‘MAGA leftist' blames Obama for 2008 bank bailout that was signed by George W. Bush
Ungar-Sargon would double down on that claim the following morning, tweeting that 'in 2008, President Obama bailed out Wall Street and screwed over Main Street' while defending Donald Trump's tariffs, insisting that 'in 2024' the current president 'screwed over Wall Street to bail out Main Street.'
There is just one small problem with The Free Press columnist's analysis: TARP was signed into law by then-President George W. Bush on October 3, 2008 — a full month before Obama was elected president and four months before he entered the White House.
During an appearance on CNN Newsnight with Abby Philip, Ungar-Sargon — who has been making the media rounds to passionately defend Trump's chaotic tariffs that have sparked a global market meltdown — attempted to contrast the factors that led to the Great Recession to the current economic environment.
'I've been thinking a lot about the 10 million Americans who lost their homes in the 2008 financial crisis, and how President Obama's first act in office was to give $700 billion to the banks that caused it, including $30 billion in bonuses to the crooks who organized it,' she exclaimed.
'And I'm thinking about how those very Americans saw a president pick Wall Street over Main Street,' Ungar-Sargon added. 'And what they saw this whole week was a president willing to go out there and fight for the forgotten men and women of this heartland and take on the entire international global order for them.'
A one-time Marxist academic who has since morphed into a Steve Bannon-style MAGA populist-nationalist, Ungar-Sargon has pounded the drum in recent days that Trump is 'waging war' for 'the forgotten people in the heartland of America' with his trade war, going so far as to argue that it could fix the 'crisis in masculinity.'
Still, regardless of the merits of her arguments on behalf of Trump's tariffs, one thing is indisputable — TARP was not Obama's 'first act' after he was sworn in as president in 2009.
In reality, the massive bailout came about during the fall of 2008 when the global economy was in freefall due to financial institutions and banks — many of which were deemed 'too big to fail' — going bankrupt due to the subprime mortgage crisis. With the housing bubble bursting and defaults skyrocketing, the mortgage-backed securities that lenders and investment firms bought up in high volumes became worthless, resulting in these institutions losing all their money — and customers' deposits.
TARP was eventually implemented to buy up these 'toxic' assets and keep the banks afloat amid concerns of a full-blown economic collapse. The bill was initially met with bipartisan resistance and even failed on its initial vote in the House, but Congress eventually passed it after some tweaks, and it was quickly signed into law by Bush.
After Obama came into office, other changes were made to the program, including prohibiting firms receiving TARP funds from giving bonuses to their 25 highest-paid employees. The Treasury Department reported in 2023 that the total amount disbursed from TARP was $443.5 billion, with the government collecting $425.5 billion through repayments, sales and dividends. 'After considering the interest expense of $13.1 billion, the net cost of TARP programs was $31.1 billion,' the report stated.
Sharing a clip of her CNN comments, Ungar-Sargon reiterated that Obama was responsible for TARP while simultaneously claiming Trump was president last year.
'In 2008, President Obama bailed out Wall Street and screwed over Main Street,' she posted on X (formerly Twitter). 'In 2024, President Trump screwed over Wall Street to bail out Main Street. That's what a lot of Americans are going to remember about last week.' It didn't take long for a number of political commentators and journalists to take Ungar-Sargon to task for her revisionist history.
'Bush was President in 2008. Trump's tariffs are cratering the economy in 2025. I would recommend that @CNN and @abbydphillip stop inviting on pundits who don't seem to have a handle on the most basic facts about politics or economics,' Pod Save America host Tommy Vietor reacted.
'How many mistakes can you make in one tweet?' Charles W. Cooke, a senior writer for the conservative outlet National Review, wondered while Inside Elections deputy editor Jacob Rubashkin was even more succinct with his observation of Ungar-Sargon's remarks.
''Who was president in 2008?' and 'Who was president in 2020?' are two questions you should be required to answer before you opine about politics on TV,' he noted.
