Boehner made two separate statements, one general, and one specific to TARP.
It's a misreading to conflate the two just for the pleasure of flogging Boehner around the fleet.
You’re so bright, who IS he calling knuckle draggers then?
I heard the complete quote. He called a good chunk of the republican party, in this case those who were against TARP, knuckledraggers.
Bonehead has earned flogging and lots of it.
In fact, he deserves to be removed from his leadership post.
He is part of the problem, not the solution.
TARP money never was spent in the manner for which it was sold. That is a very strong argument that TARP was never necessary, that it was just another money scam, and that the cycle of using money scams to enrich and to cover the derivatives bets of the financial “industry” continues.
Savings and Loan: Bush 1
TARP: Bush 2
Bailouts: Obama
•1819 - Only 43 years old, the US experiences its first major financial crisis.
•1825 - London stock market panic from over-speculation in Latin American investments.
•1836 - US real estate speculation causes stock markets to crash in the UK, Europe, then the US.
•1847 - A credit crisis and bank panic ensue when railroad stock prices crash in France and the UK.
•1857 - During the Civil War a US credit crisis crashes equity prices. All nations that trade with the US are affected.
•1866 - “Black Friday” happens from railroad speculation. A bank panic starts which leads to lack of credit.
•1873 - Vienna stock exchange collapses, causing the “great stagnation” on a global scale and lasts until 1896.
•1882 - In France, Union Generale goes bankrupt causing banking crisis and market crash.
•1890 - The UK’s oldest bank, Barings, nearly collapses from its exposure to Argentine debt.
•1907 - US bank panic spreads to France and Italy after stock market collapse.
•1921 - Commodity prices crash.
•1923 - Hyperinflation in Germany starts monetary crisis.
•1929 - “The Great Depression” begins after equity crash.
•1931 - Financial crises experienced by the UK, Japan, Germany, and Austria.
•1933 - Gold standard given up by the US, starting panic in the banking system.
•1966 - US credit crisis creates deflation and huge economic slump.
•1973 - World financial crisis begins after OPEC quadruples the price of oil.
•1982 - Global credit crunch prevents many developing countries from paying their debt
•1987 - Bond and equity market crashes.
•1989 - Japanese bubble.
•1989 - Junk bond crisis.
•1992 - French Maastricht Treaty sparks crisis in European Monetary System
•1994 - Major bond market correction.
•1995 - Mexican financial crisis caused by the peso’s peg to the dollar during excessive inflation.
•1997 - Asian financial crisis creates exchange rate and banking crisis, created from stock market and real estate speculation, along with many Asian currencies pegged to the US dollar.
•1998 - Russia defaults on payment obligations during major financial crisis.
•2000 - Dot-com bubble pops, creating a massive fall in equity markets from over-speculation in tech stocks.
•2001 - Another junk bond crisis.
•2001 - September 11 attacks create risk by hindering various critical communication hubs necessary for payment on the financial markets.
•2001 - Economic crisis in Argentina, resulting in the government defaulting on payment obligations.
•2002 - Bond market crisis in Brazil.
•2007 - US real estate crisis causes the collapse of massive international banks and financial institutions. Equity markets take a dive.