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View Diary: An Updated Agenda and A Look at Exits (Warning: VERY LONG) (46 comments)

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  •  it didn't seem to hurt (0+ / 0-)

    republicans who voted for it

    •  Exactly (0+ / 0-)

      Because, it was the DEMOCRATS that created the TARP legislation and passed it. Remember Barney Frank told the House members he was holding back to vote NO because not enough Republicans were voting for it. Then afterward came out and told reporters that more Republicans needed to vote for it and it passed two days later with MORE Democrats voting for it than Republicans.

      Effectively the Republicans handed the grenade to the Democrats and they willingly took possession of it.

      Why do you think that there were two separate attempts to try to float the idea of TARP being an absolute success? The first was trial ballooned by Geithner and then by Obama with the "we saved the banks" theme. That caused such an eruption and reignited angered Americans that they dared not speak of it again for nearly a year. Then they trotted out McCain adviser Zandi and supply sider Blinder and tried to backdoor a "success" theme via their paper back in July and that went over like a fart in a spacesuit.

      Why the Democrats chose to take ownership of that Bush fiasco when calls coming into House and Senate offices from constituents were running 200-300 to 1 (depending on the Congress critter) against it is beyond me.

      The only reason it didn't bite the Democrats that voted for it in the 2008 elections was because the electorate had already decided long before that to hold the Republicans accountable.

      The fact that the Democrats didn't do anything whatsoever to do something about the banks and their mess - note that nothing was done about the toxic assets at all and that problem is still out there destroying millions of households in foreclosure and bankruptcy - is what hurt them the most. The biggest 15 banks were rewarded and Main Street was punished - some 6.3 million households were foreclosed on and 2.6 million households were run through draconian bankruptcy along with 8 million people losing jobs since the Congress was seated in 2009.

      In a situation like that the party in power gets to take the beating in retaliation. The Republicans are going to learn this very same lesson come 2012 as the punishment of Main Street for the crimes of Wall Street is surely going to continue unabated.

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