'It's one thing to go on TV and claim that Obama was president in 2008. TV is hectic and ppl make mistakes,' The Atlantic's Derek Thompson added. 'But it's another thing to log on in the morning and go: To be clear, Obama, who became POTUS in 2009, hates the common man so much he traveled back thru time to sign TARP.'
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Hamilton Spectator
a few seconds ago
- Hamilton Spectator
Ford and Smith divided over Trump response at premiers' summit
Conservative premiers Doug Ford of Ontario and Danielle Smith of Alberta are at odds over how Canada should respond to US tariffs — especially when it comes to energy exports. At a premiers' summit in Huntsville on Tuesday, Ford refused to rule out an electricity export tax, while Smith firmly said no. 'We don't want to see export taxes on energy or export restrictions. It would have a devastating impact on Alberta and on Canada,' Smith said at a joint press conference. 'The Americans have a bigger hammer if they cut off [the Enbridge Line 5 pipeline]. Not only does that harm Ontario, it also harms Quebec.' Ford took a different view. 'Everything's on the table,' he said. 'We'll see how this deal goes and we'll see what he [Trump] has to say on August 1 .' President Donald Trump has said he will impose tariffs of up to 50 per cent on dozens of countries, including Canada, starting Aug. 1. Prime Minister Mark Carney downplayed the deadline , saying Canada's focus is on getting the best deal possible, no matter how long it takes. Ford, however, urged an aggressive response. 'We need to make sure we match tariff for tariff, dollar for dollar, and hit them back as hard as we possibly can,' Ford said. 'There's one thing President Trump understands — it's strength. He doesn't understand or appreciate weakness. He will roll over us like a cement roller if we show an ounce of weakness. We need to send a strong message.' Ford and Smith, along with Saskatchewan Premier Scott Moe, signed a Memorandum of Understanding on Tuesday to build pipelines, rail lines and trade infrastructure aimed at reducing Canada's reliance on US markets. The premiers also called for repealing nine federal regulations they see as barriers to resource development, including Bill C-69, the tanker ban, the oil and gas emissions cap, federal carbon pricing and clean electricity rules. The federal government hasn't proposed an energy export tax, but experts say Canada should consider one. A 15 per cent levy on oil and gas could match Trump's tariffs, raise billions and support workers and green investments. Earlier this year, Ford briefly introduced a 25 per cent electricity export tax targeting Michigan, New York and Minnesota. He dropped it after Trump threatened to raise tariffs on Canadian steel, aluminum and cars. Still, Ford says the tax could return if trade talks fail. 'We don't have to take a back seat to anyone in the world, and we sure as heck don't have to take a back seat to President Trump,' Ford added. Smith, however, says using Alberta's oil as leverage in a trade fight is not an option; the province exports most of its oil to the US and she wants that trade to remain stable. In 2023, Canada exported four million barrels of crude oil per day — 97 per cent of it to the US — and Alberta accounted for 87 per cent of that. The exports were worth $125 billion. Ontario, meanwhile, sends electricity to US states such as Michigan and New York, powering more than 1.5 million American homes and businesses. US governors have warned that new energy taxes could raise costs and damage cross-border energy ties. Fred Lazar, an economics professor at York University's Schulich School of Business, says Ford's tax idea is politically risky and argues this is a federal matter — not one provinces should try to handle alone. 'This is really a dispute between Canada and the US. The provinces are just bystanders,' Lazar said. 'Politically, they may have their own incentives, but practically, there's nothing they can do that would compel the US to change its policies. All it would do is make life harder for Ottawa.' Lazar believes the best move is for provinces to avoid taking action on their own and let Ottawa lead the negotiations. 'They're better off talking tough, doing nothing and letting Carney work it out.' Sheldon Williamson, a professor at Ontario Tech University, said the Ford–Smith split weakens Canada's bargaining power. 'While both leaders want to push back against US tariffs, diverging approaches — especially on energy exports — undermine any unified Canadian stance,' he said. 'Without cohesion, it becomes harder to exert meaningful pressure on Washington or to present a credible domestic front to Ottawa.' For Ontario, the stakes are high. Its auto sector is deeply integrated with the US supply chain. 'A broad-based tariff regime could be economically devastating,' Williamson said. He warned that although an electricity export tax may seem like an easy lever, 'it could backfire by raising prices for US consumers, inviting retaliation and damaging Ontario's own cross-border energy ties.' Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. 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Forbes
