FROM Yves Smith
'Nationalizing' America's Banks: Rumors and Realities Talk of "nationalizing" America's biggest banks, like Citigroup or Bank of America , has frightened investors and caused bank stocks to decline. The Obama Administration insists the banking system will remain private, but yesterday took steps that could lead to government ownership of troubled institutions. Would that mean government management or temporary control until private capital could be raised? Could it turn into a boondoggle? If it didn't work, would taxpayers be on the hook? We get some answers.
Will Washington Rescue Detroit's Big Three? The Big Three bailout passed the House but stalled in the Senate today, even after Barack Obama warned that collapse of the auto industry would have "a devastating ripple effect" throughout the economy. In the Senate, Republicans, many of them from the South, were still saying, " No ." On this rebroadcast of today's To the Point, we hear whether regional interests are playing a role in preventing what Democrats, including Barack Obama, call a disaster of national proportions.
Will the US Get a 'Car Czar?' After a compromise between Democrats and the Bush White House, Congress passed the $14 billion Big Three bailout bill last night. Today Barack Obama said government can't stand by and watch the auto industry collapse, warning of what he called "a devastating ripple effect" throughout the economy. But in a debate on the Senate floor today, some Republicans accused the Bush White House of making a bad deal with the Democrats, including a so-called "Car Czar" they said would have too little power. Adamant those against helping Midwestern companies were Minority Leader Mitch McConnell and Richard Shelby of Alabama, both from Southern States which have subsidized non-union factories run by foreign car-makers. Are regional interests playing a role in preventing what Democrats, including Barack Obama, call a disaster of national proportions?
Trump's new look at civil rights and global warming President Trump is reportedly ready to pull the US out of the Paris Agreement on Climate Change. We look at the possible consequences. On the second half of the program, we hear about cuts in Obama-Era civil rights programs called for by the Trump Administration's first budget plan.
Janesville and the American Dream Janesville, Wisconsin is the hometown of Republican House Speaker Paul Ryan. But he couldn’t prevent the closing of the General Motors factory after 100 years. On this Memorial Day rebroadcast of To the Point, we hear what’s happened to what once was a model of American middle-class unity.
The longest US war: Will Trump send more troops to Afghanistan? The Trump White House is divided over the Pentagon's request for more troops in Afghanistan—where the US has been fighting for the past 16 years. Is there a formula -- either for "victory" or a political settlement? Is there an end in sight for America's longest war?
Is the threat from Russia missing from the Russia meddling probe? There's much being made about the Trump administration's possible ties with Russia. But the bottom line is Russia's effort to influence American democracy. Do the President and his aides care enough to take action before voters go back to the polls?