Folk singers don’t sing ballads praising the CEO in the corner office and writers don’t pen fanciful tales about the heroic stockbroker. No one cheers for a bailout of corporate America. Unless you worked on Wall Street you probably did what most people did back in October of 2008 when George W. Bush pulled the trigger on the bailout. You held your nose and went with it. What’s that you say? You don’t remember Dubya’s role in all this? That’s all right. No one does. Obama gets all the blame because he continued the policy when he assumed the office. It’s cool.
But did you know the so-called bailout, also known as Troubled Asset Relief Program (TARP) has been considered a success by economists? Probably not because you’re drowning in campaign ads excoriating the Obamacare government takeover of Pelosi Reid death panel liberal Hollywood east coast agenda. Given that playing field, I think it’s evident what role facts play in campaign rhetoric. You can read all about it here:
So you aren’t likely to hear the actual price tag of TARP will be far less than the projected $700 billion of taxpayer money. At worst, it’ll cost $150 billion, but the White House believes it’ll be closer to $50 billion. Yeah, huge numbers, but not a bad price to pay considering how dire the straits were (if you listen to the economists).
Will the Democrats campaign on it? Hardly. They can’t. Even though it was successful, TARP’s effect is abstract, since we didn’t actually fall into a depression. And since unemployment still hovers around 10 percent, you can’t blame voters for regarding it as a failure.
Nevertheless, TARP’s beginning (under a GOP president), middle (bipartisan support) and end (success) don’t fit in with the teabagger narrative of hatred toward all things Obama and Democrats. Facts are purely subjective when a teabagger will smugly reject anything that comes from “the liberal media.” After all, I am citing that pinko outfit called The Associated Press on this issue. (headdesk)
I don’t have a problem with people who oppose this or any other president. I only wish their reasons were rooted in facts. And the fact remains, TARP worked.