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George W. Bush- The Corporate Bail-Out King

October 7th, 2008 | by Ken Grandlund |

If George W. Bush is looking for a legacy (or maybe just a place in the Guiness Book of World Records) he should lobby hard for his place as America’s Bail-Out King, because he is far and away Numero Uno in this hardly coveted category.

A look at his financial accomplishments:

Airline Industry bail-out (2001) $19 Billion

Fannie Mae-Freddie Mac bail-out (2008) $200 Billion

Bear Stearns bail-out (2008) $30 Billion

AIG bail-out (2008) $85 Billion

Wall Street Comprehensive bail-out (2008) $700 Billion

Auto Industry bail-out (2008) $25 Billion (passed as part of the Wall Street comprehensive bail-out)

Fed Bank bail-out (2008) $99 Billion (additional $$ pledged AFTER the Treasury Dept. bail-out of Wall Street)

Military-Mercenary Industry Give-away (2001-2008) $713 billion

Tax Cuts for the Wealthy bail-out (2001-2008) $1.3 Trillion

GRAND TOTAL: $3.171 Trillion dollars

Interestingly enough, the federal deficit since Bush took office has risen almost $3.8 Trillion.

And the GOP is worried that the Democrats will engineer the largest transfer of wealth in this country’s history? Give me a break already.

(Cross posted at Common Sense)

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  1. 11 Responses to “George W. Bush- The Corporate Bail-Out King”

  2. By Chandira on Oct 7, 2008 | Reply

    Wow, that’s a scary perspective on things… HOw people could possibly want to vote for more of the McSame, I have no idea..

  3. By steve on Oct 7, 2008 | Reply

    Hey Ken… deepen your analysis a bit and tell us how many people work for those bailed out companies and industries. I bet the percentage that works for those countries equals the wealth percentage of the American public. There 95% of those people working in those industries, (flight attendants, secretaries, administrative staffs, janitors) are making far below what Obama says is rich. So when you talk transfer of wealth… Who exactly is all that money going to?

    Personally I am against the bailout. But we can’t sit here and say, “Oh all that money is going to rich people.” It’s not… it is going to people like you and I to keep putting food on the table. If those industries had to shut down, America would be over.

  4. By Ken Grandlund on Oct 7, 2008 | Reply

    Amazing then isn’t it Steve, how America survived for so long without ALL the presidents bailing out corporate America to the tunes of trillions of dollars. I mean, Clinton didn’t bail out ANYONE during his 8 years in office and the economy was just TERRIBLE under him, wasn’t it?

    Take a look at the first link Steve and note that the last big bailout before Bush 2 took office was under….

    wait for it….

    Bush 1- the S & L bail-out to the tune of $200 Billion plus-

    Hey, wait…didn’t McCain have a hand in that one too???

    Oh, and then there were the other GOP bail-outs under Nixon and Ford and Reagan.

    So sure, funneling the taxpayers dollars into corporate America seems distinctly GOpish to me, and sure that money may pay salaries, but then the gov’t paying salaries for private industry seems to be ….SOCIALISM…another word the GOP hates but seems to like to practice.

    Could it be that if private industry did a better job - a more honest job- that THEY could pay their own workers instead of raiding the US treasury?

    I thought American workers were the backbone of the economy- are you saying that US capitalism would fail w/o constant GOP wealth transfers?

    Hmmm…makes one wonder why ANYONE would EVER vote GOP?

  5. By steve on Oct 7, 2008 | Reply

    Since 1968 Ken, the Democrats have been in office 12 years total. That is 12 versus 28. There is more than a likely chance for a bail out would happen with the republicans. And actually I wouldn’t even count the economic wonder years of Carter so, in reality there was really 8 out of 32 years with a “solid” Democrat in office. The majority of the years were Republican. We have no idea what a Democrat would have to do. Weren’t the Democrats in charge of Congress most of those years?

    Didn’t McCain have a hand in trying to do something about Fannie Mae and Freddie Mac in 2005? Do we need to turn this into a Bill Ayers, ACORN and Obama discussion? I have a feeling there are going to be a few fireworks tonight and if Obama is really good… he wins tonight. If McCain stumps him in this format, we may learn a bit more.

