shhhh, doesnt fit the template...
Before I read the article, I’ll just say this would be a tough sell for a conservative like me.
I done defending W after the ‘financial crisis’ mid Aug 2008.
Isn’t it too bad everyone in the government lost interest in finding the identity of the perpetrators of the “October Surprise” financial crisis that blew up in Oct. 2008, just in time to get Obama elected?
Of course, once Obama was in office there was no way he was going to investigate the scam - after all, it was done on his behalf.
George Bush didn’t have the cojones to call Paulson’s and Bernake’s bluff and call in the Justice Department and the FBI to find out the source of the scam.
If there was any justice, Paulson and Bernake would still be in a federal penitentiary serving life sentences.
There will no doubt be plenty of skeptics here on FR. What should not be in doubt however is that the Bush recession ended in June 2009; long before a single stimulus dollar ever reached the economy. The economic malaise we are still experiencing four plus years later is Obama’s version of a recovery. As to the article, I think TARP succeeded, but I can’t just skip over the “Moral Hazard” aspect as the authors so glibly did. What remains unknown is what the long term effects would have been had we let the big boys fail.
Bush did correct the financial crisis before Obama. Bush also allowed Obama to checkmate the liberal agenda with the initial bailout sitting at a fireplace in the Whitehouse having invited the ungrateful Obama’s into “their” home. The next step was the liberal demands to bailout American Unions, oops I really mean industry. By getting the liberals to “spend” the Nation’s “capital” on Union enhancing programs the Republicans denied implementation of Global Weather Nonsense, and were lucky to prevent at the same time a total destruction of America’s energy sector. The liberals agenda was blinded with power and they shot their financial wade with social-welfare programs that today had the net effect of destroying the dream of a socialist America. Obama and the hard left moved too much too fast, just as the Muslim Brotherhood in Egypt did, and in America that overreach has resulted in prolonged dysfunction within the economy, and the world’s economies. Socialist’s worldwide were happy to coordinate Global Bailouts but the game can only run so long. At the end of the game of bailouts is the need to balance the all the different money supplies, and since most of the printed money is in the financial/stock markets taking a huge drop can easily right the financial ship’s monetary balance sheets with a mega correction. The mega correction will not be as bad for main street as it is for wall street but since the rich made their money already, skimming the cream out of the churn at the stock price level fixes everything.
Correction. Bush, Paulson, and Bernanke took care of the Wall Street banks, at the expense of the taxpayer, before Obama took office.