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?
Ex-FBI Director Comey tells his side of the story Today, former FBI Director James Comey came close to calling the President who fired him a liar. The White House denied the claim and called it insulting, but Republican Senators did not challenge Comey’s truthfulness. Many questions remain: did the President try to obstruct a federal investigation? Later, we’ll go behind the “velvet rope” for a look at 5-Star health care for the richest Americans.
Replacing Obamacare: Now you see it… now you don’t As the Senate deliberates replacing Obmacare, health coverage for millions of people is at stake. There've been no public hearings, and a draft measure won't be made public. Is the House version so unpopular that that Senate is hiding a version that looks much the same?
Human Rights in the era of Donald Trump President Trump’s UN Ambassador, Nikki Haley, said today the US might pull out of the United Nations’ Human Rights Council. Serious violators of human rights are members of the Council itself–and a US resignation could make things worse. Later on today’s show, now that he’s into his second term, comedian turned US Senator Al Franken is telling jokes again.