It's hard to be optimistic when I read this: Most Think Bank Bailout Came During Obama Term

[DrToast]

A new Pew Research poll finds that just 34% of Americans know that the federal government's bank bailout program was actually signed into law by President Bush while 47% incorrectly believe it was enacted during the Obama's administration.

http://politicalwire.com/archives/2010/07/16/most_think_bank_bailout_came_during_obama_term.html

:argh:

[JuniperLea]

1. The result of "ya gotta catapult the propaganda"

When you have perpetual lies being spewed by hateful, shit-stirrers like Limbaugh and Beck, misinformation is the result by design.

[Davis_X_Machina]

2. There are a lot of people here...

....who will tell you precisely the same thing.

[Jennicut]

3. Not surprising at all. even some on DU have made that mistake.

[FrenchieCat]

4. That's the measure of how badly the MSM has done it's job informing on the facts.

Not well at all! Done Purposefully, I would submit.

[HCE SuiGeneris]

10. Absolutely done with intent,

the fourth estate is nothing but a propaganda arm of its owners.

[HughBeaumont]

5. Most of those 34% will be dragged kicking and screaming to their padded cells . .

. . . before admitting their man was the worst president ever, bar NONE, and they made a shit-dumb choice.

They just want to pin everything bad on Obama while forgetting that this debacle was 30 to 40 years in the making. "HE caused this bad economy!! HE's the reason we have no jobs!!"

[sandnsea]

6. Obama supported it and it was a good thing n/t

[DrToast]

9. I don't disagree with TARP. I'm just disappointed about the misinformation

Even if this actually helped Obama, it would still be depressing.

[bvar22]

12. TARP without concessions from the Banksters...

...was not a good idea.
The time to demand reform is BEFORE handing over the money.

[DrToast]

14. I agree that would have been better

But if I had to choose between TARP and no TARP, I'll take TARP.

[bvar22]

16. I still have some problems with TARP.

Troubled Asset Relief Program...
By most accounts, the TARP money was NOT used to rescue "Troubled Assets", but was used to further consolidate Wealth & Power into fewer hands.
"Too Big to Fail" became "Too BIGGER to Fail" with the injection of the TARP money.

The scenario presented by Paulson in his 3 page extortion demand was that IF they were NOT given a Trillion Dollars to "Free Up Credit" and cover the "Troubled Assets", the Economy would FAIL Catastrophically.
The money was NOT used as per the extortion letter, and yet, all the Collapse Threats failed to materialize.
That FACT seems to discount the premise for Paulson's demands.
.
.
.
I don't pretend to be an "Economist", but I've been to enough carnivals, and seen enough scams to recognize the symptoms of a con job.


BTW: Despite the OPs attempts to distance Obama & The Dems from this "episode", Obama DID lobby FOR TARP while a Senator, and TARP was passed by the House and Senate where the DEMS help solid majorities.
IIRC, it took them LESS than a week to get the money to the Wall Street Banksters.
OTOH: They just can't get any help out to those in the Working Class whose unemployment has run out.

Paulson with Co-Conspirators

[Oregone]

17. Wasn't there a credit crunch anyway, causing a drop in economic activity?

I know my employer had their lines dried up, as well as their vendors, and barely survived (we laid off a lot of long time employees)

The entire thing was sold on pure demagoguery, which makes it suspect. At the time, I was probably more supportive of it than now, but also more fearful.

[DrToast]

18. There's no difference between buying mortgages and capital injections

Actually, there is. The way TARP was implemented vs. how it was sold is actually better. Instead of buying worthless mortgages, we got a piece of the companies.

[sandnsea]

13. Agree, they don't know they got a tax cut

They don't know there is other money available in education reform besides RTTT. They don't know there was billions last year to keep teachers and state employees working. They don't know there are massive roads and energy projects to contribute to jobs. It is incredible what people think they know, that's true.

[tabasco]

7. Thanks to whoever made this chart.

[Cant trust em]

8. He definitely got caught holding the bag. nt

[lib2DaBone]

11. Yes.. all you say is true. People erroneously blamed Mr. Obama...

.. but what I think allowed people to make that assumption (although false).. is when Mr. Obama surrounded himself with Bush-Bots in his cabinet and decided to Surge the War in Afghanistan.

