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White House Summit, Auto Bailout and Oil Drilling

Daily Update


White House Summit, Auto Bailout and Oil Drilling


Leaders of twenty nations gather at the White House to discuss the global financial downturn.

CEI Expert Available to Comment: President Fred L. Smith, Jr. and Center for Entrepreneurship Director John Berlau on what leaders should take away from the summit:

“…now the bailouts are having their own perverse effects by giving what is seen as a government seal of approval to banks that receive the money and a black mark to those that don't. The new fear is that depositors may make a rush to safety and pull out of banks not receiving the bailout dough. So the best concrete achievement coming out of this meeting would be for governments to agree to a timetable to end the bailouts and denationalize their banks.”


Lawmakers prepare to debate a financial bailout of major American car companies.  

CEI Expert Available to Comment: General Counsel Sam Kazman on the prospect of an auto industry bailout:

“Congressional attempts to favor domestic automakers will be a waste of taxpayer money, a skewing of automaker competition, and an invitation for even more industries to seek bailouts in the future. If Congress wants to help the auto industry, the best way to do so is by repealing the stringent fuel economy standards that it enacted last December. With gas prices dropping, fuel economy mandates will become an even tighter noose around the industry’s throat.”



The Obama Administration may reverse policies allowing oil and gas exploration in the U.S.        

CEI Expert Available to Comment: Adjunct Fellow Steven Milloy on what this means for the future of environmental politics:

“Since declining oil and gas prices are likely only temporary, we remain in an energy crisis. The problem could be solved by increasing domestic oil and gas production, but the Obama administration apparently aims to stand four-square against this.

The time has passed for Republicans to fret about being painted by the Greens as ‘pillagers of the Earth’ for supporting drilling in allegedly fragile environments. Let’s get real. While such demagoguery is a standard Green tactic to block the development of natural resources, the notion of a 'fragile' environment is a canard."


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