Summary List Placement
Former President Barack Obama writes in the first installment of his memoir, “A Promised Land,” that then-President George W. Bush made a bizarre and unrealistic prediction when the two met at the White House following the 2008 election.
Obama recalls the outgoing president claiming that his administration will have largely sorted out the financial crisis, which was the worst since the Great Depression, by the time Obama took office a few months later in January 2009.
“The good news, Barack, is that by the time you take office, we’ll have taken care of the really tough stuff for you,” Bush told Obama in the Oval Office, according to Obama. “You’ll be able to start with a clean slate.”
Obama writes that he was “at a loss for words” for a moment.
Beginning in September, Bush had directed his Treasury Secretary, Hank Paulson, to regularly brief both Obama and Republican presidential nominee John McCain on the escalating crisis. Paulson warned both candidates that the country would plunge into a massive depression if Congress didn’t act quickly to bail out the banks and stimulate the economy — both in the fall of 2008 and into 2009.
“I’d been talking to Paulson regularly and knew that …read more
Source:: Businessinsider – Politics