Michele Bachmann: 100% Moron

Staggering how misleading she has to get:

Fantasy:
"But today, the federal government literally owns banks" - Rep Michele Bachmann (R-MN)

Reality:
"the U.S. government doesn’t own any banks. Anything that might come close to making this claim true would be the existence of the Federal Reserve, which has been around since the early 20th Century. She could perhaps be referring to the bank bailouts (which happened under President Bush). But even in this case — while the U.S. government’s influence on American financial institutions has certainly increased since TARP — its ownership in any of the nation’s banks is paltry (6 percent of Bank of America and 7.8 percent of Citigroup as of early 2009, for example). And, it is helping the banks to get back on their feet while earning a profit for taxpayers."

This is the kind of willful idiocy that equates Government spending and loans with government ownership. The same logic that equates health insurance reform with owning all the hospitals and the doctors. The private sector is 100% private.

What's worse, people go along with the myths. Both annoying and dangerous.

Source: Think Progress