Thursday, October 21, 2010

George W. Bush: Decision To Bail Out Banks "Wasn't That Hard"

Just as the Republicans did not decry "runaway federal spending" during the eight years that George W. Bush ran up the deficit, they also did not cry "socialist takeover" when Bush bailed out the banks. Bush explicitly said, in a recent speech in Tyler, Texas, that he used your tax money to do so–and that it was an easy course of action. If President Obama said that, would Fox News and the rest of the right wing noise machine let it pass by? Note, too, that Bush's rationale for the bailout was the same as Obama's:

Former President George W. Bush on Tuesday night defended his decision to bail out banks toward the end of his term, saying the call “wasn’t that hard.”

“I made the decision to use your money to prevent the collapse from happening,” Bush said during a speech in Tyler, Texas, according to reports from The Associated Press and other outlets.

Bush said that when the markets crashed in the fall of 2008, he recognized that if his administration didn’t do “something significant,” a “depression greater than the Great Depression” could occur.

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