In an earlier post I attempted to correct Dr. Austan Goolsbee’s incorrect and inflammatory statements about President Bush.I would like here to add my views to one additional question on the auto industry discussion on this morning’s edition of Fox News Sunday. Host Chris Wallace moderated a discussion this morning with: Dr. Austan Goolsbee, Member […]
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Tag Archives: crisis
Dr. Goolsbee gets it wrong on the auto loans
7 June 2009 
41 Comments
This morning on Fox News Sunday, host Chris Wallace moderated a discussion about the auto industry. One of his guests was Dr. Austan Goolsbee, who is a Member of President Obama’s Council of Economic Advisers and chief economist on the President’s Economic Recovery Advisory Board. I want to focus on some incorrect and inflammatory statements […]
Read moreUnderstanding the GM bankruptcy
1 June 2009 51 Comments
Many of you are new to this blog since I wrote extensively about autos six weeks ago. As background, I coordinated the auto loan process for President Bush last fall as the Director of the White House National Economic Council (the position now held by Dr. Lawrence Summers). I wrote a series of posts on […]
Read more Let's not hide $1.4 trillion of IOU's
8 April 2009 5 Comments
Yesterday on his blog the President’s Budget Director, Peter Orszag, asks himself and then answers the question, “How much does the federal government owe?” This sounds like a technical question of concern only to “those of us wearing the green eyeshades,” but the Director’s suggested answer has dangerous ramifications, and could mislead, or at least […]
Read more Jobs Day
3 April 2009 1 Comment
The Bureau of Labor Statistics released the March employment report at 8:30 am. Here is the least you need to know: Net payroll employment declined in March by 663,000 jobs. That’s a terrible number, and in line with expectations. The unemployment rate increased from 8.1% to 8.5%. Much of the press coverage talks about “5.1 […]
Read moreA quick guide to the G-20 summit
1 April 2009 6 Comments
The President has arrived in London for the G-20 economic summit.
Read more Auto loans, part 4: Chrysler gets an ultimatum, GM gets a do-over
30 March 2009 9 Comments
It appears to me that Chrysler got an ultimatum, and GM got a do-over.
Read more Auto loans, part 3: the Bush approach
29 March 2009 8 Comments
As you hear news about the President’s announcement tomorrow, it may help you to consider the approach taken by President Bush. The loans we provided in December set the initial conditions and context for President Obama’s decision.
Read more Is $700 billion enough? Part 2: the Obama warning
27 March 2009 3 Comments
I think the Obama Administration will soon run out of TARP money and need to ask Congress for more. Several weeks ago the Obama team began to lay the groundwork for such a request. Here are four signs.
Read morePresident Bush discusses his Administration's plan to assist automakers
19 December 2008 Comments Off
President Bush spoke at 9:01 AM this morning in the Roosevelt Room, announcing his plan to aid two U.S. auto manufacturers. Here are his remarks. THE PRESIDENT: Good morning. For years, America’s automakers have faced serious challenges — burdensome costs, a shrinking share of the market, and declining profits. In recent months, the global financial […]
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