Bachmann flunks Wall Street bailout history, hammers Obama rather than 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."
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.
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.
Wall Street is Michele Bachmann's best friend.
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