Barack Obama and his Dem friends have been whining for a year about the economic mess they inherited from the Bush Administration. Note: it's not like they unexpectedly inherited a hog farm from a distant relative -- they went after this job knowing full well what problems it entailed. And remember, the Democratic Congress voted for TARP. And everyone knew it was a global meltdown.
So let's look at the facts.
Consider the money that Bush & Pelosi & Reid and everyone who voted for TARP lent to U.S. banks back in 2008. The current liberal whine is that Bush sold out America by giving them free money. Total BS. When Bush loaned the $350 billion, it was with the stipulation that the executives of major banks couldn't receive bonuses until the money was paid back. And ta-da, over the next year the big banks including Citigroup, Bank of America, Wells Fargo, and many others, paid back their TARP money with interest, creating a $4 billion profit for the government that Obama could blow on pointless spending programs.
As usual, Obama did his best to make the situation worse. True to his tax-and-spend ways, he immediately blew the remaining $350 billion in the TARP fund on a financial industry "stimulus" and a further $757 billion recovery binge. Results to-date: unemployment has surged to over 10%, the economy still lags and non-interventionist countries are already out of recession.
No comments:
Post a Comment