Last night in Williamsburg, Va., President Obama delivered a fiery message to make the case for his economic stimulus package and to say to Americans that Republican opponents are embracing a "losing formula" -- that only tax cuts will work. That strategy failed miserably for the Bush administration and Republicans are clinging to it like sailors to a sinking ship.
"If you're headed for a cliff, you've got to change direction," Obama said. Republicans didn't get it then, they don't get it now.
This comes at the same time that a new government watchdog study says The Bush administration overpaid tens of billions of dollars for stocks and other assets in its massive bailout last year of Wall Street banks and financial institutions. The Congressional Oversight Panel, in a report released today, said last year's overpayments amounted to a taxpayer-financed US$78 billion subsidy of the firms.
