SouthSideGT's response to the posting was a disingenuous attempt to fix the blame on former President George W. Bush, without acknowledging Obama's important role in this fiasco. I don't know why I should have expected better, but the truth is that while Bush and his administration pushed hard for the program, Democrats supported it and many conservatives opposed it.
I did think it might be useful to point out that it wasn't under me that we started buying a bunch of shares of banks. It wasn't on my watch..
Well, I just think it's clear by the time we got here, there already had been an enormous infusion of taxpayer money into the financial system. And the thing I constantly try to emphasize to people if that coming in, the market was doing fine, nobody would be happier than me to stay out of it. I have more than enough to do without having to worry the financial system. The fact that we've had to take these extraordinary measures and intervene is not an indication of my ideological preference, but an indication of the degree to which lax regulation and extravagant risk taking has precipitated a crisis.
KERRY: Well, it's very important -- well, these -- the four principal components of this deal, Chris, represent the exact four principles that Senator Obama laid out two weeks ago. They represent the exact principles that we put forward and almost agreed on last Thursday before politics entered into this.
Now, I agree with Lindsey. Let's go beyond that now. It is important to have everybody there. But those principles are number one. We wanted to protect the taxpayers.
We were not going to turn billions of dollars over to any institution connected with Wall Street, given the experience of what had happened without protecting taxpayers. We have done that in this.
Secondly, we were going to limit executive compensation. We weren't going to turn money over and have millions of dollars paid out to executives. That's been done.
Thirdly, there's a very important concept here about helping homeowners. There had been no talk about the homeowners. We want to keep people in their homes. This specifically helps to keep them there.
And finally, oversight. The administration came and said, "Just give us $800 billion." And we said, "No, not given this experience," so we're going to give first the 250. There'll then be a letter from the president requesting another 100, and then there's another 350, depending on how it goes.
So I think we have accountability. We have the principles that Senator Obama offered leadership on.
After Obama got into office he worked hard to get all of the TARP funds released, as this story explains, declaring the action to be the president's victory.