Good News & Bad News, page-46216

You once again interject yourself into a discussion concerning American politics with no idea what you are talking about.

The $17.4B bailout of GM and Chrysler occurred in 2008. Who was the President (who, by the way, was responsible for that particular bailout)? George Bush Jr.

The auto industry’s bailout was just one aspect of TARP (the Troubled Asset Relief Program), which stemmed from the Emergency Economic Stabilization Act of 2008, which Bush not only conceived of along with his Treasury Secretary (Paulson). In fact, Congress initially opposed the act, but Bush convinced them by going to the press and discussing how they’d look when major banks and corporations started failing.

You are, in every aspect of your post, incorrect.

There was one telling difference between Bush’s bailout package recently brought forward by Democrats. TARP didn’t just give money away at taxpayer expense. It INVESTED in the companies, providing them with the capital to survive the 2008 financial crisis.

The result? TARP dispensed $426.4B in assistance, and recouped $441.7B, meaning that it not only saved more than 100 corporations and banks, it also turned a PROFIT of $15.3B for the US taxpayer.

Best regards