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Dems' Downfall: Obama's "Unpopular but Necessary" Bailouts?
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Race
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Contributor | Jason |
Last Edited | Jason Feb 08, 2010 11:37pm |
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Category | General |
Author | Robert Hendin |
Media | TV News - Columbia Broadcasting System CBS News |
News Date | Tuesday, January 19, 2010 09:30:00 PM UTC0:0 |
Description | As the Washington punditry begins to analyze whatever may happen in Massachusetts today, there's another angle that has come out of the recent CBS News poll that could explain voter dissatisfaction with incumbent Democrats.
A lot of what the White House has done on the economy was done because it had to be done, not because they wanted to do it. Specifically, I'm talking handing out billions in bailout money to General Motors and Chrysler and administering the Troubled Asset Relief Program (TARP) bank bailout after it was signed into law by George W. Bush.
No one doubts that the economy would be much worse -- much worse -- had GM or Chrysler failed. The same could be said for other large banks, some of which are now healthy enough to earn profits. President Obama has long said he didn't want to run GM; he had to do it. The problem is that many Americans don't see that preventing absolute total economic collapse is something the White House has done to help the middle class. In other words, the White House isn't getting credit for preventing things from being much much worse. |
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