Free Republic

Danielle, who is my right hand assistant that manages my life, pointed out to me that born on today which is called “Pi Day” in most math classes was none other than Albert Einstein (March 14th, 1879 – April 18th, 1955). While he taught in Princeton, I was far too young to have ever met him. Although his IQ score was 160, there are many others who score much higher in different fields. Yet the key to Einstein’s mind lies not in his theory of Relativity, but in his Five Maxims for Achieving Excellence. 1. Imagination is more important than...

While talking about capitalism last week, former U.S. Vice President Al Gore got it right. Sort of… On Thursday, he said this about the United States’ economic structure: “While we believe that capitalism is fundamentally superior to any other system for organizing economic activity, it is also clear that some of the ways in which it is now practiced do not incorporate sufficient regard for its impact on people, society and the planet.” Taken by itself, that statement is completely true: Capitalism is the best economic system available, and the version America has been practicing for years is badly flawed....

General Motors told 1,300 employees at its Detroit-Hamtramck factory that they were being “temporarily laid off” for five weeks as the company halts production of the Chevrolet Volt, the Detroit Free Press reports. “Even with sales up in February over January, we are still seeking to align our production with demand,” said GM spokesman Chris Lee. “We needed to maintain proper inventory and make sure that we continued to meet market demand,” he told The Hill in a phone interview.

NASHUA, N.H. - (AP) -- President Barack Obama, turning his political sights on snowy New Hampshire, demanded that Congress eliminate oil and gas company subsidies that he called an outrageous government "giveaway." Though politically a long shot, the White House believes the idea resonates at a time of high gasoline prices. "Let's put every single member of Congress on record: you can stand with oil companies or you can stand up for the American people," Obama said. The president also said GOP charges that his policies are driving up gas prices won't pass "a political bull-detector" test and pointed to...

Plunging deeper into the farce-hole, the FT reports tonight that Obama's foreclosure settlement with the banks over their improper seizure of tax-paying US citizens' homes will in fact be subsidized by those very same US taxpayers. It is a hidden clause (that has not been made public yet) that allows the banks to count future loan modifications under the $30bn (taxpayer funded) HAMP initiative towards their $35bn agreement to restructure obligations under the new settlement. As the FT goes on to note, BofA will be able to use future mods made under HAMP towards the $7.6bn in borrower assistance it...

With sales and profits up at General Motors, proponents of the 2009 automotive bailout for GM (and Chrysler) now assert the taxpayer-financed rescue was a success. In a visit to Michigan in late January, U.S. President Barack Obama argued the deal saved jobs. Canadian politicians, including Finance Minister Jim Flaherty, who last summer incorrectly asserted taxpayers received all their money back, have made similar boasts. Given the revisionist history in play, let’s place that 2009 deal in proper ­context. It’s no surprise that GM and Chrysler are doing better. Relieve any company of its debt through bankruptcy and stuff it...

President Barack Obama, whose economic acumen was shaped by left-wing, Big Government ideologues, wants to fix the housing market mess that government, in large part, is responsible for creating. His plan to tax big banks to raise money to guarantee refinanced loans for existing homeowners to lower their monthly payments is fundamentally flawed, almost certainly won't pass Congress, but it is political pandering of the first order. In an election year, is anyone surprised he would push something he knows won't happen while positioning himself as Rescuer-in-Chief? He can always blame Congress when it doesn't come to pass. The rest...

Ex-President George W. Bush tells auto dealers he'd bail out automakers again

Refinancing mortgages... a plan pushed by Glenn Hubbard, Dean of Columbia business school, also a top economic advisor to GOP hopeful Mitt Romney.

Detroit - Factory workers at Chrysler are getting $1,500 profit-sharing checks next month, a sign the automaker’s turnaround is succeeding. About 26,000 union-represented workers in the U.S. should get the payments, according to Chrysler’s contract with the United Auto Workers union. The profit-sharing figure is based on an Associated Press analysis of company earnings, and the labor contract formula for profit-sharing. Chrysler would not say how much the workers will get. But the formula in its new four-year contract with the UAW shows that the checks will be about $1,500. The checks are based on Chrysler’s $2 billion operating profit

Washington - Lest anyone doubt his solidarity with the American blue-collar worker, President Obama left the office Tuesday afternoon and spent some quality time with a Camaro. He never cranked up the stereo and took it for a spin, of course, but rather admired it on the showroom floor of the Washington Auto Show. But the photo op with the classic American muscle car gave Obama the chance to brag that the 2009 bailout he pushed through Congress ended up saving the big automakers. “The U.S. auto industry is back!” Obama declared. Cars are becoming a regular talking point for...

