Category Archives: TARP

Scott Brown wins senate race, MA senate seat, Brown defeats Martha Coakley, January 19, 2010, Brown Campaign Could Provide Blueprint for Future GOP Success

Republican Scott Brown has defeated Democrat Martha Coakley to win the MA senate seat held for many years by Ted Kennedy. With 87% of the vote in, Brown leads Coakley 52 to 47%. Even before the election results, it was clear that Scott Brown was doing many things right in his campaign.

From Fox News, January 19, 2010.

“Brown Campaign Could Provide Blueprint for Future GOP Success”

“For GOP candidate Scott Brown to surge in Massachusetts, a state that hasn’t sent a Republican to the Senate since 1972 and is represented entirely by Democrats in Congress, he must have done something right.

And the Republican Party should be taking notes, analysts say, to try to replicate his strategy in races across the country in a year when GOP candidates are thought to be starting out with the upper hand.

Win or lose, the Massachusetts state senator proved that a Republican can be competitive in the bluest of states or districts.

“Every Republican long shot in America — for House seats, Senate seats, gubernatorial contests, is going to shout in unison – Remember Scott Brown,” said Larry Sabato, director of the University of Virginia Center for Politics.”

“But Brown practiced a certain practical conservatism in his campaign which appealed to voters, not unlike Chris Christie in the race for New Jersey governor and Bob McDonnell in the race for Virginia governor.

By concentrating on fiscal issues and focusing his criticism on the national Obama administration agenda, Republicans said, Brown brought himself to the verge of an upset.

“The lesson I take away from Massachusetts, win or lose, and New Jersey and Virginia prior to that, is there is no penalty to be paid for opposing the Obama agenda,” said GOPAC Chairman Frank Donatelli. “All three of these elections were nationalized.”

He said GOP candidates have to stand for something and they can’t just present themselves as the anti-Obama candidate. But he said Brown achieved this balance — noting that Brown, an Army reservist and seasoned state legislator, hardly came out of nowhere.”

“He said Brown did well by not presenting himself as a Washington Republican. Driving around the state in his pickup truck, Brown referred to himself as a “Scott Brown Republican” in what appeared to be an appeal to independents. Instead of dragging out the party brass to support him, Brown enlisted figures like former Red Sox pitcher Curt Schilling and actor John Ratzenberger.

“People don’t want lockstep,” Feehery said. “They want independent thought and somebody who’s going to be an independent check on Obama.””

Read more:

http://www.foxnews.com/politics/2010/01/19/brown-campaign-provide-blueprint-future-gop-success/

Michele Bachmann warning, Breaking News, ACORN, TARP II, CFPA Oversight Board, Barney Frank, Democrats, Taxpayer bailouts permanent solution, systemic risk regulator, Breitbart TV interview

Representative Michele Bachmann has put out an urgent plea to stop a dangerous bill about to be voted on.

From Michele Bachmann’s site.

“Bachmann: House Preserves ACORN’s Role in TARP II

 
 
Washington, D.C., Dec 10 –

(Washington, D.C.) U.S. Representative Michele Bachmann (MN-06), member of the House Financial Services Committee, made the following statement after the Democrat Leadership denied the entire House an opportunity to vote on her amendment to prevent ACORN from participating in the Consumer Financial Protection Agency’s Oversight Board.  The Consumer Financial Protection Agency (CFPA) is an expansive new government bureaucracy with far-reaching powers to make decisions for consumers about the kinds of mortgages, small business loans, and other financial products they may access.  The Oversight Board will be tasked with advising the Agency’s director on strategies and policies.

“An organization that has repeatedly shown an inability to adhere to even the most basic standards of ethics should not have a role in overseeing our nation’s financial system,” said Bachmann.  “By rejecting consideration of my amendment, the Democrat Majority protected ACORN instead of American taxpayers and investors.”

In recent months, the IRS, U.S. Census Bureau, and Congress have taken numerous actions to sever ties with ACORN.  In fact, less than two months ago, the House Financial Services Committee accepted another amendment offered by Bachmann that would prevent ACORN from serving on a similar board established in the exact same bill under consideration this week.

“There is a clear consensus amongst the American people that ACORN is unfit to receive federal funds and partner with federal organizations.  The Democrat Leadership’s decision today robs Congress from having the opportunity to take an up-or-down vote on my amendment and keep ACORN out of our financial markets,” said Bachmann.”

Star Tribune: Giving more power where power is not due
Wall Street and bureaucracy would benefit from pending reform.

 
Washington, D.C., Dec 11 –

The majority of Americans last fall were united against the $700 billion Wall Street bailout known as TARP. Proponents of the bill urged immediate action, claiming that a failure to act quickly would send the financial industry over the brink. They promised to examine the root cause of the crisis once financial markets were secure. One year later, the House is considering legislation that will result in the most far-reaching reforms of the financial services industry in our nation’s history.

But instead of addressing the real causes of the financial collapse and fixing bad government policies that led to the crisis, congressional Democrats want to codify the fiscally irresponsible bailout mania. Their bill would make taxpayer bailouts the permanent solution for dealing with reckless financial institutions in the future.

The 1,300-plus-page bill the House is scheduled to vote on today creates a “systemic risk regulator” tasked with determining which firms meet an undefined “too big to fail” test. It allows the government to tap a multibillion-dollar bailout fund to save troubled firms whenever it wants. This fund will be initially financed by a massive new tax on financial institutions and is expected to take $55 billion out of the hands of small businesses and job creators, leading to a loss of as many as 450,000 jobs. Should that fund run dry, taxpayers are on the hook to replenish it. And unlike TARP, this bill authorizes the Treasury Department and the Federal Reserve to completely bypass congressional approval and directly provide such lifelines to flailing firms.

The moral hazard this bill creates will ripple through the entire financial marketplace. Providing banks with a bailout guarantee will perpetuate a cycle of irresponsibility, shielding creditors from taking the fall for making risky decisions and forcing taxpayers to ante up again and again.

Rather than increasing transparency within the Federal Reserve and directing it to focus on the nation’s monetary policy, this bill drastically expands the powers of the Fed to intervene in the private marketplace. But the Federal Reserve has already proven its inability to preemptively catch systemic risks as demonstrated by the financial crisis that occurred under its watch. Giving more power to government bureaucracies that have failed in the past will do nothing to stabilize our markets.

I support an alternative plan that addresses both the core problems in our financial system and promises American taxpayers that they will not be on the hook for Wall Street’s mistakes ever again. Three key principles guide this proposal: 1) It ends government bailouts of financial institutions; 2) It stops allowing the government to pick winners and losers in the financial industry; and 3) It reinstates market discipline by removing moral hazards that exist today.

Minnesotans know when Washington is trying to pull a fast one. While the government takeover of health care and total lack of job growth is at the forefront of everyone’s minds, we cannot let this permanent bailout legislation slip through Congress without a fight.”

http://bachmann.house.gov/News/

Must hear interview of Michele Bachmann

Breitbart TV

 

http://www.breitbart.tv/bachmann-on-the-b-cast-a-conservative-call-to-action/#

Thanks to commenter Katie.