In the past forty plus years, under the leadership of Republican presidents the United States has run up a tremendous debt in the process of bailing out financial institutions and a few cherished private corporations that really have been an under girth to our economy. These bail-outs mentioned includes the enormous amount the Bush Administration engineered known as TARP. In all of these cases, the bail-out proposals did not meet the approval of the majority of American people.
1970 - Penn Central Railroad - $3.2 billion (Richard M. Nixon)
1971 - Lockheed - $1.4 billion (Richard M. Nixon)
1974 - Franklin National Bank - $7.8 billion (Richard M. Nixon)
1975 - New York City - $9.4 billion (Gerald Ford)
1980 - Chrysler - $4.0 billion (James E. Carter)
1984 - Continental Illinois National Bank - $9.5 (Ronald Reagan)
1989 - Savings and Loans - $293.3 billion (George H. Bush)
2001 - Airline Industry - $18.6 billion (William J. Clinton)
2008 - Bear Stearns - $30 billion (George W. Bush)
2008 - Fannie Mae and Freddie Mac - $400 billion (George W. Bush)
2008 - American International Group (AIG) - $180 billion (George W. Bush)
2008 - The Auto Industry - $25 billion (George W. Bush)
2008 - TARP - $700 billion (Republican Administration engineered - George W. Bush)
2008 - Citigroup - $280 billion (Republicans Administration - George W. Bush)
2009 - Bank of America - $142.2 billion (President Obama, inherited from George W. Bush)
The exception today, on bail-outs is that the American Jobs Act which is $447 billion (designed to make an investment in Americans) is popularly approved by the American people. Republicans refuse to sign off on any funding of this bridge for employment, health, safety and infrastructure for the American people. No Republicans have signed on any portion of the American Jobs Act.
Republicans then try to band President Obama with designing TARP, shows how dishonest and self promoting and unresponsive Republicans are towards the people they were elected to represent. They then go on and try to blame President Obama for their TARP design which has added to the debt of our economy. The good news is that President Obama's Administration has done a whole lot to reversed the tide of job lose.
Divided government is not working for me. The truth is, Americans need to make sure that Republicans are replaced in the House and Senate as soon as possible because they are not representing the people that elected them. They have made it their business to be concerned only for the wealthiest of Americans, about one percent, while the 99% address serious policy issues.
If we don't restructure both the House of Representatives and the United States Senate, and vote in more Democrats to govern, it will be to the peril of United States of America, and that is the whole truth, we all know it in our hearts and souls.
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