Glenn Beck Guest Host Eric Bolling Lies About Deficit and Obama
Eric Bolling presented a chart titled "Obama's Checkbook" which purported to show the Obama administration's "new spending," but in fact included a variety of spending that was actually initiated during the Bush administration. Bolling also claimed that Obama has generated "$0" in revenue, despite citing the "new spending" that would occur if health care reform and cap and trade legislation were to pass, even though those programs actually increase revenues and are deficit reductive, according to the Congressional Budget Office (CBO).Typical of Fox and a member of a unhinged Glenn Beck comrade. This kind of egregious lying, distortions and blame shifting has been going on for years. Said propaganda is what conservatives think is the alternative to the main stream media. That would be the main stream media too lazy to confront the right-wing media. It should be news, that major media outlets like Fox, The New York Post, The Weekly Standard etc simply make things up. But out of a strange loyalty among so-called journalists no one is attacking Fox for undermining the basic the basic tenets of journalistic integrity. They seem to think integrity is a joke, a value that can be trampled for the conservative cause.
Bolling includes $180 billion in "Obama's Checkbook" for AIG bailout -- but $150 billion authorized during Bush administration
Fed agrees to lend up to $85 billion to AIG in Sept. 2008. On September 16, 2008, the Federal Reserve Board, with the support of the Treasury Department, authorized the Federal Reserve of New York to lend up to $85 billion to the American International Group (AIG), stating that "in current circumstances, a disorderly failure of AIG could add to already significant levels of financial market fragility and lead to substantially higher borrowing costs, reduced household wealth, and materially weaker economic performance."
Fed increases AIG bailout by $37.8 billion in Oct. 2008. The Federal Reserve Board authorized the increase of the Federal Reserve Bank of New York's loan to AIG by $37.8 billion on October 8, 2008.
AIG bailout reaches $150 billion in Nov. 2008. On November 10, 2008, the Federal Reserve and Treasury Department announced a restructuring of AIG's bailout, increasing its total loan package to $150 billion.
Obama administration adds $30 billion to AIG bailout in March 2009. On March 2, 2009, the Treasury Department stated that it would loan up to an additional $30 billion to AIG.
Bolling includes $115 billion in "Obama's Checkbook" for Fannie, Freddie bailout that Bush initiated
Gov't seized Fannie, Freddie in Sept. 2008, pledged up to $200 billion to them. On September 8, 2008, the federal government seized the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The Treasury agreed to provide up to $200 billion in capital to the two entities.
Bolling includes $83 billion in "Obama's Checkbook" for GM/Chrysler bailout -- of which Bush allocated $17.4 billion
Bush allocated $17.4 billion to GM and Chrysler in Dec. 2008. On December 19, 2008, President Bush made available $13.4 billion of TARP funds to General Motors and Chrysler and agreed to release an additional $4 billion to G.M. under this plan in February 2009.
