Hey everybody--it's the Age of the Electric Car! Sales numbers for the Chevy Volt are out and you'll never guess how many of these future machines consumers gobbled up in the month of February. Go ahead and try. I'll wait.
Since 2008, the federal government and the Federal Reserve have spent some $3 trillion to secure the financial system and prevent a second Great Depression. What did all this money buy us? A really expensive life jacket.
America runs large and persistent trade deficits. Our partners figure out how to make lots of things we want, and we can’t figure out how to produce an equal amount of stuff they want—or are permitted by their governments to buy.
My eyebrow rose last week when I read that GM CEO Ed Whitacre's Wall Street Journal op-ed was titled "The GM Bailout: Paid Back in Full." This isn't true--GM may have paid off loans from the federal government, but the Treasury is still GM's majority shareholder, at a cost of about $50 billion. That money won't be recouped (at a probable loss) until GM goes public. Wall Street Journal headline writers: The GM bailout is not paid back!