My appearance on Fox News' Your World to discuss a possible Federal bailout of Detroit

[Red Knight]

35. Here's the problem:

Banks used other government money--money meant for small business loans--to repay on the debt. They used government money meant to spur investment and create jobs to pay for government money used to bail them out.

Not only that--all everyone talks about is TARP. That was far from all the lending going on.

What about the Fed bailout to the tune of 7.77 TRILLION dollars?

And we can't know what they really ever paid back to the Fed because, of course, that's secret.

http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html


She has a BS argument that it was the consumer's fault the the banks failed, that this bailout was such a success, and that the investment in GM was so terrible. THAT was an investment. THAT saved jobs. THAT prevented a domino effect from automakers to suppliers going out of business. A bankruptcy at that time would not have saved anything because banks were not loaning money.

Too big to fail survives.

Gambling continues.

We are at risk for this to happen all over again.

Republicans want personal responsibility, but only at the lowest financial levels.

I'm aware that both parties are responsible for the bailout but at least the Dems threw some crumbs to regular people, to save some jobs, and it's been estimated over a million were saved.

I'd rather invest in that.