Ignorant to an extent never seen before in a major world “leader”, we have this from Obama today:
President Barack Obama boasted of his legacy during a town hall in Britain, asserting that he single-handedly saved the world during his presidency.
“Saving the world economy from a Great Depression — that was pretty good,” Obama bragged when asked by a student in London what he wanted his legacy to be.
He recalled that when he visited London in 2009, the world economy was in a “freefall” because of irresponsible behavior of financial institutions around the world.
“For us to be able to mobilize the world’s community, to take rapid action, to stabilize the financial markets, and then in the United States to pass Wall Streets reforms that make it much less likely that a crisis like that can happen again, I’m proud of that,” he said.
What made the difference was the TARP that was put in place by his predecessor. A reminder since it is now so long ago even Obama seems to have forgotten:
The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase assets and equity from financial institutions to strengthen its financial sector that was signed into law by U.S. President George W. Bush on October 3, 2008. It was a component of the government’s measures in 2008 to address the subprime mortgage crisis.
Obama’s contribution was the stimulus that came immediately after, which has made America’s recovery for all practical purposes non-existent, along with everyone else’s. As if a law professor turned community organiser would have the slightest idea about how an economy works. But if he doesn’t even remember who put the TARP in place, it might be a consequence of his choom-gang youth, which from other news also today we learn:
Using marijuana earlier in life is linked to poorer psychological health, and that can contribute to more health problems down the road.
“It is well-established that if you begin using at an early age and use a lot then, there are significant negative outcomes particularly in terms of mental health. . . .
Earlier cannabis use is linked to cognitive problems. Hills said, “One 2012 study showed early, regular use of marijuana – the kind of level they describe in this study — led to an eight point decline in IQ over time.”
If Obama really thinks he had much if any involvement in stabilizing international financial markets after the GFC, he must have been somewhere else at the time to be so unaware of what was going on.