This was when Obama said “I won” and Pelosi said shove it to any counter offer the Republicans had.
I think it's important that now when we're in another election season to remind voters that the entire economic package that's brought bankrupting our country to an all time high was strictly a democratic initiative.
When people go to the polls, I want them to remember this from the article you posted:
Spending one’s way out of a recession was not only counterintuitive; it was also harmful for one’s descendants, who would foot the bill. Implicit in the critique of bailouts has always been a moral critique of the actions that result in bailouts and the behaviors that are encouraged by them. Intrusive and profligate government doesn’t just harm economies and destroy balance sheets; it erodes character. There’s a reason the term for this is “moral hazard.”
I argued with many a liberal back then that "Too big to fail" was a ridiculous statement and economically, failing was the ONLY real cure. They argued it would harm all those workers of those too big companies and we HAD to do SOMETHING. My point was perpetuating a losing business with free money would only make it a bigger loser. In the end, the failure of such a company would be even more catastrophic than letting it fail now, or the government would just have to own it, and that would be nationalization and THAT had failed--witness the demise of the Soviet Union.
Guess I was right!
Well said.