WHOSE BAILOUTS? The following excerpt came to me in a .pdf attachment to a campaign email that appears to be making the rounds of Democrat activists. The author (identified in the .pdf properties box) is one Juanita Luiz, who appears to be a union activist (if a Google search is anywhere near accurate).

As the 2010 campaign heats up, a lot of blame has been directed towards the Democrats and, in particular, President Obama for the billions of tax dollars given away to corporations in the form of bailouts.

The facts tell a different story. According to the U.S. Department of Treasury, all amounts in 2008 U.S dollars: President Richard Nixon bailed out Penn Central Railroad in 1970 for $3.2 billion, Lockheed in 1971 for $1.4 billion and Franklin National Bank in 1974 for $7.8 billion. President Gerald Ford bailed out New York City in 1975 for $9.4 billion. President Jimmy Carter bailed out Chrysler Motors in 1980 for $4 billion. President Ronald Reagan bailed out Continental Illinois National Bank in 1984 for $9.5 billion. President George H. Bush bailed out the savings and loans industry in 1989 for $293.3 billion.

In 2001, President George W. Bush bailed out: the airline industry for $18.6 billion; in 2008, Bear Stearns for $30 billion; Fannie Mae/Freddie Mac for $400 billion; AIG for $180 billion, including $40 billion from the Troubled Asset Relief Program (TARP); the automobile industry for $25 billion; Citigroup for $280 billion, with $45 billion from TARP; and established TARP for $700 billion, of which $85 billion was already counted above. President Barack Obama in 2009 bailed out Bank of America for $142.2 billion, with $45 billion from TARP.

Many of us forget that the bailouts attributed to Obama were initiated during the last four months of Bush's term.

Sounds good doesn't it? The bailouts are all the Republicans' fault. Except that...

Presidents don't appropriate funds - Congress does. Here's the makeup of Congress from 1969 (91st Congress) through 2010 (111th Congress).



Note that with only two exceptions (1981-82 and 2001-02) Congress was controlled by Democrats. In both exceptions, Congress was split; Republicans held the Senate in 1981-82, the House in 2001-02.

There were no bailouts when the Republicans held both houses of Congress.

The "it's all the Republicans' fault" meme doesn't look so good now, huh?