The Unpardonable Political Sin

Campaign rhetoric is a lot like a resumé. The purpose of a resumé is to get an interview. The purpose of an interview is to get the job.

Everyone exaggerates their resumé. It’s expected. Only a fool undervalues themselves. It is the responsibility of the hiring employer to separate fact from fiction through an interview.

You’d be naive to believe what politicians tell you in any election year, especially this one. The bitter feud between parties is nasty.

The unpardonable political sin is for a politician to cross the line and fabricate made-up stories passed off as factual truth.

It is despicable when that politician is the Vice President of the United States of America.

Joe Biden at the NAACP Convention

Last week the Vice President made a “fiery” speech at the NAACP. It was widely reported in the national press that Biden, like Mitt Romney the day before, got booed. Biden, though, was booed for ending his inspired speech to soon! Romney, the cad, was booed for saying he’d repeal Obamacare.

The media has lost its objectivity. Without it, a well-informed electorate becomes impossible.

For example, Biden made these remarkable comments at the start of his speech:

When the economy was about to go over the cliff, I watched him make some of the toughest decisions any President has had to make since Franklin Delano Roosevelt. He saved the nation’s financial system and in doing so he prevented a world wide depression. It wasn’t a popular decision, but it was an essential decision… and he was right… allowing international financial systems to function and credit to flow again.
– Vice President Joe Biden, Biden NAACP Speech, 7/12/2012

Astounding! Biden made up one of the most outrageous political yarns this writer has heard in years.

Who Prevented a World Wide Depression?

According to Joe Biden, Barack Obama prevented a world wide depression.

Oh yeah, Mr. Vice President? Just how did Senator Barack Obama do that? He wasn’t even President when depression was averted.

What, pray tell, were the alleged “toughest decisions” that prevented financial Armageddon that you personally witnessed Barack Obama make? Inquiring minds want to know. Voters want to know.

TARP saved the financial system and prevented a world wide depression.

U.S. Treasury Secretary Tim Geithner describes TARP’s roll this way:

TARP is now regarded by many experts as one of the most effective emergency programs in financial history
– “TARP: 2-year Retrospective“, Treasury Secretary Timothy Geithner, 9/30/2010

TARP was created by the “Emergency Economic Stabilization Act“. It was passed by the U.S. Congress on October 1st, 2008. Obama became President three and a half months later.

If signing TARP defines who saved us from world wide depression then only one man gets the credit: President George W. Bush.

President Bush signing TARP into law on October 3rd, 2008. It’s that unpopular decision Vice President Biden told the NAACP “wasn’t a popular decision, but it was an essential decision”. Senator Obama did not make it.

Literally every major decision “allowing international financial systems to function and credit to flow again” were made before Senator Obama became President.

To his credit, Senator Barack Obama voted for passage. So did Senate Majority Leader Harry Reid and Senators John McCain, Joe Biden and Edward Kennedy. Also voting for it were Speaker of the House Nancy Pelosi and U.S. Representatives John Boehner and Paul Ryan. It had true bipartisan support.

President Obama bailed out GM and Chrysler with TARP. Both went bankrupt anyway and still owe taxpayers nearly $44 billion. Chrysler, a union owned company, sold out to Fiat and isn’t even an American company anymore. That certainly didn’t save the world and return jobs to America.

Conclusions

Political speeches are a candidate’s resumé. Voters are the employer. A free press conducts the interview. Its the voter’s responsibility to judge candidates on their record and on their integrity.

The most deplorable part of Biden’s NAACP fabrication was saying:

When the economy was about to go over the cliff, I watched him make some of the toughest decisions any President has had to make since Franklin Delano Roosevelt - Joe Biden

The Vice President of the United States of America made that up. It has no factual basis. None! Zero! Zip! Nada! Kein! Nyet!

President George W. Bush is the man at the helm who sweated out Lehman Brothers, the stock market crash, Country Wide, Fannie and Freddie, Bank of America, Citigroup, Bear Stears, JPMorgan and Chase.

Congress, the Bush Administration and The Fed took the steps that saved us from worldwide depression and allowed global financial markets to function again. Barack Obama didn’t.

The Fed’s leadership in those darkest days is what stopped global financial meltdown and turned things around just in time for Barack Obama to walk into the Oval Office. It did the heavy lifting. It is the nation’s savior.

If the national media had integrity it would call Vice President Joe Biden to task for politically motivated factual inaccuracy and set the record strait. It won’t.

The free press has donned rose colored glasses. Made-up stories by the Vice President get shrugged off while other politicians get shish kabobed over innuendo. They get accused, tried and convicted on the evening news.

