PolifrogBlog

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Thursday, February 18, 2010

Obama's Stimulus Staved off Economic Calamity...Before He Was President

According to Reuters...

President Barack Obama vigorously defended his $787 billion stimulus on Wednesday, insisting it rescued Americans from the worst of the economic calamity and ripping Republican critics who called it a waste.

And according to our President...
"Our work is far from over but we have rescued this economy from the worst of this crisis,"

The above is an example of our revisionist in chief at work...

The economic crisis occurred before Obama was even president elect. He and McCain were still campaigning for the presidency when it became our apparent that western credit markets were grinding to a halt due to banks being unwilling to lend to one another. Banks knew that other banks didn't have the collateral they claimed in their real estate loan holdings. Banks did not have faith in other banks' assets.

This 'crisis' was dealt with through TARP (Troubled Asset Relief Program) by the Bush Administration. Obama's stimulus had nothing to do with stemming the crash, TARP did, Bush did. And he did so against his free market biases. If any credit goes to anyone it should be Bush and not our current revisionist in chief.




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