It's true that in Fourth quarter 2008 Tarp was authorized to give
give "troubled assets" 700 billion. This was reduced to 475 billion when the Dodd /Frank bill became law in 2010. Aprox the first 200 billion was loaned out under Bush43. Clearly the rest was given out by team Obama. You just got caught with another mispeak. Your link also explains where Tim Geitner had the plan to distribute the last 300 billion that was authorized by Dodd/Frank.
You forgot this from your second link:
The TARP originally authorized expenditures of $700 billion. The Emergency Economic Stabilization Act of 2008 created the TARP. The Dodd–Frank Wall Street Reform and Consumer Protection Act, signed into law in 2010, reduced the amount authorized to $475 billion. By October 11, 2012, the Congressional Budget Office (CBO) stated that total disbursements would be $431 billion, and estimated the total cost, including grants for mortgage programs that have not yet been made, would be $24 billion.[1]
Would you like to explain how 300 plus banks were profitable (before team Obama could find the bathrooms) when they still owed the Federal Gov Billions of dollars in Tarp loans in 2012?
General Motors did not get their money until the following conditions were met.
1. The current CEO had to resign
2. The car divisions that made and sold Hummers and Saturns were
Closed. This was all team Obama. Bush43 had nothing to do with
this. So your statement that Obama did not bail out anything
simply does not fly, Captain.
I suggest you go back and read your own link. You did say it was a couple of years ago since you read it.
Originally Posted by adav8s28
Captain you did misspeak when you wrote Obama did not bail out anyone. Your link from national affairs.com backs up what I wrote above. Bush43 did offer bailout money to GM, they did not take it the before the deadline passed. When they decided they needed/wanted help Obama bailed out both GM and Chysler starting in March 2009, with conditions that were set by the Obama administration. The author is critical of the approach team Obama took. That the gov ended up with large stake in a private company. GM was made smaller and leaner and assembly line workers got to keep their jobs instead of go on unemployment.
From your link:
In March 2009, when the lifeline extended by the Bush administration had run out, President Obama stepped in. The administration forced out the CEO of General Motors, Rick Wagoner, and gave Chrysler 30 days to finalize a merger with the Italian automaker Fiat. In exchange, the companies received another (and even larger) round of government loans. In the end, almost $77 billion in TARP funds was diverted to GM and Chrysler.
But in spite of the generous loans, extensions, and second chances, the Obama administration finally concluded that the companies' restructuring plans were insufficient. In the spring of 2009, it directed both automakers to proceed into Chapter 11 bankruptcy — Chrysler filed on April 30, and GM on June 1. In both cases.
Over 900 troubled assets received money from Tarp. Most of the entities received their money after Obama took office. Bank of America got their money from Bush43 but AIG, GM and many others got their money from Obama. The Dodd/Frank bill cut the amount from 700 billion to 475 billion.