WE paid the bailout!

Posted: October 6, 2011 in TheProblem
Tags: , , ,

Note for all the readers: We are talking about the money *WE* paid to Uncle Sam as TAXES. That’s OUR money!

The one who signed the bailout for the banks

On October 1, 2008, the Senate debated and voted on an amendment to H.R. 1424, which substituted a newly revised version of the Emergency Economic Stabilization Act of 2008 for the language of H.R. 1424.

The Senate accepted the amendment and passed the entire amended bill, voting 74–25.

Additional unrelated provisions added an estimated $150 billion to the cost of the package and increased the length of the bill to 451 pages. (See Public Law 110-343 for details on the added provisions.)

The amended version of H.R. 1424 was sent to the House for consideration, and on October 3, the House voted 263-171 to enact the bill into law.

President George W. Bush signed the bill into law within hours of its congressional enactment, creating the $700 billion Troubled Asset Relief Program (TARP) to purchase failing bank assets.

Well, that did not work out quite as planned, now, did it?

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