Timothy Geithner. The Treasury Secretary is working alone, day and night, in the fight to straighten out the economy. He has no deputy secretary, no under secretaries, and no deputy under secretaries. Annette Nazareth, the expected pick for deputy secretary, has withdrawn her name. So has Caroline Atkinson, Geithner’s choice for undersecretary for international [...]