a minute ago
- Forbes
The Next AI Frontier? The Trades Quietly Ditching Google And Yelp
Workers attach siding to a house at a new home construction site in Trappe, Maryland, on October 28, ... More 2022. - New home sales in the US dipped in September, official data showed on October 26, 2022, as worsening affordability nudges ownership further out of reach for many. Sales soared during the coronavirus pandemic as Americans snapped up homes on the back of bargain mortgage rates, but the sector has cooled with the US Federal Reserve hiking lending rates as it fights to bring down surging inflation. (Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images) While headlines remain dominated by artificial intelligence breakthroughs in software development, financial modeling, and enterprise productivity, another AI revolution is taking shape in a less glamorous—but far more essential—corner of the economy: skilled trades. Plumbers, HVAC technicians, cleaners, electricians, and general contractors—who collectively support over 10 million jobs in the U.S., according to the Bureau of Labor Statistics—are increasingly turning away from legacy lead-generation platforms like Google Ads, Yelp, and Angi. Their frustrations are no longer anecdotal. Across Reddit threads, industry forums, and small business associations, the message is clear: The traditional online advertising ecosystem no longer works for service providers on the ground. 'Yelp's advertising model is broken—high cost per click, low-quality leads, and zero accountability. It feels like we're paying to compete with ourselves.' as written on a popular subreddit thread: Reddit, r/smallbusiness. This widespread disillusionment is driving demand for a new generation of tools—ones that prioritize automation, transparency, and profitability over pay-to-play exposure—and increasingly, are powered by AI. And venture capital is flowing to meet it. Volca's $5.5 million seed round led by Pathlight Ventures puts a new spin on solving this market challenge, following funding for PipeDreams with $25 million, NiceJob with $3 million, and Netic raising $20 million. A Market Primed for Unprecedented Growth The U.S. home services market reached $90.63 billion in 2024 and is projected to grow at a robust 7.2% CAGR to reach $181.64 billion by 2034, according to Expert Market Research. But that's just the beginning—the broader global home services market is expected to reach $1.03 trillion by 2029, expanding at a CAGR of 10.5%. U.S. homeowner spending on maintenance and renovation is projected to reach $526 billion by Q1 2026, according to Harvard's Joint Center for Housing Studies. The remodeling sector, despite some recent cooling, is still expected to reach $509 billion in 2025. Yet digital adoption in this space remains surprisingly limited—a 2023 Thumbtack survey found that nearly 70% of service providers still rely primarily on word-of-mouth or repeat business rather than digital ads or marketplaces to acquire new customers. Even more striking is the digital transformation within this space. The online on-demand home services segment alone is projected to explode from its current size to $2.3 trillion by 2034, growing at an unprecedented 19.7% CAGR. This represents a fundamental shift in how Americans access and pay for home services. This comes as search is becoming a closed loop: Google synthesizes an answer, sometimes even auto-calls a business, and the user never visits a directory—or a contractor's site. Zero‑click behavior isn't new, but AI is accelerating it. For intermediaries that thrived on click-throughs—Yelp included—the squeeze is real; something Yelp acknowledges in its SEC filings. And as the unfiltered Reddit posts make clear, pros are tired of paying to rent attention. The Confidence Factor: 77% of Professionals Expect Growth Recent industry surveys reveal remarkable optimism among trades professionals. According to a November 2024 report by HouseCall Pro, 77% of service professionals expect their business to grow over the next year, with 40% anticipating growth of more than 10%. This confidence stems from what industry experts call the "indispensable nature" of the home services sector—homes represent the largest asset most people own, and trades professionals provide essential maintenance and improvement services that cannot be outsourced or delayed indefinitely. "Having a strong referral rewards program has been a game-changer for our business,' said Shafer Heating and Cooling (SH&C) CEO Nathan Shafer. 