Rep. Darrell Issa (R-California), is again trying to clarify statements he made about Barack Obama back in November on Rush Limbaugh where he called Obama “one of the most corrupt presidents in modern times.”
Issa appeared on CNN’s “State of the Union” show over the weekend where he explained that he meant to say Obama’s administration was corrupt — not Obama himself.
But what’s the difference?
“When you hand out $1 trillion in TARP (Troubled Asset Relief Program) just before this president came in, most of it unspent, $1 trillion nearly in stimulus, that this president asked for, plus this huge expansion in health care and government, it has a corrupting effect,” Issa said on CNN’s “State of the Union.”
What all of that means is Bush left office in 2008 without setting any ground rules directing where the $700 billion in TARP funds should be spent. The TARP bill was originally passed in 2008 (during Bush’s term) to buy back worthless assets from banks so the banks could clear their books.
Instead, Obama — who inherited the $700 billion from Bush — used the money to bail out his buddies’ banks and insurance companies on Wall Street.
Obama then asked for – and received another $800 billion for a stimulus plan that was mostly payouts for political favors (earmarks). History will note that Obama’s stimulus plan did little to stimulate the economy.
If you recall, Obama campaigned on a promise that there would “not be a single earmark” or “pork barrel spending” in any of his bills.
