Mind and Destiny

“I make no pretension to patriotism. So long as my voice can be heard ... I will hold up America to the lightning scorn of moral indignation. In doing this, I shall feel myself discharging the duty of a true patriot; for he is a lover of his country who rebukes and does not excuse its sins. It is righteousness that exalteth a nation while sin is a reproach to any people.”- Frederick Douglass

Location: Delhi, N.Y., United States

The author and his webmaster, summer of 1965.

Monday, March 21, 2016

Wall Street Bailout

In 2008, the Bush administration insisted Congress immediately give them $700 billion virtually unrestricted.  Their arrogant request to Congress stated: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”

It soon became apparent, that the $700 billion the Troubled Assets Relief Program (TARP) received from Congress was not being spent the way many members of Congress had intended.  The money that Paulson gave the banks wasn’t being loaned by many of those banks to enable people to by cars and homes, or save our auto industry.

Consequently, Congress insisted that no money be used in the second half of the TARP program until they got assurances that money put into the banks was going to be recycled back into the economy in the form of reasonable loans.

In January of 2009, before Obama became president, the Bush administration negotiated a deal with Congress, that provided loans to restructure our the auto industry.  President-elect Obama had authorized a letter, asking Democrats to support efforts to save the auto industry.

Given the terrible pressures that the auto industry and the middle class of Michigan, Ohio, Indiana, Illinois, Wisconsin and Missouri were facing, Senator Clinton believed loaning the money was the right decision to do. 

In the Democratic presidential debate in Flint, Michigan, Senator Clinton admitted, that there were things in it that legislation she didn’t necessarily want.  “But when it came down to it, you were either for saving the auto industry or you were against it.  I voted to save the auto industry.  And I am very glad that I did.”

Senator Sanders didn’t support President- elect Obama’s efforts to save the auto industry.


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