September 4, 2012
Why Blame Obama?
Let me count the ways. Before inauguration. Senator Obama voted for the budgets he would later blame on Bush, and for the TARP bailout. After just two months of TARP, the Bush administration said it was done -- crisis averted. In fact, President Bush was done after using about $270 billion of the $350 B that was authorized by Congress. But as a courtesy to the incoming president, Bush would request the second $350B from Congress if President-Elect Obama asked for it. President-Elect Obama asked for it, and he got it. Tim Geithner, who could not do his own taxes and who, as a regulator, did nothing about the Libor scandal, would have all $700B to play with. We usually call TARP a "bank bailout," but the banks are paying back every cent lent to them. In fact, the part of TARP that went to banks is expected to return $3B to taxpayers. And most of that was paid back quickly. The "cost" of the "bank bailout" was less than zero! The real...(Read Full Article)