Wednesday, September 15, 2010

WOOOO HOOOOOO!!!! Tea Party Backed Conservative Candidates Kicked The RINO-Republican's Butts Last Night!!!

Once again, America's REAL Republicans and many Independents came out and voted in droves and threw out the RINO's (Republicans In Name Only) that voted with Obama (and also with President Bush and the democrat controlled Congress since 2006) on some of the wasteful big government tax and spend legislation like all of the various bailouts near the end of 2008, then Obama's TRILLION dollar spendulus package, then the multi-TRILLION dollar ObamaCare and all of the other government take-over's of various industries from the insurance and banking industry to the auto industry to Wall Street, etc... and the other legislation that Obama and his minions want to pass to crush America, like Cap & Trade, forced unionization, raising taxes, deficit spending out the wazoo and an ever rising national debt that will bankrupt our children and grand-children for decades to come.

Just to remind you, below is a list of the end of 2008 bailouts that were done while President Bush was still in office... and it has only gotten much worse since Obama took over since we all know he's a socialist and thinks the government should own everything (as long as he's the dictator-in-chief!). ;-)

I only wish we could throw Senator Mary, Mary, Quite Contrary Landrieu out of office before the end of her term!!!

Lenny Vasbinder

● Bear Stearns 2008 JP Morgan Chase and the federal government bailed out Bear Stearns when the financial giant neared collapse. JP Morgan purchased Bear Stearns for $236 million; the Federal Reserve provided a $30 billion credit line to ensure the sale could move forward. $30 billion

● Fannie Mae / Freddie Mac 2008 On Sep. 7, 2008, Fannie and Freddie were essentially nationalized: placed under the conservatorship of the Federal Housing Finance Agency. Under the terms of the rescue, the Treasury has invested billions to cover the companies' losses. Initially, Treasury Secretary Hank Paulson put a ceiling of $100 billion for investments in each company. In February, Tim Geithner raised it to $200 billion. The money was authorized by the Housing and Economic Recovery Act of 2008. $400 billion

● American International Group (A.I.G.) 2008 On four separate occasions, the government has offered aid to AIG to keep it from collapsing, rising from an initial $85 billion credit line from the Federal Reserve to a combined $180 billion effort between the Treasury ($70 billion) and Fed ($110 billion). ($40 billion of the Treasury’s commitment is also included in the TARP total.) $180 billion

● Auto Industry 2008 In late September 2008, Congress approved a more than $630 billion spending bill, which included a measure for $25 billion in loans to the auto industry. These low-interest loans are intended to aid the industry in its push to build more fuel-efficient, environmentally-friendly vehicles. The Detroit 3 -- General Motors, Ford and Chrysler -- will be the primary beneficiaries. $25 billion

● Troubled Asset Relief Program 2008 In October 2008, Congress passed the Emergency Economic Stabilization Act, which authorized the Treasury Department to spend $700 billion to combat the financial crisis. Treasury has been doling out the money via an alphabet soup of different programs. Here’s our running tally of companies getting TARP funds. $700 billion

● Citigroup 2008 Citigroup received a $25 billion investment through the TARP in October and another $20 billion in November. (That $45 billion is also included in the TARP total.) Additional aid has come in the form of government guarantees to limit losses from a $301 billion pool of toxic assets. In addition to the Treasury's $5 billion commitment, the FDIC has committed $10 billion and the Federal Reserve up to about $220 billion. $280 billion

● Bank of America 2009 Bank of America has received $45 billion through the TARP, which includes $10 billion originally meant for Merrill Lynch. (That $45 billion is also included in the TARP total.) In addition, the government has made guarantees to limit losses from a $118 billion pool of troubled assets. In addition to the Treasury's $7.5 billion commitment, the FDIC has committed $2.5 billion and the Federal Reserve up to $87.2 billion. $142.2 billion

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