G.M. Prices Its Shares at $33 in Return to Stock Market – NYTimes.com: “Fulfilling an implicit mandate from Treasury, the largest allocation of G.M. shares has been made to institutions representing American retail investors, these people said. The move was meant in part to blunt criticism that taxpayers would be cut off from what company and government officials insist was a potentially big rise in G.M. shares. (Several of the people involved in the offering said they expect to see a potential 10 to 20 percent jump in the share price on Thursday, typical for an initial offering.)”
(Via The Daily Beast.)
If you are going to do this, at least do it right. So far so good.
“Our short answer is that the stimulus has had a big impact, and has helped bring the economy out of recession,” said Gus Faucher, director of macroeconomics at Moody’s Economy.com.
via PolitiFact | A stimulus report card.
By any honest assessment, it has indeed worked. I think it was oversold by Obama and criticized all too often disingenuously by opponents, but on the whole, it did what Keynesian economics says this kind of spending is supposed to do.
Most Americans Don’t Blame Obama for Economy, Poll Finds – washingtonpost.com:
“The number of Americans who believe that the nation is headed in the right direction has roughly tripled since Barack Obama’s election, and the public overwhelmingly blames the excesses of the financial industry, rather than the new president, for turmoil in the economy, according to a new Washington Post-ABC News poll.”
(Via The Washington Post.)
It looks like the public is still in a realistic mood. Still, Obama’s plan needs to start having some effects soon or the public will turn on him.
An Ultimatum for Carmakers From Obama – NYTimes.com:
“‘And so today, I am announcing that my administration will offer G.M. and Chrysler a limited period of time to work with creditors, unions and other stakeholders to fundamentally restructure in a way that would justify an investment of additional tax dollars; a period during which they must produce plans that would give the American people confidence in their long-term prospects for success,’ Mr. Obama said.”
(Via NY Times.)
If only private shareholders, particularly institutions, would be so activist, we wouldn’t be in a far better position.