Monday, October 4, 2010

Rachel Maddow's Spin

I find it important to listen to different viewpoints, so while channel surfing tonight I stopped to watch the Rachel Maddow show.  Rachel made some compelling points:
  • While many people were against the TARP, it officially expired this weekend and Rachel claims that the $700 billion only really cost us $50 billion and if AIG pays us back, we'll actually make money.  Our financial markets are sound and it was the right thing to do.
  • The $787 Billion stimulus was designed to save 3.5 million jobs, which it did.
  • The Health Care Bill has provided various advantages (I actually was about to enjoy one benefit - restoring my son to my employer provided health insurance, but it doesn't kick in until next year and my son just got a job with benefits.  While Obamacare may not have helped, you could argue that his new job is one of the stimulus jobs).
  • Here's the real kicker:  the growth in GDP was on a steady decline (thanks to the evil Republicans) from January 2008 until Obama was sworn in office in January 2009.  It went from shrinking by 6% to growing by 5%.  Rachel basically showed this chart. 

I was quite impressed with this story but I was curious why her story ended in 2009.  I decided to look up the data for 2010.  Here's the whole chart.  Why did Rachel exclude the downward trend in GDP growth for 2010?  Was she doing that with her other information?  Are we potentially going to make money on TARP?  Did the Stimulus really create 3.5 million jobs?  Why can't people who claim to report the news provide objective truth?

I continued watching MSNBC compelled to hear Barney Frank dispel Republican lies. He claims that he and the Democrats were trying to stop predatory lending way back in 2004. Here's some info from my September 24, 2008 post:
In 2003, Bush attempted to overhaul the finance industry but his proposal was rejected along party lines. Ron Paul introduced "FREE HOUSING MARKET ENHANCEMENT ACT".

In a related New York Times article on Sept. 11, 2003, there is a quote from Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

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