'Volca's platform makes it incredibly easy to track, manage, and reward those who refer us—turning word-of-mouth into one of our most powerful growth tools.' The Evolving Competitive Landscape The broader landscape of home services tech is rapidly diversifying. Here's how different players are approaching the problem: Unlike lead marketplaces that charge per connection or click—often regardless of conversion—entrants like Volca, ResponsiBid and NiceJob focus on pipeline ownership. Their pitch: help businesses generate, nurture, and close leads from their own customer base instead of relying on expensive, opaque third-party platforms. Volca's flagship product is an SMS-based referral system that uses artificial intelligence to automatically extract key details from text messages with homeowners, match them to the right business systems within a CRM, aid in automated marketing, and close the loop with secure payments for end to end referral programs. Early adopters have reported up to $70,000 per month in new revenue within six months of implementation, with some customers exceeding $160,000 in total attributed sales. But it's far from alone in this rapidly evolving space. This shift echoes larger trends in consumer behavior. Trust in online reviews has declined, with a 2024 BrightLocal study finding that 42% of consumers believe they've seen fake reviews on platforms like Yelp and Google. Meanwhile, referral-based trust remains extremely high—over 80% of consumers say they trust recommendations from friends and family more than any form of advertising, according to Nielsen's "Trust in Advertising" global report. List of companies providing services in this space AI as an Enabler—Not a Disruption The application of AI in the trades represents a fundamentally different approach than the automation anxiety plaguing white-collar work. While McKinsey projects that 92 million jobs could be displaced by AI by 2030, the World Economic Forum simultaneously forecasts 170 million new roles emerging. In skilled trades specifically, AI functions as an augmentation tool rather than a replacement technology. Research from CS Recruiting emphasizes this collaborative future: "Artificial Intelligence is creating a boom of more skilled trades jobs, not less, all while making the environments these folks work in more productive, safe, and efficient. The future of skilled trades is not about humans versus machines, but a collaborative environment where experienced workers leverage AI to enhance their capabilities." This augmentation approach is already manifesting in practical applications. AI-powered robots and drones can perform site surveying, structural inspection, and precision tasks in construction, while human expertise remains essential for complex problem-solving, customer interaction, and quality control. The manufacturing robotics market supporting skilled trades is predicted to grow at a 9.1% CAGR between 2021 and 2026. Volca's AI isn't trying to automate service delivery or customer acquisition through abstract scoring systems. Instead, it works in the background to extract insights from CRM data, personalize outreach, and track referrals end-to-end. It's "AI as infrastructure"—empowering time-strapped contractors to focus on the job while the platform quietly grows their business. Not quietly: Early adopters have reported up to $70,000 per month in new revenue within six months of implementation, with some customers exceeding $160,000 in total attributed sales. Other startups are taking similar approaches. ResponsiBid automates bidding for window cleaning and pressure washing services. Schedulicity uses machine learning to optimize service appointments. And ServiceM8 offers automated invoicing and communication tailored for mobile contractors. Home Services Al Companies Positioning Matrix, Positioning based on operational scope vs. customer ... More acquisition focus The Reality Check: AI Adoption Challenges However, the path to widespread AI adoption in skilled trades faces significant headwinds that market projections may underestimate. Recent research from BCG reveals that 74% of companies struggle to achieve and scale value from AI initiatives, with around 70% of implementation challenges stemming from people- and process-related issues, 20% attributed to technology problems, and only 10% involving AI algorithms. The construction and home services sectors face particular barriers. Manufacturing, information services, and healthcare companies report an AI adoption rate of about 12%. Conversely, the construction and retail sectors are at the lower end — with only 4% of companies in these areas taking advantage of AI technology. This stark difference suggests that the optimistic projections for AI adoption in trades may be overly ambitious. A comprehensive survey from Deloitte and Autodesk identified three primary barriers to AI adoption in construction-related industries: A lack of digital skills among employees (cited by 42% of businesses), with this barrier more likely to impact large companies. Additionally, barriers to AI adoption include defining an AI operational model, poor data quality (a concern for 56% of companies), and insufficient employee buy-in. For small trades businesses operating on thin margins, these challenges are magnified. Many contractors lack the technical infrastructure, dedicated IT support, or time to properly implement and maintain AI systems. The promise of automated referrals and CRM integration may sound appealing, but the reality of onboarding, training staff, and troubleshooting technical issues often proves