Monday, November 16, 2009
George W. Bush warns of the danger posed by increased government intervention. A bit too late for that insight, given the increases in government spending he presided over, and given how the TARP programme he created is what has allowed Obama to take over much of the financial sector and auto industry. In the latter case, Bush gave GM and Chrysler money from TARP so that they could avoid bankruptcy until Obama became president, despite strong opposition from Congressional Republicans and the fact that TARP was never intended for auto companies. Ultimately GM and Chrysler went bankrupt anyway, but instead of the normal bankruptcy (which would have meant a reconstruction, not a liquidation) they would have gotten if they went bankrupt before Obama's presidency they came under the control of Obama and the unions. Bush is thus partly responsible for large parts of Obama’s destructive agenda.