One year ago– with the presidential campaign far from decided– we got a “September surprise”: Lehman Brothers collapsed. Then we were told if the federal government didn’t immediately inject massive amounts of capital into the financial sector,the entire US economy would implode– dragging the world economy with it.
Republican nominee John McCain’s inept handling of the “crisis” effectively killed any chance he had of winning. TARP, the Troubled Asset Relief Program, was born,with $700 billion of taxpayer money. Then, after Obama and the Democrats won handily, we were told that unless we again acted immediately, and forked over billions and billions more in Porkulus spending, America would implode. The government also had to take over entire sectors of the economy.
Over the weekend– with unemployment hovering around 10 percent, and with 90 percent of all mortgage activity taken over by the government– AP ran a story bemoaning the lack of appreciation Obama has received for supposedly pulling the US economy back from the brink. That idiocy isn’t even worth responding to.
But this is certain. A year later, we still don’t know the total amount of money spent in bailouts, or who the recipients were. Few realize just how complicit the Democrat Party was in the housing collapse that led to the financial meltdown,and we still don’t know how the “crisis” was timed so”coincidently” as to produce maximum impact during the election.
I guess its just one of thoseunsolved mysteries, eh?
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