THE BLOG

Bush- not Obama- Enacted TARP and Signed the Bank Bailout into Law

08/11/2010 01:13 pm ET | Updated May 25, 2011
  • Robbie Gennet Writer of words and music, rider of waves, author, educator and world traveler.

President Bush- not President Obama- enacted TARP and signed the Bank bailout into law towards the end of his presidency. And yet a large percentage of Americans believe that Obama is responsible, according to the latest Pew survey:

Only a third of Americans (34%) correctly say the Troubled Asset Relief Program (TARP) was enacted by the Bush administration. Nearly half (47%) incorrectly believe TARP was passed under President Obama. Another 19% admit they do not know which president signed the bank bailout into law. Notably, there is no partisan divide on the question. Just 36% of Republicans, 35% of independents and 34% of Democrats know that the government bailout of banks and financial institutions was signed into law by former President Bush. And Democrats (46%) are just as likely as Republicans (50%) to say TARP was passed under Obama.

How are so many people misinformed about the TARP "bailout"? It's not just Fox-watching Republicans (who are often grossly misinformed by the channel) but Democrats as well. Doesn't anybody check their facts anymore? Or do people just choose the facts that support the narrative they want to believe? Bush bailed out the banks and fueled the greatest Recession in generations. Why blame it all on the guy trying to clean up his mess?

This Blogger's Books and Other Items from...