[Hoot Gibson]

March 2008
$29 Billion Stimulus Package – Wall Street Bailout
The Federal Reserve stepped in to prevent the collapse of
Bear Stearns (one of the world’s largest investment banks and
brokerage firms) by guaranteeing $29 billion worth of potential
losses in its battered portfolio. This provided enough economic
stimulus for JP Morgan Chase to take over the beleaguered firm.
May 2008
$178 Billion Stimulus Package – Average American Bailout
The U.S. Treasury provided an economic stimulus package to American
taxpayers in the form of $600 economic stimulus checks for individuals
and $1,200 economic stimulus payments for couples. That cost the
government $100 billion, and they threw in another $68 billion in
tax breaks for businesses, $8 billion to increase unemployment benefits
from 26 weeks to 39 weeks, and a $4 billion economic stimulus package to
be doled out to states and local municipalities to buy and rehab foreclosed properties.
July 2008
$300 Billion Stimulus Package – Homeowners Bailout
The Bush Administration committed $300 billion for 30-year fixed rate
mortgages for at-risk borrowers, as well as tax credits for first-time
homebuyers, who could be eligible to receive up to a $7,500 tax credit.
September 2008
$200 Billion Stimulus Package – Fannie Mae and Freddie Mac Bailout
Fannie Mae and Freddie Mac (privately owned mortgage companies that are
backed by the federal government) were about to fail, due to declining
house prices and rising foreclosures. The Bush Administration stepped in
with a $200 billion economic stimulus package and placed Fannie Mae and
Freddie Mac and their $5 trillion in home loans in “temporary conservatorship,”
to be supervised by the Federal Housing Finance Agency.
September 2008
$50 Billion Stimulus Package To Guarantee Money Market Funds
When the economic crisis reached a crescendo, Americans began to
pull their money out of money market funds – historically considered
to be the safest investment. To stop the bloodshed, the U.S. Treasury
agreed to guarantee up to $50 billion, for up to a year.
September 2008
$25 Billion Stimulus Package – Automakers Bailout
In an attempt to stave off bankruptcies for the “Big 3 automakers,”
the Bush Administration gave General Motors, Ford, and Chrysler $25
billion in low-interest loans.
September – November 2008
$150 Billion Stimulus Package – AIG Bailout
With the world’s largest insurance company in dire straits and
74 million clients at risk, the American government chipped in
and gave AIG (American Insurance Group) $150 billion in a stimulus
package that included: loans, purchase of toxic assets, and
purchase of preferred shares.
October 2008
$700 Billion Stimulus Package – Banks Bailout
The Bush Administration, under the umbrella of the U.S. Treasury,
committed $700 billion in economic stimulus money under TARP
(Troubled Asset Relief Program). By many accounts, if this
economic stimulus money hadn’t been injected, credit between
banks would have frozen overnight, and not only the American
economy, but also the global economy, would have seized up.
February 2009
$787 Billion Stimulus Package – Average Americans Bailout
The Obama Administration and Congress authorized $787 billion
in spending and tax cuts, primarily to create or save an
estimated 3.5 million American jobs.
February 2009
$275 Billion Stimulus Package – Homeowners Bailout
The Obama Administration handed out a $275 billion mortgage
stimulus plan, designed to assist more than 9 million American
homeowners in refinancing their home loans or averting foreclosure.
Of the $275 billion stimulus, $75 billion was allotted for direct
spending for keeping people in their homes, and $200 billion came
in the form of additional help for Fannie Mae and Freddie Mac.
(See above, in the July 2008 entry, for more information on the
first economic stimulus package that was awarded to these mortgage giants.)
March 2009
$30 Billion Stimulus Package – AIG Bailout
The federal government intervened once again to help insurance giant AIG,
this time in the form of a $30 billion loan from TARP funds.
(See above in the September-November 2008 entry, for more
information on other AIG bailouts.)
March 2009
$15 Billion Stimulus Package – Small Business Loans
The Obama Administration introduced a $15 billion economic
stimulus venture aimed at the small business lending market
to get money flowing into small business lines of credit again.

March 2009
$1 Trillion "Toxic Asset" Program – Banks Bailout
The Obama Administration launched a public-private economic
stimulus venture (involving the U.S. Treasury and FDIC) to try
to get toxic assets off the balance sheets of banks so that they
can return to normal lending practicesMarch 2009.
March 2009
$22 Billion Stimulus Package – Automakers Bailout
The Obama Administration extended another $22 billion in loans to
Chrysler and GM, this time, with strings attached, including the
firing of General Motors Chairman Rick Wagoner.
April 2009
$1 Trillion Stimulus Package – G-20 World Leaders Stimulus
The leaders of the 20 most powerful countries in the world
(representing 85% of global economic production) convened in
London and agreed to $1 trillion in economic stimulus funds,
as well as tighter global financial regulations.


this is the mess obama walk into this is what happens when you
deregulate people have short memory we elected a bunch of nuts
fall 2010 its there way and nothing else

A few questions, please. Do you have stuff like this emailed to you or do you actually have to search for your Democratic talking points? Next, do you read these talking points before posting them? Do you realize that Obama took office in January 2009 and that the American Recovery and Reinvestment Act of 2009 (not the Average Americans Bailout, as you called it) was passed by a Democratic Congress and signed into law by Obama. It was not something that he inherited, it is something that he lobbied us to support.

One final question, a reminder of sorts, are you aware that Obama promised the American people that unless ARRA passed and became law, the unemployment rate would soar above 8 percent and that after it was signed, the rate soared above 10 percent?

Obama was clueless about how our economy when he took office. He has surrounded himself with people who were either clueless as well, or like Geitner, have used their positions to line the pockets of their Wall Street cronies. Obama remains an unrepentant socialist despite the fact that his economic programs have been miserable flops.

Obama inherited a recession but he has made things worse, not better, and we are now looking at a probably second dip of the recession as a result.