Bachmann flunks Wall Street bailout history, hammers Obama rather than Bush

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Michele Bachmann attributes the Wall Street bailout to Obama, not Bush.
Michele Bachmann has flunked American history again.

"When he came in as the president of the United States," she said of Barack Obama yesterday in South Carolina, "he decided we had to have this $700 billion bailout of Wall Street. He's the best friend that Wall Street has ever had."

What?

Obama's predecessor created the $700 billion Wall Street bailout--to avert a total meltdown of the U.S. financial markets.

The 2008 Emergency Economic Stabilization Act (EESA) & Troubled Asset Relief Program (TARP) was signed into law by former President George W. Bush on Oct. 3, 2008.

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The $700 million Wall Street bail out was engineered by the Bush administration.
It wasn't popular. But it worked.

"It was convenient for some people out there to make a case that [TARP] was not necessary," Bush told RealClearPolitics last November, "but they weren't charged with the responsibility of dealing with a depression."

And up until now, Bachmann has reacted to the Obama administration's subsequent Wall Street reforms with with various levels of outrage and cynicism, including accusations of "fascism." If the president is no different than Mussolini when it comes to dealing with Wall Street, can he really be its best friend?

Bachmann, on the other hand, does know what it's like to be Wall Street's best friend. FEC records show she's scooped up hundreds of thousands of dollars in political contributions from the banking and financial sectors during her career in public office.

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Wall Street is Michele Bachmann's best friend.
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6 comments
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matt gordon
matt gordon

Perhaps her "statement wasn't intended as a factual statement."

Sandy
Sandy

Bachmann isn't off track, or a dumb ass...she's deliberately misleading and will outright lie for political gain. She knows that if she repeats something often enough that her minions will believe what she says as "truth".

Dayton
Dayton

Barnie Frank denied a Freddie Mac/Fannie Mae meltdown would occur http://www.youtube.com/watch?v...

There were congressional hearings and the Dems denied anything was wrong. The Dems pushed to lower lending requirements, not Bush.

No politician is perfect. They are all just politicians and they are all out for power. You think Obama has trouble sleeping at night if someone defaults on their mortage?? Doubt it.... he had is millions before he came into office and will have millions when he leaves office and he's isn't donating any to your liberal cause.

You libs at citypages might want to get off your high horse for a change.

conf used
conf used

So Bush saved us from the Depression. Isn't Obama stretching the truth on that one?

URstupid
URstupid

It just goes to show people's inability to research what the root cause of problems are. I'd agree with many that say that news and political BS is the mainstream. People are not being held accountable for statements being made that are obviously not true.I didn't agree with the bailout execution - I think that money should have gone to those who were swindled, I think those bankers that messed up should be rewarded with jail time. I also think that the 700$ billion could have be used to save the people from a depression and not the bankers'; money.

However, this woman is completely on the track that is you spew enough BS people will believe you. It's akin to emotional propaganda.

Greg
Greg

Dumb Ass,

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