Skip to comments.Bush on TARP: 'Absolutely' Would Do It Again. (VIDEO)
Posted on 11/03/2010 7:28:34 PM PDT by wrrock
George W. Bush is on book tour and sat down with Matt Lauer. Here is what was said about TARP:
Lauer: You went with the TARP Program.
Bush: We did.
Lauer: A lot of people now call it the bank bailout and they hate it.
Bush: Yeah, they do hate it. I can understand that. Look, the idea of spending taxpayer's money to give to wall street and the banks, to save them, a lot of people think they created the crisis in the first place. So I can understand the angst. But in my case, I wasn't worried about angst, personal angst, or contradiction, I was worried about the economy going down. And I believe TARP saved the economy.
Lauer: If you were president again and TARP came up again, you would do the exact same thing?
Bush: Absolutely, given the same circumstances. The other thing about TARP that people forget is we structured it so that the gover... the people would be repaid with a really good rate of return. And it turns out, that aspect of TARP, that's what happened.
(Excerpt) Read more at butasforme.com ...
The George W. Bush we saw after 2004 was the REAL George W. Bush in all of his RINO/Country Clubbishness.
How badly would the economy have tanked without tarp?
Anyone care to guess? How many people would have lost
a lot of their life savings, how many major banks would
have gone under when people started withdrawing their
money because they had lost confidence in the system?
How much worse would uenmployment have gotten? To what
level would the stock market have plummeted? Think the
stock market would be at 11,000 today had we not passed
TARP? Questions you may want to consider.
all dates, 2008
July 30: President Bush signs a housing bill including $300 billion in new loan authority for the government to back cheaper mortgages for troubled homeowners.
Sept. 7: The Treasury takes over mortgage giants Fannie Mae and Freddie Mac, putting them into a conservatorship and pledging up to $200 billion to back their assets.
Sept. 16: The Fed injects $85 billion into the failing American International Group, one of the world’s largest insurance companies.
Sept. 16: The Fed pumps $70 billion more into the nation’s financial system to help ease credit stresses.
Sept. 19: The Treasury temporarily guarantees money market funds against losses up to $50 billion.
Oct. 3: President Bush signs the $700 billion economic bailout package. Treasury Secretary Henry Paulson says the money will be used to buy distressed mortgage-related securities from banks.
Oct. 6: The Fed increases a short-term loan program, saying it is boosting short-term lending to banks to $150 billion.
Oct. 7: The Fed says it will start buying unsecured short-term debt from companies, and says that up to $1.3 trillion of the debt may qualify for the program.
Oct. 8: The Fed agrees to lend AIG $37.8 billion more, bringing total to about $123 billion.
Oct. 14: The Treasury says it will use $250 billion of the $700 billion bailout to inject capital into the banks, with $125 billion provided to nine of the largest.
Oct. 14: The FDIC says it will temporarily guarantee up to a total of $1.4 trillion in loans between banks.
Oct. 21: The Fed says it will provide up to $540 billion in financing to provide liquidity for money market mutual funds.
Nov. 10: The Treasury and Fed replace the two loans provided to AIG with a $150 billion aid package that includes an infusion of $40 billion from the government’s bailout fund.
Nov. 12: Paulson says the government will not buy distressed mortgage-related assets, but instead will concentrate on injecting capital into banks.
Nov. 17: Treasury says it has provided $33.6 billion in capital to another 21 banks. So far, the government has invested $158.6 billion in 30 bank
They broke contract law, violate the Constitution and you ask at what price?
Those BK companies would have been absorbed by their competitors.
There is no company to big that another company can’t swallow it.
While LCI didn’t go bankrupt they were swallowed by a much smaller competitor and wholesale supplier called QWEST.
They had no right to stick me with a bill for a meal I didn’t eat.
Yup, the man responsible for the creation of Department of Homeland Security, the largest agency in the US federal government holding hands with Saudi Prince Abdullah.
(Pauwdon my lisp)
>Ill reserve judgement until I see GWBs book sales up against Sarahs.<
How are book sales going to help you come to a decision?
This is why I don’t miss him.
This is why I don’t miss him.
Thank you very much.
“....the people would be repaid with a really good rate of return. And it turns out, that aspect of TARP, that’s what happened.”
We are getting paid back? AIG, GM, GMAC, Freddie, Fannie and 14 Trillion in Debt and we’re getting a good rate of return? The Feds are going to devalue My spendable income by 20% and we are getting a good rate of return?
Thanks, Career Politicians, The Elected Elite, for putting us in financial dire straits.
He recognized it was a government policy issue that caused/created impending bank meltdown.
He also recognized that overseas foreign entities played the system, set the system up, and was ready to pull out the cards and watch them fall.
If you go back and read the statements he made about signing TARP, about it being against his principles and needing to do it anyway.
I destroyed the system, in order to save the system.
I believe he was trying to tell us something, something that for whatever security reasons he could not just come straight out and say.
It was a world financial strategic chess game and somebody had just checkmated the United States.
Yes, he gave us TARP. If TARP was all they did, it would have been enough. If the following congress & administration had indeed followed the plan, we would be in real recovery...instead of impending collapse.
It was all the shenanigans that came after TARP, that the dems. heftily and in lofty arrogance foisted upon the American people that were very bad moves.
It was the destruction of Capitalism and the temptation of power which Keynesian economics creates to blame for where we are today. Bush expected us, yes us, to do what American's always do when faced with difficult times. Instead we swept into office marxists, communists, and progressives. On November 2nd, we decided to "fix that" strategic mistake.
TARP was strategically required for security reasons. I repeat, I believe that with my whole heart. We may never know the full details, but I believe former President Bush did the right thing at the time.
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