    George Bush 2 was behind Gore 12% 8 years ago today. Anything is possible in this election.

  6. By Chris Radulich on Oct 7, 2008 | Reply

    Since 1968 Ken, the Democrats have been in office 12 years total. That is 12 versus 28.

    Doesn’t that make Ken’s case.

  7. By steve on Oct 7, 2008 | Reply

    No it doesn’t Chris. Jimmy Carter was an economic disaster for this country too. Instead of helping with high gas prices or heating oil prices he told people to “put on a sweater” if they were cold. That is about as patriotic as paying more taxes isn’t it?

    You must also remember Chris, you are not speaking Russian and Reagan ended the cold war. What would Carter or Mondale have done?

    How long did the Democrats control Congress since 1968.

  8. By christopher Radulich on Oct 7, 2008 | Reply

    Reagan put us on a race to the poor house with Russia. It would have been nice for us to have stopped when the Russian won, however we didn’t. As for Reagan winning the war, just another republican myth that has nothing to do with the truth. He provided the final push of a rotten regime but due to his cowardice we are turning into a third world country. If he had the guts to pay for his military we would not be in the fix we are in today. Maybe it was not a matter of gut just senility.

    republicans have controlled the white house 28 of 40 years (70% of the time). Granted they only managed to hold onto congress for 12 years but that shows how bad they are. Perhaps that is wrong, since their main objective is to destroy government they are actually pretty effective.

    Given republicans have run up the worst deficits.

    Given that republicans grow government like it was a weed.

    Given the general corruption of the party (Nixon, Agnew, Delay, Libby, North).

    Why would you vote for them?

  9. By Independent Mind on Oct 8, 2008 | Reply

    You guys seem to forget that Congress makes the laws and passes the budget, not the President. Congress, not the President, are responsible for this economic crisis. The Dems have been the majority in Congress for the last couple of years. Why didn’t they do the things they told the people they were going to do? Why didn’t they roll back the “Bush” tax cuts? Why didn’t they force Bush to bring home the troops? WHY ON EARTH DID THEY BRING FORTH LEGISLATION TO BAIL OUT WALL STREET? Neither Henry Paulson nor President Bush can introduce legislation into the Senate and FORCE them to pass it. IT IS CONGRESS’ FAULT WE ARE IN THIS SITUATION! And yes, Obama, Biden, and McCain are part of the problem, though McCain did try to speak out about reforming Freddie Mac and Fannie Mae a few years ago.

    If I had been in Congress and held majority power, I would do what I told the people I would do and make the President veto my legislation. Then, when the proverbial shit hit the fan, I would parade the bills I had passed, but the President vetoed and point the finger at him. You gotta hand it to the Republicans, when they did their “Contract with America” they put forth legislation that they promised they would do…It didn’t work out like they’d hoped, but at least they did what they said they’d do. Too bad the Dems were too afraid of the veto pen.

  10. By manapp99 on Oct 8, 2008 | Reply

    You have to ask yourself. Are you better off now than you were in 2005 before the Dems took control of congress?

    Which party was in control when congress passed the 700 billion dollar bailout for the wall street fat cats?

    Which party controlled congress when we balanced the budget and ran a surplus?

    Why would anyone vote against their own interest and allow the Democrats to control the money?

  11. By Chris Radulich on Oct 8, 2008 | Reply

    An which party controlled the white house, congress, and the senate when we went into Iraq?

    An which party controlled the white house, congress, and the senate when we doubled the national debt?

    An which party controlled the white house, congress, and the senate when we became know for kidnapping and torturing poeple?

    An which party controlled the white house, congress, and the senate when we decided to ignore the constitution and indefinitaly jail citizens?

    An which party controlled the white house, congress, and the senate when we decide ignore the constitution and spy on poeple without warrants?

    An which party controlled the white house, congress, and the senate when the justice department decided to illegally politicalize jobs?

    An which party controlled the white house, congress, and the senate when the government failed so miserably with Katrina?

    Here is a hint. It begins with an R.

    With so many failures dating back to reagan and before why would you trust the republican party with a roll of pennies, Much less anything else.

    Even McSames politcal team knows the party has no ideas besides fear and hate. That is the reason for their present campaign style. Which they freely admit.

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