overwhelming for businesses already stretched thin. While the success of this approach is far from guaranteed, early adopters report impressive revenue gains. Of course, what's next is establishing just how replicable these results are across a fragmented industry with wildly varying business sizes, tech maturity, and customer bases. Critics argue that referral automation tools, no matter how smart, may struggle to generate sustained volume in markets where personal relationships and community trust have long trumped digital systems. Proponents, for their part, say these new digital tools are simply providing an accelerated means to that same end: satisfied customers sharing their positive experiences. The skyrocketing popularity of platforms made for home services pros like ServiceTitan, Housecall Pro, and Jobber, may be an indicator of a sector that is ready and eager to adopt modern tools. Small Business Technology Adoption: A Sobering Reality The broader context of small business technology adoption adds another layer of complexity to the AI revolution narrative. While large enterprises may have the resources to experiment with AI tools, small trades businesses operate under different constraints. Despite the increasing adoption of digital technology, small and medium enterprises (SMEs) continue to lag behind larger firms. This technology gap isn't just about access to capital—it's about operational priorities. A contractor spending 60 hours a week on job sites may not have the bandwidth to evaluate, test, and implement new AI tools, regardless of their potential benefits. The "if it ain't broke, don't fix it" mentality remains strong among many trades professionals who have built successful businesses through traditional methods. However, when it comes to acquiring customers and driving revenue, the vast majority of home services businesses are already actively paying for multiple of the following services to grow: advertising, social media, lead aggregators, reviews, etc. Even more, after labor, marketing ranks the largest expense at a home services business, representing 10-30% of ARR. With this in mind, the case could be made that tools like Volca, which are able to effectively consolidate all of these needs into one platform, have the potential to alleviate tool fatigue, time spent managing tech services, and ultimately, the financial burden of trying to keep up with all the different channels to grow a loyal customer base. As tech-savvy millennials replace Boomers and Gen X as home services business owners, we can also expect willingness to engage with new technology to shift toward eager adoption. The challenge is compounded by the fact that 56% of companies cite poor data quality as a major concern when implementing AI systems. Many small trades businesses lack the structured data collection processes necessary to feed AI algorithms effectively. Customer information might be scattered across handwritten notes, basic spreadsheets, and informal text messages—hardly the clean, organized datasets that AI systems require to function optimally. Market Transformation Drivers Several macroeconomic factors are accelerating this transformation: Digital Media Influence: According to Technavio's recent analysis, the increasing influence of digital media is a primary driver of home services market growth, with the global market expected to grow by $6.54 trillion from 2024-2028. Homeownership Trends: The demand for home services is closely linked to rising homeownership rates, with homeowners increasingly seeking professional services for maintenance, renovation, and improvement projects. Labor Market Efficiency: AI systems are improving job matching and reducing both unemployment and under-employment by better connecting workers with opportunities that utilize their specific skillsets. Consumer Behavior Shifts: The convenience economy is driving demand for on-demand services, with consumers increasingly willing to pay premium prices for immediate, high-quality service delivery. Challenges Ahead Despite this momentum, the path to widespread AI adoption in the trades faces significant friction. Many business owners remain wary of technology promises after years of poor results from Google Ads, Yelp, and SEO consultants. Others lack the time, technical fluency, or staffing to trial and adopt new systems—especially when word-of-mouth still "works well enough." Cost remains another concern. While platforms like Volca promise strong ROI, many small businesses operate on thin margins and are risk-averse when it comes to new expenditures. The key differentiator for successful platforms will be demonstrating fast time-to-value, seamless onboarding, and results that speak louder than sales representatives. The Skills Gap Reality The optimistic narrative around AI adoption in trades often overlooks a fundamental challenge: the digital skills gap. A lack of digital skills among employees is cited by 42% of businesses as a barrier to AI adoption, and this challenge is particularly acute in trades where workers have traditionally relied on hands-on experience rather than