John McCain Didn't Understand The TARP Legislation At All In Any Way


Because he is a Maverick and changes his opinions, like a Maverick, whenever America needs John McCain to save it, John McCain is now against John McCain's sterling leadership (I WILLSUSPEND MY CAMPAIGN etc. etc.) in the wake of September 2008's Wall Street meltdown. (Also, he has a primary coming up against some teabagger wingnut, but this plays no role in any of John McCain's Honorable Policy Formulations.) He claims that the John McCain of back then was "misled" by Bernanke and Paulson into believing the TARP program was something fundamentally different than what it obviously was.

Does John McCain not understand domestic policy or something?

Under growing pressure from conservatives and "tea party" activists, Sen. John McCain of Arizona is having to defend his record of supporting the government's massive bailout of the financial system.

In response to criticism from opponents seeking to defeat him in the Aug. 24 Republican primary, the four-term senator says he was misled by then-Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke. McCain said the pair assured him that the $700 billion Troubled Asset Relief Program would focus on what was seen as the cause of the financial crisis, the housing meltdown.

"Obviously, that didn't happen," McCain said in a meeting Thursday with The Republic's Editorial Board, recounting his decision-making during the critical initial days of the fiscal crisis. "They decided to stabilize the Wall Street institutions, bail out (insurance giant) AIG, bail out Chrysler, bail out General Motors. . . . What they figured was that if they stabilized Wall Street - I guess it was trickle-down economics - that therefore Main Street would be fine."

Eh, it was pretty obvious that TARP was dedicated to stabilizing Wall Street institutions, since that's what it obviously was. Remember how people were all mad about TARP because it was Henry Paulson demanding $700 billion to give to terrible monster banks at his discretion? Of course you remember, because that's what it was.

Sen. John McCain: I was misled on bailout [Arizona Republic]


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