>>> You seem to be implying that all this obama and dem Congress spending is Bush’s idea. I disagree with many things he did but WTF are you talking about?
I’m talking about things like:
Fannie and Freddie Bailouts:
September 7, 2008 - The director of the Federal Housing Finance Agency (FHFA), James B. Lockhart III, announced his decision to place two Government sponsored enterprises (GSEs), Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation), into conservatorship run by the FHFA.
TALF:
November 25, 2008- The Federal Reserve announced the Term Asset Liquidity Facility to support the issuance of asset-backed securities (ABS) collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration (SBA). Under the TALF, the Federal Reserve Bank of New York (FRBNY) will lend up to $1 trillion (originally $200 billion) on a non-recourse basis to holders of certain AAA-rated ABS backed by newly and recently originated consumer and small business loans. As TALF money does not originate from the US Treasury, the program does not require congressional approval to disburse funds.
CAP:
October 14, 2008 - Treasury announces TARP Capital Purchase Program to ensure the continued ability of U.S. financial institutions to lend to creditworthy borrowers in the face of a weaker than expected economic environment and
larger than expected potential losses.
Your own statement says no more than $200 billion. What do want to add?
Our problems are due to government meddling in the economy. I have no doubt as to which party has been more socialistic in the past, and is more socialistic today.
Nor does Obama’s influence start the day he assumed office. As a community organizer he sucessfully sued to force lenders to issue more sub-prime loans.
Can I blame Bush for the fact that the Government now owns 66% of GM? No. Let's stop giving Democrats cover. They are America's socialist worker party and they are the ones responsible for the mess we are in.