I know, you’re thinking “Here we go again.” and you are right. I love different opinions and welcome opposite views because it makes life interesting. Besides, what would we talk about if we all agreed? However, what really annoys me is misinformation, distortion of facts, or just plain ignorance due to being too lazy to check facts.
So for all my dear friends who may not be up to speed on the history of private business bailouts in the United States, below is a little information (with source links). I’ve been around long enough that I remember each and every one of these big business bailouts. I don’t recall the good right wing raising the specter of Socialism way back in the day.
As you examine the data provided here, ponder this opinion:
“In the United States the majority undertakes to supply a multitude of ready-made opinions for the use of individuals, who are thus relieved from the necessity of forming opinions of their own.” Alexis de Tocqueville
1970 Railroad $676 M 1971 Lockeed $1.4 B 1974 Franklin Bank $1.75 B 1975 New York City $9.4 B 1980 Chrysler $1.5 B 1984 Continental Bank $4.5 B 1989 Savings & Loan Industry $293 B 2001 Airline Industry $15.0 B
Last year of Bush Administration March 2008 – December 2008
Bear Sterns $29 B Fannie Mae/Freddie Mac $200 B AIG Group $150 B Auto Industry $25 B
Since President Obama took office, Citigroup has received $20 B more from a previously approved bail out package, and the Auto Industry has its hands out again. Before jumping on that Blame Obama Bandwagon, some readers may want to do a little fact checking. The USA government has been pumping money into private business for almost 40 years.
Now just for fun, let’s see what party each president belonged to for the years that big business received bailouts:
1970 Richard Nixon Republican 1971 Richard Nixon Republican 1974 Richard Nixon/Gerald Ford Republican 1975 Gerald Ford Republican 1980 James Carter Democrat 1984 Ronald Regan Republican 1989 George H. W. Bush Republican 2001 George W. Bush Republican 2008 George W. Bush Republican
1974 New York City was included because they received tax payer dollars like big business
1974 Richard Nixon ( R ) resigned following a Senate vote for impeachment and Gerald Ford ( R ) his Vice President took office in August 1974
This article also published at: