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vincentML -> RE: Obama and inconsistency (1/29/2010 8:08:20 AM)
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quote:
ORIGINAL: servantforuse
Obama is all words and no action. Just how long will he be blaming the Bush Administration ? When he said that the unemployment rate would peak at 8% after throwing 800 billion at the problem, it is holding steady at 10%.
The 800 billion was voted by Congress at the end of the Bush term, not during O's first year. And it was not for job creation; it was to unfreeze the banks, and it seems to have failed.
From Wiki:
The Emergency Economic Stabilization Act of 2008 (Division A of Pub.L. 110-343, enacted October 3, 2008), commonly referred to as a bailout of the U.S. financial system, is a law enacted in response to the subprime mortgage crisis authorizing the United States Secretary of the Treasury to spend up to US$700 billion to purchase distressed assets, especially mortgage-backed securities, and make capital injections into banks.[1] [2] Both foreign and domestic banks are included in the program. The Federal Reserve also extended help to American Express, whose bank-holding application it recently approved.[3] The Act was proposed by Treasury Secretary Henry Paulson during the global financial crisis of 2008.
The original proposal was submitted to the United States House of Representatives, with the purpose to purchase bad assets, reduce uncertainty regarding the worth of the remaining assets, and restore confidence in the credit markets. The bill was then expanded and put forward as an amendment to H.R. 3997.[4] The amendment was rejected via a vote of the House of Representatives on September 29, 2008, voting 205-228.[5]
On October 1, 2008, the Senate debated and voted on an amendment to H.R. 1424, which substituted a newly revised version of the Emergency Economic Stabilization Act of 2008 for the language of H.R. 1424.[6][7] The Senate accepted the amendment and passed the entire amended bill, voting 74-25.[8] Additional unrelated provisions added an estimated $150 billion to the cost of the package and increased the size of the bill to 451 pages.[9][10] (See Public Law 110-343 for details on the added provisions.) The amended version of H.R. 1424 was sent to the House for consideration, and on October 3, the House voted 263-171 to enact the bill into law.[6][11][12] President Bush signed the bill into law within hours of its congressional enactment, creating a $700 billion Troubled Assets Relief Program to purchase failing bank assets.[13]
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