Another Bald Faced Obama Lie

I am amazed at the constant string of lies that Obama is out on the campaign trail spouting. I reckon his sheeple don't bother to fact check anything this pathological liar says. In their minds if he says it then it must be true. That is usually the biggest fantasy these nitwits got caught up in when they voted for him in 2008. He promised them the world back then and now has nothing to run on so he makes things up as he goes along.

The scene is set at the University of Miami on October 11th of 2012. The subject was the recovery of the TARP money that bailed out the financial system among other institutions. His exact words, which you are about to hear again on tape were, “we got back every dime we used to rescue the financial system."

That my fellow Americans and concerned voters is an outright fabrication. I do not expect the President of the United States to lie to the American people and I'll never get used to Obama doing it on a continual basis.

So lets do a little fact checking on Obamanocchio on that statement. The Congressional Budget Office says otherwise and that the taxpayer needs to be set to lose approximately 24 billion dollars. That is tax payer money, not government money. There is no such thing as government money folks.

So how did the CBO arrive at this number? Simple. They used the data obtained from the White house's Office of Management & Budget. They don't have much to do these days since this administration hasn't passed a budget in 4 long years but we're paying them anyway too. You can read the truth about TARP here at this link.

There is an irony involved in this information being released by the CBO. It coincided with the very day Obama told his lie. Straight out of the CBO report, "The cost to the federal government of the TARP’s transactions (also referred to as the subsidy cost), including grants for mortgage programs that have not yet been made, will amount to $24 billion."

TARP, the Troubled Asset Relief Program, is the formal name for the government bailout of financial institutions. However, the fund became more or less a slush fund (Obama failed to mention that) under the Obama administration. The CBO attributes the "cost" of the TARP "stems largely from assistance to American International Group (AIG), aid to the automotive industry, and grant programs aimed at avoiding home mortgage foreclosures." The CBO report also notes that the losses will be so large that they will dwarf any gains realized from bailing out the large financial institutions.

The even more bizarre part of Obama's lie is this. According to the Congressional Budget Office that as of the day Obama uttered his lie $65 billion in TARP funds remain out there and haven't been repaid. So what did Obama say? I suppose that was taken out of context too? And you are going to vote for this pathological sociopath? Really?

Another thing to be examined is Obama's boast that Dodd-Frank will prevent another financial institution bailout. That is also a stretch but I'll cover that at a later time.

QUOTE (LIE) OF THE DAY: “We got back every dime we used to rescue the financial system."

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As Always,

The Frog Prince