It was at this time that Mr. Obama claimed the Bush failures as his own.

[fasttense]

15. Well, on Oct. 1, 2008, 39 Democratic (and 1 Lieberman) party members

voted for the TARP including then Senator Obama. If not for the Democratic party, the The Bankers Ensured Profits bill would never have passed. Only 34 RepubliCONS voted for the bill. Only 9 Democratic members voted against it (out of a total of 25 Nay votes).

So, I can understand why people think of the TARP as Democratic legislation.

[Uzybone]

19. One of the more stupid statements I've read here

a bill introduced and pushed HARD by a Republican president and supported by both parties can "understandably" be called a Democratic bill?

If you continue to give people a pass on their ignorance its not long before you join their ranks.

[Igel]

27. It's better than some claims.

I've heard claims that incorporating a few proposals from some repubs into a bill, even though all repubs voted against it, makes it "bipartisan."

[Bluenorthwest]

20. Too much looking forward, page turning and bipartisan praise

when there should have been a clear narrative told all along, a pulse free villain was wheeled out of the White House, and yet we were told they were honest brokers and waved them on their way.
If there was blame to be served, and there was, it should have been served up with pragmatic decisiveness.

[truedelphi]

21. Well, which Senator was needed to help Bush round up the votes

needed in the Senate?

And which party controlled the House and then Senate at the time of the First Rounds of TARP?

It was NOT the Bush/TARP. It was the Bush/Obama TARP.

[DCBob]

22. Probably the same bunch who think Obama is a socialist..

about the same number I believe.

[BootinUp]

23. If the economy recovers it will undoubtedly be a plus nt

[Nay]

25. You misunderstand -- if the economy recovers, it will be Bush's TARP

again. The narrative will change immediately.

[golfguru]

24. 2012 is eons away

but this poll is not looking good as of now. But like I said
2012 is eons away in political clock time.

http://hotair.com/archives/2010/07/15/ppp-obama-palin-tied-4646-in-2012-polling/

[Liberal_Stalwart71]

26. But, there are a lot of people on this very forum who confuse three pieces of legislation:

(1) The bailout
(2) The stimulus (American Recovery and Reinvestment Act or ARRA)
(3) The Omnibus Spending bill

To this very day, people who consider themselves well informed and educated on these matters still believe that the bailout was Obama's doing. Yes, he AND McCain, and many Republicans voted FOR the bailout, which occurred under Bush when Obama was still a senator.

The Omnibus Spending Bill was being debated as a carry over to Obama's administration. And yet, he tried to reduce the amount of pork that is typically in omnibus bills. These are spending bills that are required to be passed every year to keep the government working. And though the Republicans feigned outrage about spending, they had more "pork" projects in the omnibus bill than Dems.

And as for the stimulus, though Republicans voted against it, as we all know, many of them, including Piyush and Cantor secretly tout the successes and the jobs saved in their respective states/districts, holding ribbon-cutting ceremonies and such.

And finally, most Americans still don't understand that the stimulus bills contained a large percentage of tax cuts and credits for small businesses.

For the deficit hawks, most Republicans voted AGAINST PAYGO, though now they complain about the deficit. It's all poliTRICKS!!!!

[Igel]

28. It's a simple mistake.

He voted for it.

When the second half of TARP was withheld pending Congressional vote, * said he would only request its release if Obama asked and Pelosi said that she'd only agree to its release if Obama confirmed that he asked. A day or two before Obama's inauguration, * and Pelosi agreed: Obama asked. The money was allocated (under *, so he gets credit for the $350 billion Obama requested and the $400-some billion from the spending legislation left unpassed from his budget that he had threatened to veto because he didn't like the changes Congress had made but which quickly passed and was signed by Obama.

Even then, not all of the first half of TARP had been spent by the inauguration. Obama used that and the second half as well.

Then he all but said that his actions saved the financial institutions when * had wrecked them. TARP was chief among his actions.

IT may have passed both a Democratic House and Senate before being signed by *, but it's owned equally by Obama--if not more so.