Corporate executives can tell our elected representatives how to vote. I have noticed when I bring up the first 2008 Wall St bailouts people already have a revisionist narrative on exactly what happened. They seem unaware the House voted no on TARP then 57 representatives mostly conservatives changed their vote under these warnings from Henry Paulson about martial law if they didnt give Wall St a blank check.
Up until this year this was the largest wealth transfer in our history. Obama and McCain were very close in the polls when they suspended their campaigns and went to vote for TARP despite the American people being overwhelmingly against it even shutting the phones down in DC several times.
“Masses Aren’t Buying Bailout”
Senator James Inhofe talks about threats of martial law
Ron Paul after the first vote failed
Protests opposing the bailout occurred in over 100 cities across the United States on Thursday September 25. Grassroots group TrueMajority said its members organized over 251 events in more than 41 states. The largest gathering has been in New York City, where more than 1,000 protesters gathered near the New York Stock Exchange along with labor union members organized by New York Central Labor Council. Other grassroots groups have planned rallies to protest against the bailout, while outraged citizens continue to express their opposition online through blogs and dedicated web sites.
It is also routinely said that “most economists agree it had to be done” this is simply not true and more revisionist nonsense
In an open letter sent to Congress on September 24, over 100 university economists expressed “great concern for the plan proposed by Treasury Secretary Paulson”. The letter, endorsed within a few days by 231 economists at American universities, has been described as “the emerging consensus from academic economists”. Its authors described three “fatal pitfalls” they perceived in the plan as it was initially proposed: