ZAPPA: is obama responsible for TARP?

[Cancel 2018. 3]

you made this post earlier:

When Obama entered office, unemployment was already skyrocketing. It continued to rise until it reached it's peak of 10.1%, at which time, policies implemented by Obama corrected the mistakes of the past administration and the number of unemployed began to come down.

Specifically?

TARP helped, as did his bailout of the Auto industry, returning a semblance of stability to the economy, which in turn eased the fears of many small business owners. They saw signs of economic recovery and that encouraged some business owners to begin hiring once again.

can you explain how obama is responsible for TARP?

i promise to not taunt you, not insult you, to only discuss the topic of the OP.

 

[NOVA]

Don't you know the facts yet ?

Obama was not President in Oct. or 2008, but it was obvious he would be in Jan. of 2009

On October 1, 2008, the Senate voted on an amendment to HR 1424 which substituted a newly revised version of the Emergency Economic Stabilization Act of 2008 (TARP) .
voting 74–25 in the Democrat controlled Senate.
Additional unrelated provisions added an estimated $150 billion to the cost of the package and increased the length of the bill to 451 pages.
The amended version of H.R. 1424 was sent to the House and on October 3, the House voted 263-171 to enact the bill into law. The House was controlled by Democrats and President Bush signed the bill.
=============

The Troubled Asset Relief Program was put together under President George W. Bush and succeeded far beyond expectations. It’s widely seen as the tipping point for disgust with elites and insiders of all kinds — though it could also be seen as those insiders’ finest moment, a successful attempt to at least partially fix their own mistakes.

Pushed through Congress in the final months of the Bush administration by a political and financial establishment that felt it had looked into the abyss. TARP had the support of President Barack Obama and also his likely foe in 2012, such as former Govs. Mitt Romney.

“It’s become demonized on the left and the right by screamers — Glenn Beck and Rachel Maddow — who have no interest in the facts; they’re just interested in hyperbol and generating attention,” lamented New Hampshire Sen. Judd Gregg, a key player in guiding the measure through the upper chamber and one of the few Republicans willing to talk about TARP in positive terms.

Read more: http://www.politico.com/news/stories/0910/42135.html#ixzz1lQYdvNAM
========================

The Obama campaign's senior adviser, Broderick Johnson was lobbyist for the 2008 Wall Street bailout (TARP) when he worked as a hired gun for the country’s largest financial services companies. The incoming president and Broderick got it when Bush agreed to the bailout program.....so Obama was not there when the TARP program started, but he was sure as hell there to oversee and continue the bailout for the bulk of the spending......

 

[zappasguitar]

Don't you know the facts yet ?

Obama was not President in Oct. or 2008, but it was obvious he would be in Jan. of 2009

On October 1, 2008, the Senate voted on an amendment to HR 1424 which substituted a newly revised version of the Emergency Economic Stabilization Act of 2008 (TARP) .
voting 74–25 in the Democrat controlled Senate.
Additional unrelated provisions added an estimated $150 billion to the cost of the package and increased the length of the bill to 451 pages.
The amended version of H.R. 1424 was sent to the House and on October 3, the House voted 263-171 to enact the bill into law. The House was controlled by Democrats and President Bush signed the bill.
=============

The Troubled Asset Relief Program was put together under President George W. Bush and succeeded far beyond expectations. It’s widely seen as the tipping point for disgust with elites and insiders of all kinds — though it could also be seen as those insiders’ finest moment, a successful attempt to at least partially fix their own mistakes.

Pushed through Congress in the final months of the Bush administration by a political and financial establishment that felt it had looked into the abyss. TARP had the support of President Barack Obama and also his likely foe in 2012, such as former Govs. Mitt Romney.

“It’s become demonized on the left and the right by screamers — Glenn Beck and Rachel Maddow — who have no interest in the facts; they’re just interested in hyperbol and generating attention,” lamented New Hampshire Sen. Judd Gregg, a key player in guiding the measure through the upper chamber and one of the few Republicans willing to talk about TARP in positive terms.

Read more: http://www.politico.com/news/stories/0910/42135.html#ixzz1lQYdvNAM
========================

The Obama campaign's senior adviser, Broderick Johnson was lobbyist for the 2008 Wall Street bailout (TARP) when he worked as a hired gun for the country’s largest financial services companies. The incoming president and Broderick got it when Bush agreed to the bailout program.....so Obama was not there when the TARP program started, but he was sure as hell there to oversee and continue the bailout for the bulk of the spending......

That's pretty much how I would have described things.

Although Bush was President when TARP was created, Obama was elected President just months after it's inception, oversaw the distribution of the lion's share of the funds and deserves the lion's share of the credit.

 

[NOVA]

That's pretty much how I would have described things.

Although Bush was President when TARP was created, Obama was elected President just months after it's inception, oversaw the distribution of the lion's share of the funds and deserves the lion's share of the credit.

Of course....anything Bush did that was good, Obama gets credit for....

anything the Congress did, totally controlled by Democrats, Bush gets the blame for......

we all know that....

 

[Cancel 2018. 3]

That's pretty much how I would have described things.

Although Bush was President when TARP was created, Obama was elected President just months after it's inception, oversaw the distribution of the lion's share of the funds and deserves the lion's share of the credit.

you said TARP was obama's. can you explain that?

 

[zappasguitar]

you said TARP was obama's. can you explain that?

TARP was created mere weeks before Obama won the election. Congress wasstill arguing some of the particulars when Obama was sworn in, so although TECHNICALLY TARP was created on Bush's watch, it truly came to fruition under Obama.

 

[Cancel 2018. 3]

TARP was created mere weeks before Obama won the election. Congress wasstill arguing some of the particulars when Obama was sworn in, so although TECHNICALLY TARP was created on Bush's watch, it truly came to fruition under Obama.

"technically"? no, factually it was created on bush's watch. you're stretching in order to give obama as much credit as possible for TARP, while trying to deny as much credit to bush. TARP came to "fruition" mostly under bush's watch. not obama's. obama was at the tail end and by that time, virtually all of TARP had either been spent or allotted.

the reality is, TARP is not obama's as you claim.

 

[zappasguitar]

"technically"? no, factually it was created on bush's watch. you're stretching in order to give obama as much credit as possible for TARP, while trying to deny as much credit to bush. TARP came to "fruition" mostly under bush's watch. not obama's. obama was at the tail end and by that time, virtually all of TARP had either been spent or allotted.

the reality is, TARP is not obama's as you claim.

I will give Bush credit for understanding what needed to be done, but The Congressional Budget Office released a report in January 2009 stating that through December 31, 2008, transactions under the TARP totaled $247 billion.

That's barely more than a third of the $700 billion originally allocated.

So let's give Bush 1/3rd of the credit and Obama 2/3rds.