Posts Tagged ‘TARP’

Selective Memories Bail Out Bush

Tuesday, August 3rd, 2010

President Obama is hoping Americans won’t have “selective memory” and blame him for problems he inherited from Bush. Unfortunately they do, as this poll illustrates:

Only about a third of Americans (34%) know that the government’s bailout of banks and financial institutions was enacted under the Bush administration. Nearly half (47%) incorrectly say that the Troubled Asset Relief Program – widely known as TARP – was signed into law by President Obama.

And you can bet that the bailout misinformation percentage is a lot higher for the virulently anti-bailout crowd. It sure would be nice if they knew the truth about the bailout:

For the record, the financial industry bailout passed in October 2008. It was requested by a conservative Republican administration (George W. Bush and Dick Cheney). It was enthusiastically endorsed by the House Republican leadership (John Boehner, Eric Cantor, and Roy Blunt), the Senate Republican leadership (Mitch McConnell and Jon Kyl), both members of the Republican presidential ticket (John McCain and Sarah Palin), and assorted, high-profile conservative voices (Mitt Romney and Glenn Beck).

That leads me to my latest limerick:

Selective Memories Bail Out Bush
By Madeleine Begun Kane

Disliking Obama is fine,
But please be correct when you whine.
Don’t like bailouts of banks?
It’s to Bush you owe “thanks.”
Was it signed by Obama? No! Nein!

Tough Negotiators, Those Bushies!

Thursday, March 19th, 2009

I practiced law for over a dozen years and negotiated lots of contracts. And, unlike the Bush administration, I always kept my poker face. Why? Because if you want the best possible deal, you must make the other party think that he needs you more than you need him.

So, for example, when you tell banks that they’re too big to fail, you disincentivize them from cooperating, or even telling you the truth. That’s why I’m not surprised that 13 of the “top 23 private recipients of taxpayer-funded bailouts under the $700 billion program” enacted by the Bush administration “owed more than $220 million in unpaid federal taxes” and that they lied about it on their TARP contracts.

Why bother being honest? After all, it’s not as if Bush’s Treasury Department made them back up their statements with actual tax records. Of course not — they were too big to fail.

This brings me to my latest limerick:

Tough Negotiators, Those Bushies!
By Madeleine Begun Kane

Dear bank, we can not let you fail.
You’re too big. Pay no mind if we wail
That you owe us back tax.
Do not worry. Relax!
Cuz that huge bailout check’s in the mail.

Who Needs Oversight, When You’re Spending Money You Don’t Have?

Wednesday, December 3rd, 2008

According to the GAO, TARP (the gazillion dollar Troubled Asset Relief Program) is seriously lacking in oversight. Why? Because of a single Senator’s anonymous block on the program’s IG (Inspector General) nominee.

Sen. Max Baucus, the fellow who made sure the TARP bill provided for an IG, isn’t too pleased. And that brings me to my latest limerick:

I’m never a person to carp,
But nobody oversees TARP.
One anonymous “hold”
Stopped the process out cold
Of confirming an IG who’s sharp.

Ode To Corporate Vultures

Wednesday, September 24th, 2008

Here’s my latest haiku (senryu) about the Wall Street meltdown and the $700 billion (or much more) Bush-Cheney-Paulson-Bernanke rip-off-the-taxpayers bailout plan

Financial vultures
First gobble up our assets,
Then demand dessert.