Tea Party Duped By Wall Street

26 Oct

It’s possible that someday people will be studying what happened in the USA during 2010 much the same way we wonder what happened in Germany nearly 80 years ago. 

From Salon

Call it the amazing bank bailout boomerang. Even though few things enrage Tea Party rebels more than government checks made out to Wall Street financial companies, the reverse dynamic does not seem to be a problem. The top 12 Senatorial candidates most favored by Tea Partiers have already hauled in $4.6 million in campaign contributions from Wall Street. Even more amazing is a tidbit reported by the Washington Post:

The two top recipients of money from companies receiving TARP funds are the top two House Republicans, Minority Leader John A. Boehner (Ohio) with $200,000 and Republican Whip Eric Cantor (Va.) with $187,000. They are followed by the ranking members of two key House committees, Spencer Bachus (Ala.) on Financial Services and Dave Camp (Mich.) on the tax-writing committee.

 

Let’s spell that out: The Wall Street banks that were bailed out with taxpayer money are using their profits to bankroll Republicans who now claim to be unalterably opposed to any more bailouts, ever, for all time, in any universe — even though the original TARP bailout was a Republican idea, signed into law by a Republican president, with the strong backing of the Republican leadership of both the House and Senate.

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