Funny on this one. I would rather post a comment then the article.........
Frilton Miedman Says:
November 21st, 2011 at 7:48 pm
Hilarious moment for me, when Boehner asserted that “Obama’s” bank bailouts were a failure, then someone pointed me to a Youtube video of Boehner in tears begging the GOP to go along with the bailouts in the Fall of ’08.
I’m of the school that the bailouts were necessary, but I’m livid that no conditions were set as a prerequisite, the TBTF’s should have been broken up or nationalized, then resold to smaller regionals.
Instead, we gave them money to pay themselves record breaking bonuses from “prop” trading, HFT, dark pools and loads of economically useless market manipulating bullshit that only served to take away even more from the economy.
The AIG bailout was nothing but a means to funnel our tax dollars into insurance payouts to the TBTF’s to cover their fraudulent bets to begin with.
In the end, I suspect we’d be better off if we’d just taken that money and paid down a percentage of all mortgages to help in consumer deleveraging, stabilize consumption.
Article,,,,,,,,,,,,,,,,,,,,,
By Barry Ritholtz - November 21st, 2011, 7:30PM
Well, at least about this one thing:
She and I are quite sympatico — at least when it comes to criticizing the Bush troika (Bush/Paulson/Bernanke) for the absurd bailouts of failed banks:
“The Bush administration … was embracing a kind of ‘bailout socialism,’ ” wrote the Minnesota congresswoman, who is running for the GOP presidential nomination. “It was painful to find out John McCain too favored the TARP bailout. … Here was no ‘maverick’ moment. The same disappointing stance was taken by the Republican leadership in the House.”
“I knew there was no way I could vote for it, because I couldn’t find authority for it in the Constitution,” Bachmann continued. “As a constitutional conservative, I put principle over party.”
Source:
Michele Bachmann says Bush, GOP embraced ‘bailout socialism
Seema Mehta
Los Angeles Times November 20, 2011
http://www.latimes.com/news/politics/la-pn-bachmann-book-20111120,0,2416841.story
http://www.ritholtz.com/blog/2011/11/i-agree-with-michelle-bachman/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Picture%29
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