January 28, 2010

SEE IF YOU CAN MAKE ANY SENSE OF THIS:

Here's my favorite bit of the SOTU:

Our most urgent task upon taking office was to shore up the same banks that helped cause this crisis. It was not easy to do. And if there's one thing that has unified Democrats and Republicans, it's that we all hated the bank bailout. I hated it. You hated it. It was about as popular as a root canal.

But when I ran for President, I promised I wouldn't just do what was popular – I would do what was necessary. And if we had allowed the meltdown of the financial system, unemployment might be double what it is today. More businesses would certainly have closed. More homes would have surely been lost.

So I supported the last administration's efforts to create the financial rescue program.


Now Mr. Obama certainly deserves credit for joining with President Bush in late September of 2008 to push for TARP, which did indeed save the banking system, but that also means his own administration came in with the heavy lifting already done. Moreover, who but a lunatic would hate a measure that averted the second Great Depression?

Posted by Orrin Judd at January 28, 2010 7:22 AM
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