Correct Itself
Let me correct Mr. Urtz, who apparently doesn’t recall newspaper headlines saying: “Traders on the floor of the New York Stock Exchange, still stunned by a 778 point rout in the Dow Jones industrial average, warned that the government needs to approve a plan that will sweep away the fears that hobbled the credit markets.”
Bush’s Treasury Secretary Henry Paulson and Ben Bernanke the Chairman of the Federal Reserve went to Congress to ask for $700 billion. The Bush administration wanted Congress to immediately give them $700 billion virtually unrestricted. Their arrogant request to Congress stated: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”
Recently, Bush said: “I believe the role of government is not to create wealth but to create the conditions that allow entrepreneurs and innovators to thrive. I believe in the power of free enterprise, which made the decision I faced last fall one of the most difficult of my presidency. I went against my free market instincts and approved a temporary government intervention to unfreeze the credit markets so that we could avoid a major global depression.”
Bush has apologized for TARP, which at the time he insisted was necessary to avoid a major global depression. Half of the TARP money approved by Congress was spent before Obama became president, and not the way most congressional Democrats had intended.
Obama and congressional Democrats are attempting to restore the Wall Street rules that Bush and his cronies had strip away leading to last year’s economic meltdown and current recession.