In an exclusive interview with ABC News, President Obama today acknowledged that he has made mistakes during his presidency but defended the steps his administration has taken to create jobs and improve the economy. "I second-guess constantly… I make a mistake, you know, every hour, every day," he told ABC News' Diane Sawyer, laughing. "There're always things that you're learning in the job. And I have no doubt that I'm a better president now than the day I took office just because you get more experience. But when you look at the broad outlines of what we did, had it...

WASHINGTON (AP) - A government watchdog says U.S. taxpayers are still owed $132.9 billion that companies haven't repaid from the financial bailout, and some of that will never be recovered. The bailout launched at the height of the financial crisis in September 2008 will continue to exist for years, says a report issued Thursday by Christy Romero, the acting special inspector general for the $700 billion bailout. Some bailout programs, such as the effort to help homeowners avoid foreclosure by reducing mortgage payments, will last as late as 2017, costing the government an additional $51 billion or so. The gyrating...

Rumor has it that in a matter of days, after months of negotiation with big banks, the White House may announce a settlement that would let the banks off the hook for their role in the foreclosure crisis -- paying a tiny fraction of what's needed in exchange for blanket immunity from future lawsuits.

Less than two years after emerging from bankruptcy,General Motors Co.has regained the title of the world's largest automaker. GM's worldwide sales rose 7.6% to 9 million vehicles in 2011. The Detroit manufacturer last held the top spot in 2007 before it was surpassed byToyota Motor Corp.the next year. Chevrolet, GM's flagship brand, set a record by selling nearly 4.8 million vehicles. That was more than what many entire auto companies posted in sales last year, including Nissan and Honda. "It is an accomplishment that GM has been able to reverse the tide in the U.S. and Asia, and they are...

Mitt Romney told CNBC Wednesday that he’s happy to have a debate about private equity alleged role in killing American jobs — because President Obama also forced companies to shed jobs at car dealerships during the auto bailout. So it is somewhat ironic that Romney’s former firm, Bain & Company, was among the private consulting firms that advised the Obama auto bailout team. And what did Bain recommend? Cutting dealerships. Romney’s ties to Bain Capital and its predecessor firm Bain & Company have come under scrutiny in recent days as his GOP rivals accuse him of “vulture capitalism” that made...

Romney has said that Obama is putting free-enterprise on trial and that some in the GOP are joining him? What? This is according to the un-aired ad "Bain & Co: The 1994 Ad By Sen. Ted Kennedy Which Will Floor Mitt RomBOT In 2012": The day Romney took over at Bain, "he had his predecessor fire hundreds of employees." The company was rescued with "a federal bailout of $10 million dollars." "According to the Globe, Romney's company failed to repay at least $10 million to a failed bank and the rest of us had to absorb the loss. Romney abd...

On the heels of his decisive victory in the New Hampshire primary, Mitt Romney took the attacks on his private sector record used by GOP rivals and turned them against President Obama. Romney’s critics have accused him of destroying jobs in order to increase profits for his investment firm, Bain Capital, but speaking Wednesday on CBS, Romney said that what he did was no different from the Obama administration’s auto industry bailouts. “In the general election I’ll be pointing out that the president took the reins at General Motors and Chrysler – closed factories, closed dealerships laid off thousands and...

I'm just curious - which of the Candidates will pledge that they will not allow ANY bailouts ? No bailouts of private equity, hedge funds, pension funds. Private equity has, according to Zerohedge today, enormous amounts of debt coming due in the next few years, debt that funded buyouts of businessness that are floundering. European sovereign debt and banking bubbles look like they will cause bankruptcy of some kind in the American financial industry. Mr. "frontrunner" Romney; will he pledge no bailouts ? Mr. Ron Paul probably will - but he apparently is intent on knocking out all other Republican...

It wasn't really a TARP style bailout -- worse -- Romney's Bain placed a $10 million dollar liability with the taxpayers. All this while he benefited $4 million dollars directly. “The way the company was rescued was with a federal bailout of $10 million,” the ad says. “The rest of us had to absorb the loss … Romney? He and others made $4 million in this deal. … Mitt Romney: Maybe he’s just against government when it helps working men and women.” The facts of the Bain & Co. turnaround are a little more complicated, but a Boston Globe report...