Earlier today President Obama gave a speech in Ohio, reasserting his claim that he took office during an economic collapse of such magnitude that we should all be happy about the current economic conditions. He then went on to point out (for approximately the 3,459th time) that the banking system was saved, which prevented the recession from becoming a depression.
Then something interesting occurred to me. The only piece of legislation passed specifically to address the banking problem was the Troubled Asset Relief Program (“TARP”). (For the record, I opposed TARP). So it is worth noting that TARP was signed into law on October 3, 2008, long before Barack Obama became President. So, Mr. President, if TARP actually saved us from a depression on your watch, you better thank Mr. Bush. Fat chance.