YouTube - George W Bush bail out plan - Part 1 Sept 24, 2008
Why do so many Rs I know claim this never happened?
Face the truth
I don't know who these people are, but EVERYONE should watch the (2) VIDEOs of Bush.
Truth, this may be some personal argument you are having with someone here at USMB and this is your method of resolving it, I don't know. I personally wonder why so many people are seemingly disconnected from our history as it plays out in real time.
Anyone paying attention in real time would already know that Bush said the request would be for $700 billion, it was authorized and he drew down $350 billion. As he said TARP is the Trouble Asset Relief Program, and was to be applied against Troubled Assets. Those moneys used in that regard would be paid back by the holders of the Troubled Assets with interest. That has happened.
Bush, being the gentleman he is,
before Obama took office, actually first asked President Elect Obama if he wanted him to go ahead and draw down the full amount, another $350Bn.
*Obama asked that he go ahead and do that, and he did. Obama, though, used a large part of that money for other bailouts which were not Troubled Assets, like GM and Chrysler. Those funds have not been repaid.
I find it interesting that in the very first few seconds of the first video the amount of money that Blitzer stated was interrupted so that it was impossible to tell what it was. Maybe that was an accident. Maybe it was done to disrupt the audio to cast doubts on the amount. Either way I'm not attributing that to you, but to whomever posted the video on You-tube.
Finally, anyone who paid attention to both part-1 and part-2 and heard Bush's comments would've found them pretty comprehensive, and he included the problems with Fanny and Freddy I believe without a direct reference to them.
By now people are confusing the TARP and the Stimulus package. Obama is responsible for the second half of TARP and the entire Stimulus package.
*ABCNews.COM
Bush to Ask for TARP; Obama to 'Rebrand' It - By MARK MOONEY - Jan. 12, 2009 -
"President-elect Barack Obama asked President Bush today to request the release of the second $350 billion in federal bailout funds so he would have "ammunition" if the country's fragile economy weakened further.
The White House said that Bush has agreed to request the money.
Obama, speaking after a meeting with Mexican President Felipe Calderon, said it would be "irresponsible" to enter the White House without having asked Bush to request the funds. He called the cash "potential ammunition" in case the economy worsened. ...."
