CEI Today: Bank bailout vote fail, wind tax subsidy, and Obama's college bailout


TAG Bank Bailout Fails in Senate, Taxpayers Win

On behalf of taxpayers and future generations burdened by the nation's debt, the Competitive Enterprise Institute rejoices at today's Senate defeat of the Transaction Account Guarantee on a procedural budget rule.

"Though TAG went down due to legitimate concerns about the shutting down of constructive amendments and violations of budget rules, this subsidy providing an unlimited safety net to millionaires and billionaires deserved to be defeated because of its own fiscal recklessness," said John Berlau, CEI's Senior Fellow for Finance and Access to Capital.

 > Read more on the Senate vote at CEI.org


> Interview John Berlau


CEI and Coalition Partners Urge Congress to Let the Wind Tax Subsidy Expire

Congress is now considering an extension of the Wind Production Tax Credit.

“The wind production tax credit is the worst kind of crony capitalism,” said Myron Ebell. “It uses billions of taxpayer dollars to encourage states to pass renewable energy requirements, which in turn causes electric rates to go up for consumers in those States.

“Wind industry leaders have said repeatedly over many years wind power is on the verge of being competitive, or indeed is already competitive with, conventional sources of electric generation. If that is so, then the only reason to keep subsidizing wind is to pay off the crony capitalists who crowd the halls of Congressional office buildings.”

“Congress should not vote to extend the Wind Production Tax Credit, which is set to expire at the end of this year.  That will save billions of taxpayer dollars and help prevent electric rates for consumers from going up and up.”

> Interview Myron Ebell


Openmarket.org: Obama’s Low-Quality College Bailout Will Fuel Skyrocketing Tuition

We wrote earlier about perverse federal financial aid policies that encourage colleges to jack up tuition. Recently, the Obama administration came up with something even worse. It announced a new financial aid policy that will effectively bail out low-quality, high-tuition colleges and especially law schools at taxpayer expense, and encourage colleges and professional schools to increase tuition even more. These changes are the product of a revised income-based federal student loan repayment program that will go into effect starting Dec. 21.  > View the full commentary at Openmarket.org

> Interview Hans Bader


CEI is a non-profit, non-partisan public policy group dedicated to the principles of free enterprise and limited government.  For more information about CEI, please visit our website, cei.org, and blogs, Globalwarming.org and OpenMarket.org.  Follow CEI on Twitter! Twitter.com/ceidotorg.