What Is This World Coming To?

Since CNBC’s Rick Santelli first suggested a Chicago Tea Party to protest President Obama’s plans to “stimulate” the economy and bailout homeowners through unrestrained government spending, organized demonstrations have been occurring across the fruited plain.

In fact, as Glenn Reynolds reported moments ago, there’s one happening today in Cincinnati.

Unfortunately, unless you frequent conservative websites, you’d have no idea that such events were being staged.

via Obama Protests aka Tea Parties Largely Ignored by Media | NewsBusters.org.

President Obama’s apparent inability to block executive bonuses at insurance giant AIG has dealt a sharp blow to his young administration and is threatening to derail both public and congressional support for his ambitious political agenda.

Politicians in both parties flocked to express outrage over $165 million in bonuses paid out to executives at the company, demanding answers from the president and swamping yesterday’s rollout of his efforts to spark lending to small businesses. Read the rest of this entry »

According to a report from Bloomberg.com,

The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago.

The unprecedented pledge of funds includes $2.8 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the only plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis