Success of the conservative media - revising history
Poll: Voters Think TARP Passed Under Obama
www.slate.com/blogs/blogs/weigel/archive/2010/08/11/poll-voters-think-tarp-passed-under-obama.aspx
Facts - the Troubled (Toxic) Asset Relief Program was a Republican initiative passed by President George W. Bush. The plan was to spread $700B across the banking industry to avert an economic meltdown in the United States. As Bush's Treasury Secretary Henry Paulson explained, the number needed to be sufficiently large, there must be no rules about where it should go, and all people involved in distributing the funds must be made exempted from any investigation or prosecution for wrongdoing in the future. The money must be given with no strings attached, for the good of the economy.
The compromise was to allow Bush to distribute the first $350B, and incoming President Obama to distribute the second half. Bush burned through his $350 before leaving office and asked to distribute the rest. The Democratically controlled Congress did not allow that.
When President Obama distributed the remaining funds, it came with strings attached. Under Obama, the new TARP rule was that any financial institution that received TARP funds had to limit executive bonuses until the US government was repaid the money. The results were quite predictable. Instead of TARP being a $700B taxpayer bailout as originally planned, it became a loan that was mostly REPAID WITH INTEREST back to the US government. This SAVED taxpayers from the financial hardship of the original Big Bush Bailout plan.
www.slate.com/blogs/blogs/weigel/archive/2010/08/11/poll-voters-think-tarp-passed-under-obama.aspx
Facts - the Troubled (Toxic) Asset Relief Program was a Republican initiative passed by President George W. Bush. The plan was to spread $700B across the banking industry to avert an economic meltdown in the United States. As Bush's Treasury Secretary Henry Paulson explained, the number needed to be sufficiently large, there must be no rules about where it should go, and all people involved in distributing the funds must be made exempted from any investigation or prosecution for wrongdoing in the future. The money must be given with no strings attached, for the good of the economy.
The compromise was to allow Bush to distribute the first $350B, and incoming President Obama to distribute the second half. Bush burned through his $350 before leaving office and asked to distribute the rest. The Democratically controlled Congress did not allow that.
When President Obama distributed the remaining funds, it came with strings attached. Under Obama, the new TARP rule was that any financial institution that received TARP funds had to limit executive bonuses until the US government was repaid the money. The results were quite predictable. Instead of TARP being a $700B taxpayer bailout as originally planned, it became a loan that was mostly REPAID WITH INTEREST back to the US government. This SAVED taxpayers from the financial hardship of the original Big Bush Bailout plan.
posted by zblog at
8:39 PM
0 Comments:
Post a Comment
<< Home