How badly would the economy have tanked without tarp?
Anyone care to guess? How many people would have lost
a lot of their life savings, how many major banks would
have gone under when people started withdrawing their
money because they had lost confidence in the system?
How much worse would uenmployment have gotten? To what
level would the stock market have plummeted? Think the
stock market would be at 11,000 today had we not passed
TARP? Questions you may want to consider.
They broke contract law, violate the Constitution and you ask at what price?
Those BK companies would have been absorbed by their competitors.
There is no company to big that another company can’t swallow it.
While LCI didn’t go bankrupt they were swallowed by a much smaller competitor and wholesale supplier called QWEST.
They had no right to stick me with a bill for a meal I didn’t eat.
He recognized it was a government policy issue that caused/created impending bank meltdown.
He also recognized that overseas foreign entities played the system, set the system up, and was ready to pull out the cards and watch them fall.
If you go back and read the statements he made about signing TARP, about it being against his principles and needing to do it anyway.
I destroyed the system, in order to save the system.
I believe he was trying to tell us something, something that for whatever security reasons he could not just come straight out and say.
It was a world financial strategic chess game and somebody had just checkmated the United States.
Yes, he gave us TARP. If TARP was all they did, it would have been enough. If the following congress & administration had indeed followed the plan, we would be in real recovery...instead of impending collapse.
It was all the shenanigans that came after TARP, that the dems. heftily and in lofty arrogance foisted upon the American people that were very bad moves.
It was the destruction of Capitalism and the temptation of power which Keynesian economics creates to blame for where we are today. Bush expected us, yes us, to do what American's always do when faced with difficult times. Instead we swept into office marxists, communists, and progressives. On November 2nd, we decided to "fix that" strategic mistake.
TARP was strategically required for security reasons. I repeat, I believe that with my whole heart. We may never know the full details, but I believe former President Bush did the right thing at the time.