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What Happened To $700 Billion Bailout Tax Dollars Approved By Pres GW Bush? Truth = no one knows once the money was distributed.

Razoo

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OrphanSlug

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That is a very shortsighted, disingenuous, and overly simplistic "updated" article about what we were really facing when the financial system collapsed.

In looking back at what was happening 2007 to 2008 there we not any very good options to go with and in some respects what was done was an accumulation of some of the best of all the worst options being thrown out.
 

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Obama calls financial bailout price tag "staggering" | Reuters

https://www.reuters.com › article › us-usa-politics-obama
Sep 21, 2008 — Negotiations over the unprecedented $700 billion bailout opened on Sunday between Congress and the administration of President George W. Bush.

Bush Signs $700 Billion Financial Bailout Bill - NPR

https://www.npr.org › 2008/10/03 › bush-signs-700-billio...
Oct 3, 2008 — President Bush signed a $700 billion financial bailout package Friday, shortly after the U.S. House passed the rescue measure.
 

Razoo

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Henry Paulsen invited the big Wall Street Banks to Capitol Hill to discuss with them how many tax dollars they wanted. They were given a small note pad to write down how much. That was all there was to it. Supposedly some did not want the money but were told they were taking some money.

When Paulson left the top job at Goldman Sachs to become Treasury Secretary in 2006, his big concern was whether he'd have an impact. He ended up almost single-handedly running the country's economic policy for the last year of the Bush Administration.
 

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Naomi Klein on the Bailout Profiteers and the Multi-Trillion ...​

https://www.democracynow.org › 2008/11/17 › naomi...

Nov 17, 2008 — It's important to understand that in exchange for the bailout money, the banks are not being told that they can't carry the incredible leverage ...

Matt Taibbi & William Black on Bailout Secrets & How New ...​

https://www.democracynow.org › matt_taibbi_william_...

Jan 11, 2013 — In a new article for Rolling Stone, Taibbi argues the government did not just bail out Wall Street, but also lied on the financial sector's ... ( A MOST INTERESTING ACCOUNT OF THE BACK DOOR ACTIVITY WITH BIG WALL STREET BANKS)

US Seizes Control of AIG with $85 Billion Bailout - Democracy ...​

https://www.democracynow.org › us_seizes_control_of...

Sep 17, 2008 — AMY GOODMAN: The US government has seized control of insurance giant AIG, American International Group, in an unprecedented $85 billion bailout.

Probe: Bailout Firms Owe $220M in Taxes | Democracy Now!​

https://www.democracynow.org › headlines › probe_ba...

In other bailout news, a congressional probe has found the top thirteen firms to receive bailout money owe more than $220 million in unpaid federal taxes.
 

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There have been numerous documentaries, stories and books about this. What happened was a direct transfer of money from taxpayers to corporations. This happens quite a bit.
 

Atreus21

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Good argument against bailouts.
 

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BETWEEN this bank scam and the border wall scam GW Bush made a name for himself taking with him some democrats.

Do any elected officials know what they are doing? Sure some do .......... but definitely not RINO's the yes group.
 

Razoo

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Good argument against bailouts.
the lending industry operates recklessly then without our permission elected officials swoop in to save their butts. WHY? And people say deregulation is like a bowl of cherries ...........I say not.
 

bluesmoke

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That is a very shortsighted, disingenuous, and overly simplistic "updated" article about what we were really facing when the financial system collapsed.

In looking back at what was happening 2007 to 2008 there we not any very good options to go with and in some respects what was done was an accumulation of some of the best of all the worst options being thrown out.

The private financial system made its own decisions and took its own actions and collapsed its own privatized self to be bailed out to by the socialized public system for the private financial system's own privatized profit. A classic example of socialized cost and privatized profit if there ever was one.
 

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The private financial system made its own decisions and took its own actions and collapsed its own privatized self to be bailed out to by the socialized public system for the private financial system's own privatized profit. A classic example of socialized cost and privatized profit if there ever was one.

I do not deny that, what I do take issue with is the idea of allowing the financial system to collapse to make that political point.
 

washunut

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DarkWizard12

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Too big to fail, is too big to exist. I can understand if there was an unplanned, worldwide pandemic and companies would need the money to stay afloat, but this was caused by their own irresponsibility. We should not have bailed them out. Instead, we should have broke them all up into smaller companies to spark more competition and innovation.
 

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"We should not have bailed them out. Instead, we should have broke them all up into smaller companies to spark more competition and innovation."

YES YES YES with a standing ovation. The RINO party still as corrupt........
 

Craig234

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Good argument against bailouts.
Against corrupt bailouts. I think the Obama bailout of domestic automakers can be defended as a good bailout.
 

Craig234

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The Bush financial industry bailouts are a massive and largely forgotten scandal we have not learned from.
 

bluesmoke

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I do not deny that, what I do take issue with is the idea of allowing the financial system to collapse to make that political point.

I don't disagree with that. I disagree with a political system that allows that and doesn't take measure to correct. Politics worsens the matter, as occurred when Clinton and the Rep/cons eliminated certain govt regs of the financial industry.
 

Razoo

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Naomi Klein on the Bailout Profiteers and the Multi-Trillion ...

https://www.democracynow.org › 2008/11/17 › naomi...
Nov 17, 2008 — It's important to understand that in exchange for the bailout money, the banks are not being told that they can't carry the incredible leverage ...

Matt Taibbi & William Black on Bailout Secrets & How New ...

https://www.democracynow.org › matt_taibbi_william_...
Jan 11, 2013 — In a new article for Rolling Stone, Taibbi argues the government did not just bail out Wall Street, but also lied on the financial sector's ... ( A MOST INTERESTING ACCOUNT OF THE BACK DOOR ACTIVITY WITH BIG WALL STREET BANKS)

US Seizes Control of AIG with $85 Billion Bailout - Democracy ...

https://www.democracynow.org › us_seizes_control_of...
Sep 17, 2008 — AMY GOODMAN: The US government has seized control of insurance giant AIG, American International Group, in an unprecedented $85 billion bailout.

Probe: Bailout Firms Owe $220M in Taxes | Democracy Now!

https://www.democracynow.org › headlines › probe_ba...
In other bailout news, a congressional probe has found the top thirteen firms to receive bailout money owe more than $220 million in unpaid federal taxes.
Exactly what we should never ever forget ................... never vote republican again because there are none on the ballots all are RINO's
 

Craig234

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Still one of the most underrated scandals Americans should learn about.
 

Jay59

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Bank Bailout: Bill, Cost, Impact, How It Passed - The Balance

https://www.thebalance.com › ... › Fiscal Policy
On October 3, 2008, President George W. Bush signed the $700 billion Emergency Economic Stabilization Act (EESA) of 2008 after Treasury Secretary Henry ...
We know it worked. The 3rd and 4th quarters of 2008 were a liquidity crisis. This is from the same article

Why the Bailout Bill Was Necessary​
On September 16, 2008, the $62.6 billion Reserve Primary Fund was under attack as investors were taking out money too fast. They worried that the Fund would go bankrupt due to its investments in Lehman Brothers. The next day, businesses pulled a record $140 billion out of money market accounts and moved the funds to Treasury bills, causing yields to drop to zero.​
Was it necessary? Maybe, maybe not. Recovery forces were already at work, but the infusion of liquidity probably saved a significant number of businesses. EESA almost certainly accelerated the process. The next quarter, ie 1st quarter of 2009, was -5.6% followed by -0.7% and +1.7%.

Far from handing President Obama a bad economy, Bush turned over one that was about to bounce back. Obama's stimulus, the ARRA, was not implemented until after the economy had already bottomed and started up.
 
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