Discussion for article #246972
You had a chance here to clarify a confusing topic. The vote was for the Wall Street bailout, and bailing out Wall Street would enable Wall Street to help save Detroit. Essentially Wall Street held Detroit and the entire US economy hostage for their own sweet deal. The outgoing Bush administration created a sweetheart deal and the incoming Obama administration was afraid to refuse it. So Hillary approved of the sweetheart Wall Street Bailout, which Bernie refused. If it had been rejected, a better deal would have come forth, negotiated by the Obama administration instead of the Bush Administration’s sweetheart deal.
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Really. And you know this how?
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That’s one way to spin it. And without a doubt, its a spin.
GM was literally days away from going out of business completely. Chrysler wasn’t too far behind. There was no time to negotiate a new deal for just the auto companies. And quite frankly, there would be no point if all of Wall Street collapsed in the meantime.
What you, and apparently Bernie, just don’t seem to grasp,is that Wall Street isn’t made up exclusively of billionaire CEOs. It includes the pension funds, the 401(k)s, the various IRAs of hundreds of millions of everyday Americans. It includes the finanical markets that every single business in America depends on to finance their day to day operations, as well as their long term financing of expansions. When you scream about “killing Wall Street”, you kill countless of other Main Street companies and people as well.
And therein lies the rub. Its complicated, not the simplistic bad guys vs. good guys that Bernie loves to peddle. The discussion they had concerning the Export Import Bank is another perfect example. Yes, Boeing heavily uses it to finance it overseas sales. But so do hundreds of smaller businesses. Bernie wants to kill it because Boeing uses it…and damn all the little people who get killed in the process.
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So glad you’re here tonight. I’m coming off my second 12 hour work day and I don’t have the energy to argue with the simpletons making stuff up. You’ll pick up the slack for me, right? I’ll get your back another day.
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LOL.
Well, as much as I can. Unfortunately I only got to watch the first half of the debate before it go pre-empted in this household for Dowton Abby. 
Sunday nights are tough TV nights here. Debates, DA, Walking Dead, Billions, and Vinyl
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Why I love my DVR, Exhibit A.
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Sen. Sanders scares me as I am close to retirement and I will depend on my 401(k) savings, yet, we are going to elect a president that has stated that “Wall Street is a fraud”. That tax rates will go up to 50%, do you think any corporation will not take any action necessary by moving out of the USA, to save the assets of their corporation, they have a fiduciary duty to the shareholders to do so.
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No, at the time the TARP deal was approved, the economy was already circling the drain. There was no time to craft a better deal.
Remember the news reports when Congress voted down TARP the first time? A split screen showed the “no” votes piling up on the floor of Congress and simultaneously the Dow Jones index plummeting.
We were heading toward a collapse of the global economic system.
The deal originally was a bailout, with no strings attached, but President Obama get the banks to repay it, by conditioning the money on limits to executive bonuses etc.
The taxpayers actually profited on the repayment, to the tune of billions.
And President Obama used some of the TARP funds to bail out GM and Chrysler. Remember, President Bush spent much of 2008 trying to work out a deal to rescue the automakers but he couldn’t find anyone to agree to a loan – he even went to Romney’s firm Bain Capital, and they said, “Not under any conditions.”
In the end he punted, and gave the firms about $15-20 billion to get them through the next 90 days and into the Obama term.
And as @DaveyJones said, this was an extremely complicated situation, and the Obama administration, which was left with the bulk of administering TARP, had to work closely with the Federal Reserve and the central banks of other countries as well as many private banks.
It was a shame it had to come to that, but it was necessary to get through an emergency.
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Hillary: “I voted to save the auto industry. He voted against the money that ended up saving the auto industry.”
Bernie: a noun, a verb …bankers.
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Excuse me, I’m talking …
Oh, I have feeling we will be hearing more about that one.
Yep. Vox already has a piece about it.
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Yeah…I am dealing with people who are locked into the concept that if the TV guide says it comes on at this time, that is the only time that the universe will allow it to be watched. They are convinced when I bring up things on playback that I am secretly sacrificing goats or something.
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Some of these people don’t get the notion of complicated or compromise.
Bernie is back pushing free college tuition.
Where are the jobs going to come from for those graduates?!
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Yeah WTF, after all his finger wagging and trying to interrupt her non stop in every debate.
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Goodness this is rubbish. This sort of narrow-minded thinking is something I see in the GOPers all the time and it really pains me to see it exhibited by some Sanders supporters. The economy was on a precipice by all accounts. Furthermore, the money that helped the auto industry also helped small companies all across the nation which makes critical parts for those autos. Brakes, electronic components, filters, etc.
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Truly the finger-wagging has got to go. It is childish and beneath both candidates to do that.
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Bernie sounds like republicans.
Just say no!
Doesn’t work that way, Bernie, as we’ve all seen.
But Hillary is so right, and my husband and I couldn’t help saying it again tonight.
This debate puts republicans to shame.
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I think when Bernie loses the nomination, he will pick a fight with Dems in congress and use it as an excuse to go back to being an independent.
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You said it. He answers every question the same way. And he seems to forget that the Citizens United film at the base of that bad SCOTUS decision (that Sanders) considers the root of all political evil was aimed at HILLARY CLINTON!!
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I was thinking more along the lines of a noun… a verb… and Wall Street.
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