Word: ethanol
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...Keynes was also right that there would be more sensible ways to spend it. There would also be less sensible ways to spend it. A trillion dollars' worth of bad ideas - sprawl-inducing highways and bridges to nowhere, ethanol plants and pipelines that accelerate global warming, tax breaks for overleveraged McMansion builders and burdensome new long-term federal entitlements - would be worse than mere waste. It would be smarter to buy every American an iPod, a set of Ginsu knives and 600 Subway foot-longs...
...will be tempting for Obama to let Congress and the states fill the gaps with their own wish lists. But as Obama adviser Larry Summers has warned, a poorly designed stimulus "can have worse side effects than the disease that is to be cured." Handouts for clean coal, ethanol and other misguided energy technologies would be worse than inaction. With apologies to Keynes, incentives to "build houses and the like" could help inflate the same bubble that burst last year. And infrastructure spending has been one area where Congress has consistently exhibited an impressive bipartisan determination to do the wrong...
...that some Americans think the people who drive them are sissies. That may be true, but Toyota (TM) has sold more than one million of its Prius models worldwide. Honda is not far behind with its less expensive models. The Big Three could not fit all their electric and ethanol-powered cars onto the showroom floor at the Detroit Car Show...
...Iowa, we remain far from the global recession's hot spots (knock on wood): Wall Street and Detroit, AIG and WaMu, Chrysler and Bernie Madoff. But the state has its problems, from layoffs by major employers to falling grain prices, bankrupt ethanol plants and state budget woes. And some of those recent scary national headlines - "U.S. Loses 533,000 Jobs in Biggest Drop Since 1974," "Recession Propels Skid in Housing Sales, Prices," "Retail Sales Are Weakest in 35 Years," "In Need of Cash, More Companies Cut 401(k) Match" - are translating into tangible, tell-tale signs on the street where...
...Like Obama, Vilsack promotes support for biofuels such as ethanol as critical to reducing U.S. dependence on foreign oil and combating climate change, through others criticize such subsidies as sops to states like Vilsack's Iowa, where ethanol is a key source of revenue.At the announcement last week, Vilsack said he would also prioritize rural growth, a particularly salient issue in the current economic climate...