digital tools. Consider the average HVAC technician or plumber who has built their expertise over decades of practical experience. Asking them to suddenly embrace AI-powered CRM systems, automated messaging platforms, and digital analytics requires not just new tools, but an entirely new way of thinking about their business. The learning curve isn't just technical—it's cultural. This skills gap creates a potential two-tier system within the trades industry. Larger companies with resources for training and dedicated administrative staff may successfully adopt AI tools and gain competitive advantages. Meanwhile, smaller operators who built their businesses on personal relationships and traditional methods may find themselves increasingly at a disadvantage, despite potentially providing superior service quality. What Comes Next The transformation of the trades through AI isn't a flashy disruption story—it's an infrastructure story. Like the electrification of manufacturing or the digitization of accounting, it's about applying technology to make foundational industries more profitable, resilient, and scalable without overcomplicating the core work. "Our customers aren't trying to build unicorns," said Volca co-founder Brendan Kazanjian. "They're trying to build great businesses to support their families and service their communities. Volca gives them the software to do that on their own terms." With the U.S. home services market valued at over $657 billion and experiencing rapid expansion, the integration of AI represents both an opportunity and a necessity. The companies that succeed will be those that understand the unique needs of trades professionals: tools that enhance rather than replace human expertise, platforms that provide ownership rather than dependency, and systems that deliver measurable results without requiring advanced technical knowledge. However, the road to widespread adoption will likely be longer and more challenging than current projections suggest. The gap between enterprise-level AI adoption and the reality of small trades businesses remains significant. Success will depend not just on technological capability, but on addressing the fundamental barriers of skills, resources, and cultural change that define the trades industry. The companies that ultimately succeed in this space will be those that recognize AI adoption in trades isn't just a technology challenge—it's a human challenge. They'll need to provide not just software, but education, support, and solutions that respect the existing strengths of traditional trades businesses while gradually introducing digital enhancement. If the last decade of innovation was about optimizing the knowledge worker, the next one might just be about empowering the contractor. AI won't replace plumbers or HVAC technicians—but it might finally help them grow, compete, and thrive on their own terms in an increasingly digital economy. The quiet revolution in America's trades is just beginning, and its impact may prove far more transformative than the flashier AI applications dominating today's headlines. But the timeline for this transformation may be measured in decades rather than years, and the path forward will require addressing fundamental challenges that go far beyond technology alone.
New York Times
a minute ago
- New York Times
What to Know About the U.S. Move to Withdraw From UNESCO
The State Department announced on Tuesday that the United States would withdraw from UNESCO, the United Nations cultural organization, by the end of 2026. UNESCO is the third U.N. agency that President Trump has pulled out of this year, following the World Health Organization and the United Nations Human Rights Council. The latest move reflects his distaste for multilateralism and deep distrust of international institutions, especially those connected to the United Nations. This is not the first time the United States has broken ties with UNESCO. A congressional mandate cut off U.S. funding for UNESCO under the Obama administration after the agency included Palestine as a full member. It then announced that it was pulling out completely during President Trump's first term in 2017. The Biden administration reversed that decision and rejoined in 2023, arguing that leaving an empty chair at UNESCO created a vacuum that competing powers, most notably China, were filling. What is UNESCO? UNESCO, or the United Nations Educational, Scientific and Cultural Organization, is headquartered in Paris, and is best known for designating World Heritage sites. It has designated more than 1,200 of them since 1972, including Yosemite National Park in California and the Minaret of Jam in Afghanistan. It also keeps an 'intangible cultural heritage' list of humanity's most worthy creations, like the French baguette and opera singing in Italy. The organization is also known for its educational programs and promotes sex education, literacy, clean water and equality for women. It also helps to set standards on a range of issues, including ocean protection and the ethics of artificial intelligence. Want all of The Times? Subscribe.
