Posted on 07/26/2010 7:06:40 AM PDT by SeekAndFind
And again, there are a bazillion Democrats out there who would swear on a stake of Bibles that the only thing that kept us from going into a depression was Obama's stimulus, and that anyone who opposed the program wanted the U.S. economy to crash. There is no more way of proving them wrong that there is of showing that a lack of TARP would have caused a depression.
And also again, that does not explain the wild spending Bush did during the first 7 years of his administration.
And also in spite of that revenue, Bush ran a deficit every single budget he was responsible for, and took the federal debt from $5.9 trillion to $10 trillion; $12.4 if you include the 2009 budget. How can any one in their right mind describe that as an “era of fiscal discipline?”
And again, there are a bazillion Democrats out there who would swear on a stake of Bibles that the only thing that kept us from going into a depression was Obama's stimulus
And again, we know that they rely on Keynesian arguments so both sides should not be considered as morally relative.
The TARP supported the supply side, not the demand side. The banks were NOT supported in the 30's so not only did they crash, but business crashed all across the country because banks are leaders in capital supply. Those not haveng had a front row seat in Oct. '08 (I was watching the trades themselves all during that period, so know the fear and panic that was rife and the abyss we were looking at first-hand) got their news through MSM filters and the shock and peril of those days has already worn off.
Another difference..the TARP has already been mostly paid off which is what was intended. The Keynesians jack up the stimulus, never intending it to be paid back.
TARP was what, $380 million? Bush's annual deficits ran that much or more each year of his administration. What jacked up the deficit under Bush was two wars, Prescription Drug Plan, and all his other spending.
Difference is, the TARP is already mostly paid back because it was directed to the supply side and shored up the banks. The Keynesian approach...far from it.
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