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Do you know who started TARP?

Troubled Asset Relief Program (TARP)--the stimulus or bank bailouts started in the fall of 2008.

I've read several Q&A in recent weeks where people refer to it as 'Obama's stimulus'. You do realize it was actually BUSH's stimulus plan, don't you? I respect that we all have different opinions about how politicians are doing, but seeing that people think this over and over has been getting on my nerves a bit. I'm not really asking if you agree or disagree with it (but share your views if you care to). I don't like that it was done, but I'm not sure what else they could do after deregulating banks more and more and giving them so much power--which got us in this mess. IMO Whether you agree or disagree with the stimulus, you should know who STARTED it. IMO

More Americans Incorrectly Think Obama, Not Bush, Enacted Bank Bailouts, Poll Shows

 
pam19

Asked by pam19 at 11:28 PM on Nov. 2, 2010 in Politics & Current Events

Level 30 (42,186 Credits)
This question is closed.
Answers (23)
  • You realize that TARP is not the same thing as the Stimulus, right? The Troubled Assets Relief Program was for bailing out banks. The Stimulus was a $3 trillion dollar spending bill drafted after Obama was sworn in.
    NotPanicking

    Answer by NotPanicking at 11:29 PM on Nov. 2, 2010

  • If you are referring to TARP, why did you specifically mention people complaining about "Obama Stimulus"? I can assure you, if you're reading that phrase here, it is not from people using it interchangeably with TARP. They know exactly what they are referring to. Aside from those people new to CM who haven't bothered to search question history's, there isn't a person who posts here regularly who doesn't know the difference.
    NotPanicking

    Answer by NotPanicking at 11:59 PM on Nov. 2, 2010

  • You do realize Charles Rangel [Democrat-NY] Wrote/Sponsored TARP, don't you? It wasn't Bush's Bill.. It wasn't a Republican Sponsored Bill. Bush made the mistake of signing it. And had McCain not voted for it, I think HE would be President right now.. JMO...
    grlygrlz2

    Answer by grlygrlz2 at 12:28 AM on Nov. 3, 2010

  • Both guys are a big mistake for our country .
    gammie

    Answer by gammie at 11:35 PM on Nov. 2, 2010

  • And both TARP and Stimulus were bad ideas. JMO. I don't know anyone that thinks that TARP is Obama's baby. If I'm not mistaken, he [Obama] did get to appropriate some of the TARP money though.
    QuinnMae

    Answer by QuinnMae at 11:35 PM on Nov. 2, 2010

  • Bush had more than one attempt at 'stimulus'... All were failures, IMO... It is NOT the job of Government to provide stimulus.
    grlygrlz2

    Answer by grlygrlz2 at 12:30 AM on Nov. 3, 2010

  • Bush had more than one attempt at 'stimulus'... All were failures, IMO... It is NOT the job of Government to provide stimulus. Answer by grlygrlz2


    Agreed!  Bush's attempts at stimulus WERE failures, yet Democrats continue down the same path expecting different results.  And here we are, several 'stimulus' packages later with the same failed results.  You would think they would learn.

    QuinnMae

    Answer by QuinnMae at 1:02 AM on Nov. 3, 2010

  • Actually, let me correct that~ Patrick Kennedy [D-RI] SPONSORED the TARP(that's equivalent to "creating" kerpie lu... So, NO BUSH DID NOT create TARP.. lol) Ohh and roughly 260 (out of 275) co-sponsors for TARP were Democrats....
    grlygrlz2

    Answer by grlygrlz2 at 1:30 AM on Nov. 3, 2010

  • On December 19, 2008, President Bush used his executive authority to declare that TARP funds may be spent on any program that Secretary of Treasury, Henry Paulson, deems necessary to avert the financial crisis. This has allowed President Bush to extend the use of TARP funds to support the auto industry,


    During 2008, companies that received $295 billion in bailout money had spent $114 million on lobbying and campaign contributions. Banks that received bailout money had compensated their top executives nearly $1.6 billion in 2007


    October 1, 2008, 34 Senate Republicans voted for H.R. 1424, the new vehicle for the act, and on October 3, 2008, 91 House Republicans voted for that bill. President Bush, a Republican, subsequently signed it into law

    sweet-a-kins

    Answer by sweet-a-kins at 9:03 AM on Nov. 3, 2010

  • Just because Republicans signed it doesn't mean we all subscribe to the same thought process. I thought it was a stupid move then and I still do. I just prolonged the inevitable. And so has every 'stimulus' bill we have had. It just doesn't work.

    QuinnMae

    Answer by QuinnMae at 9:36 AM on Nov. 3, 2010