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Originally Posted by OneHungLo
Basically GW's plan.
BTW I'm no fan of GW. He was probably one of the worst presidents in our history imo.
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No, it was not GW's plan. Under GW a 700 billion bailout was passed in October 2008. John McCain ran on a platform that included a plan very similar to what the Government was doing. Obama ran on a platform that included a quite different plan that was put into action in February 2009.
https://www.thebalance.com/2008-fina...meline-3305540
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October 3, 2008: Congress Passes $700 Billion Bailout Bill
The bank bailout bill was supposed to be a reverse auction. It would give troubled banks the right to submit a bid price to sell their assets to the Troubled Asset Relief Program. But, this would have taken too long to implement. Instead, the Treasury bought shares of troubled banks to inject capital into the frozen financial system.
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https://money.cnn.com/2009/01/06/new...mulus_fits_in/
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Obama's estimated $775 billion plan could serve as the next step in the recovery efforts. While most of the Fed's programs have been aimed at boosting lending, Obama's economic stimulus plan is aimed primarily at job creation and consumer spending.
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https://www.thebalance.com/how-do-ob...licies-3305622
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Bush left it up to the Federal Reserve to address the 2007 banking crisis with monetary policy. After Lehman Brothers collapsed in 2008, he agreed to Treasury Secretary Hank Paulson's TARP bailout.
Obama passed the $787 billion Economic Stimulus Act. This act created jobs in education and infrastructure, ending the recession in the third quarter 2009. Obama used the TARP funds to subsidize homeowners stuck with upside-down mortgages.
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