Jack Kimball and the Republican Bank Bailout

When John McCain "suspended" his campaign to return to Washington and save the day, (4.00 / 2)

He did so in his capacity as leader of the Republican Party in order to ensure the passage of the Emergency  Economic Stabilization Act, which created the TARP program.

He did that standing with his party's leaders in the Congress, including Judd Gregg.

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Twitter: @DougLindner

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by: Douglas E. Lindner @ Fri Sep 03, 2010 at 02:48:48 AM UTC

Don't forget the defense industry bailout (0.00 / 0)

A bailout of the military-industrial complex happens with every war, you say?  Why it's completely _OIL absurd and irrational to say _{HOLDING HANDS WITH THE CROWN PRINCE} that our leaders had anything but the purest of intentions _HALLIBURTON in pursuing war or profited personally in any way.  Any massive transfer of wealth from public to private hands was exclusively instrumental.

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by: Vis Unita Fortior @ Fri Sep 03, 2010 at 04:02:21 AM UTC

To be charitable. (4.00 / 1)

Let me suggest that conservatives have great difficulty keeping track of the proper sequence of events.  That's why they put the cart before the horse going forward and reverse history.  It's a short and long term memory problem.

On the other hand, it's quite possible that the TARP was a scare tactic, sort of a domestic "shock and awe" which was supposed to affect the election and not have to be paid out, as the "liquidity problem" was magically resolved on its own.

It's true that the TARP legislation was drafted, passed and signed in October 2008 by G.W. Bush.  However, it took a while to develop the rules and by March there were complaints about how Obama's team was handling the distribution.  They hadn't meant to give Team Obama that tool or assumed that the rookie would be too green to use it.  

http://www.bloomberg.com/apps/...

The "stress test" was clearly aimed at getting a look at the bankers' books -- a necessary step if effective bank regulations are to be fashioned.  

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by: hannah @ Fri Sep 03, 2010 at 07:31:44 AM UTC

bailout (0.00 / 0)

republicans always increase the national debt more than dems because they cut taxes which is revenue and NEVER cut spending.

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by: lidlvr5 @ Fri Sep 03, 2010 at 21:05:09 PM UTC