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Bush43 made one TARP loan to nine banks in Oct 2008. Bush43 had nothing to do with the bailout of GM and Chrysler. The Pontiac Brand (formerly a division of GM) went extinct because Obama forced GM to eliminate several car divisions that were not profitable before GM could receive their TARP bailout money.
Obama cleaned up the mess that Bush and Dick Cheney left behind. A mess that included Failing Banks, Failing Financial Markets and a Failing Auto industry (especially the US carmakers GM and Chysler).
If Obama left Trump the same mess that Bush43 left for Obama you would be screaming bloody murder.
Bush43 made one TARP loan to nine banks in Oct 2008. Bush43 had nothing to do with the bailout of GM and Chrysler. The Pontiac Brand (formerly a division of GM) went extinct because Obama forced GM to eliminate several car divisions that were not profitable before GM could receive their TARP bailout money.
Obama cleaned up the mess that Bush and Dick Cheney left behind. A mess that included Failing Banks, Failing Financial Markets and a Failing Auto industry (especially the US carmakers GM and Chysler).
If Obama left Trump the same mess that Bush43 left for Obama you would be screaming bloody murder.
Obama didn't do shit. He's nothing but an extension of Bush and Cheney. That's why we still have problems with illegal immigration, terrorism and he even tacked on an addition ten trillion dollars to the national debt. Obama was the biggest screwball if there ever was one.
and he even tacked on an addition ten trillion dollars to the national debt.
Jim
Bush43 and Dick Cheney left a large mess for Obama clean up!!! It took a lot of money to fix the Banks, Wall Street and the Auto Industry. AIG alone received over 250 Billion dollars in TARP bailout money. Plus Bush43 handed to Obama in 2009 a budget that resulted a 1.5 Trillion dollar deficit. See the graph in post #12.
1. That is what I wrote in post #18 Clownboy. You tried to make a big deal about the starting date for the accounting period being Oct instead of June. The Hillbilly who handicaps football in the Sandbox thought it was January. For a lot of sate (sic) and local governments the accounting period is June to May.
Why are you such a twaddletwat? I simply corrected you. I didn't "make a big deal about" it except to note how both sides try to claim the other owns FY2009. Anyone who knows a whit about the federal budget knows the fiscal year runs October 1 - September 30. You could have just said "Ooops, sorry - I must have been thinking of a state or local accounting period" instead of being such a twat.
2. The point still stands Obama shaved 1 trillion off of (sic) that 2009 budget set by Bush43 to get the federal budget deficit to around 560 billion for 2017 when Trump took over. You can see that in the graph that was posted in post #12.
Obama didn't "shave" anything off federal spending! He added several hundred billion in stimulus spending to Bush's original 2009 budget. And federal outlays stayed at or above $3.5 trillion every year he was in office. The deficit shrank because federal tax REVENUES swelled - from $2.1 trillion in 2009 to $3.6 trillion in 2017! Get your facts straight.
3. No way congress is doing tax reform if the Federal Budget Deficit is still around a Trillion dollars.
What are you talking about? Tax reform is already DONE. The deficit is currently running at around $500 billion a year, not a trillion.
Bush43 made one TARP loan to nine banks in Oct 2008. Bush43 had nothing to do with the bailout of GM and Chrysler. The Pontiac Brand (formerly a division of GM) went extinct because Obama forced GM to eliminate several car divisions that were not profitable before GM could receive their TARP bailout money.
Treasury Secretary Hank Paulson in Oct. 2008 forced the nine largest US banks to take billions in TARP money, mostly in the form of non-voting preferred stock (not debt). All of it was eventually repaid. Paulson's Treasury staff also injected TARP money into hundreds of smaller US banks. The process started under Bush and continued under Obama. The initial TARP loans to GM and Chrysler were disbursed under Bush. Follow-up loans were made after Steven Rattner took over the auto industry bailout program for Obama.
Quote:
Originally Posted by flghtr65
Bush43 and Dick Cheney left a large mess for Obama clean up!!! It took a lot of money to fix the Banks, Wall Street and the Auto Industry. AIG alone received over 250 Billion dollars in TARP bailout money. Plus Bush43 handed to Obama in 2009 a budget that resulted a 1.5 Trillion dollar deficit. See the graph in post #12.
Once again, all of the TARP money was eventually repaid. At the end of the day, the bailouts added nothing to the national debt. AIG received $182.3 billion in bailout money and paid back $205 billion, according to the New York Fed. Bush's original 2009 budget approved by Congress in June 2008 contained a (projected) deficit of only $407 billion. The recession's impact on tax revenues, combined with stimulus spending, blew out the deficit, not anything Bush did.
Treasury Secretary Hank Paulson in Oct. 2008 forced the nine largest US banks to take billions in TARP money, mostly in the form of non-voting preferred stock (not debt). All of it was eventually repaid. Paulson's Treasury staff also injected TARP money into hundreds of smaller US banks. The process started under Bush and continued under Obama. The initial TARP loans to GM and Chrysler were disbursed under Bush. Follow-up loans were made after Steven Rattner took over the auto industry bailout program for Obama.
Once again, all of the TARP money was eventually repaid. At the end of the day, the bailouts added nothing to the national debt. AIG received $182.3 billion in bailout money and paid back $205 billion, according to the New York Fed. Bush's original 2009 budget approved by Congress in June 2008 contained a (projected) deficit of only $407 billion. The recession's impact on tax revenues, combined with stimulus spending, blew out the deficit, not anything Bush did.
Why was there a need for a stimulus package? To help clean up the mess that Bush and Dick Cheney left behind.
