Letter got facts wrong
April 9, 2010 · 3:50 PM
How short the right’s memory is. I read with amusement as Dean Jenniges spouted his vitriolic rubbish (April 2), no doubt gleaned from the right’s intellectual leaders, Rush, Glenn and Ann. But let’s present the facts.
The history of government takeover of our financial institutions and auto industry: TARP became a public law Oct. 3, 2008, providing money to assist banks with questionable holdings. President Bush, on Dec. 19, 2008, exercised executive authority to declare that TARP funds may be spent on any program he personally (is that corrupt or what?) deems necessary to avert the financial crisis. He then extended the use of TARP funds to support the auto industry. With this a matter of public record, Mr. Jenniges inadvertently points the finger of corruption at George Bush, not Barak Obama.
The government is profiting smartly from these banking moves. The government offered, not forced, nine major banks into troubled asset relief in exchange for preferred stock – money was not simply handed out. The government has got its money back from some of the larger banks, and made a profit selling the preferred stock at the same time. We are selling Citi at what looks to be a 9-10 Billion$ profit. We should credit Obama with this?
Mr. Jenniges also whitewashed away the fact that the banking and auto industry got themselves into a position where the only way out was begging at the Treasury Department. President Bush did not go in and arbitrarily take them over. The “imposition” was invited.
I wish the Right could do its homework and get it right. Until then I will be a skeptical independent.