As long as voters tolerate biased political reporting then the New York Times, CNN, FOX, NBC, CBS and all the rest will determine the next President of the United States… not a well-informed electorate.

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Learning to see life more clearly... one image at a time!

Posted on Jul 19, 2012, in 2012 Elections, bailouts, culture, economics, Life, news, Opinion, Politics, TARP, Thoughts. Bookmark the permalink. 6 Comments.

  1. william wallace

    Joe was picked for one reason that his age as his
    inability to comprehend even basic facts /// would
    raise BARACK in comparison to great heights. / It
    suceeded it an advertizing campaign /that worked.

    Yet the reality be if you match BARACK with Mitt
    Romney then you see BARACK for what he is…
    nought but a fraudster. A used car salesman in
    selling cars not roadworthy. BARACK in having
    broken every pomise made / rather than he be
    protective of the people’s rights /// he removed
    most rights people’s had remaining / thus it be
    the people will use the one right they still hold
    an right via vote removing BARACK from office.

    • Back in 2008 I started out liking Barack Obama. I bought into his message of hope and change. I agreed that Washington DC is broken and needs to be fixed. That is still true today.

      The nation had just been kicked in the gut and and Obama’s speeches were both refreshing and mesmerizing.

      One of the reasons I did not vote for him is because he selected Biden for VP. If you are going to bring “change” you don’t pick the ultimate Washington insider as your running mate.

      At the time that was about the only meaningful political decision he’d ever made outside opposing the Iraq war as an Illinois State Senator. That is a thin resume.

      Biden has turned out to be the Dan Quayle of Democratic VPs.

  2. If the media had integrity, Obama and Biden wouldn’t hold the offices that they do today.

    • Given conditions in 2008, I kinda think it inevitable that Obama and Biden were elected. The real disappointment would be to re-elect them under today’s conditions.

  3. Excellent Post. I supported TARP at work, when most folks were opposed. I put up a sign saying Avoid Hoover’s Mistakes on my office door. The dark hour was March-September 2008, and Bush W did the law signing. The way that Bush’s Treasury Secretary Paulson and Obama’s Geithner used the TARP to reward their friends at Goldman Sachs and the UAW is the disgraceful part.

    One correction to your post is needed–JPMorganChase is all the same company.

    Lastly, Obama has enacted the most tepid of Wall Street reforms, and Wall Street is still running and ruining America. Obama concentrated on ObamaCare and Climate Change in 2009, not correcting the financial system. Our financial system still smells worse than rotten eggs, look at the LIBOR scandal. In February 2009 Rahm Emmanuel now Chicago Mayor was Obama’s chief of staff and said something like ‘one must not waste such an emergency’ as they chased health care reform and global warming.

    Biden is a very confused used car salesman in my books. Obama only gets credit for the stimulus program or ARRA. Maybe old Joe got that mixed up in his brain with TARP, heck two of the letters are the same.

    Obama may go down in the books as the worst Democrat President in the post WW2 period, and maybe since the Civil War. President Carter had that distinction. But in hindsight, despite inflation, folks had jobs, the economy boomed, and not one soldier died in messy wars. And Carter got Egypt and Israel to a Peace that still holds. Imagine the mess with an Egypt on a military mission.

    The way I see it though is that if Obama is reelected or Romney wins, there will not be an American jobs machine for at least 5 to 10 years as the consequences of the blown up bubbles in housing, real estate, and stocks from 2000-2008 still work their magic on us.

    • It is unlikely in today’s current political climate that neither Congress, The Fed, TARP nor George W will get credit for the extraordinary efforts that saved us from economic Armageddon.

      Biden’s comments disgust me.

      The President and many of today’s politicians take credit for the accomplishments of others and need scapegoats for their own ineptitude.

      I’m a student of The Fed’s actions taken during the dark days of the Great Recession. Personally, I think those folks – every one – deserve the Congressional Medal of Freedom for their remarkable efforts under extraordinary pressure day after day.

      You are correct, of course, about Chase. It merged with JPMorgan in 2000 before the great crash. I banked with them before that and had forgotten.

      I didn’t have a sign crediting TARP on my office wall, but wish I had. My red badge of courage was a simple one page letter from a frustrated customer excoriating me over a computer system I was largely responsible for early in my career. It made the rounds and I was called on the carpet by my employers for it. I kept it on my wall for over 15 years.

      At 4:30 in the morning after a long frustrating all-nighter when I wanted to scream I would look at that old letter to be reminded what I was about.

      The author of that letter later became one of my best friends and closest professional advisers and confidant.

      I don’t even want to get started on Dodd-Frank… it’s the worst financial reform bill in history. I’d never stop talking about all it’s many faults. :(

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