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Issa voted against TARP http://clerk.house.gov/evs/2008/roll681.xml http://clerk.house.gov/evs/2008/roll681.xml

jbooth 16y ago
Only because it was clear enough people were voting for it that he could pretend to stick to his principles. You think if it came down to him, he'd actually vote for total financial collapse?
- watchandwait 16y ago
  Wrong. He also voted against it the first time in the House, when the bill did go down and the Dow dropped 700 points. Plus, the "total collapse" argument was BS. We'd be further along if the feds had allowed the banks to fail (while protecting individual depositors) and reorganized them. We did it this way with the RTC in the 1980s and Sweden did it in the 1990s.
  - jbooth 16y ago
    Eh, maybe, although I kinda doubt it, there's an assumption to think that because we didn't have a collapse, there was no danger of one. Vanishing 1/3 of the banking industry overnight without an organized wind-down would likely have led to disaster even in retrospect. In the moment? Anyone who voted against that bill was either posturing or a madman. I mean, we got the money back anyways, most of it. Why play chicken?
    - hrabago 16y ago
      People arguing that there wouldn't have been a collapse reminds me of people who think the Y2K problem was a myth created by the software industry to drum up some jobs.
      - jbooth 16y ago
        Well, something like 30% of the country still believed Saddam had WMDs in like 2006, and 25% of the country thinks Obama wasn't born in the US right now. Those are different than having a non-mainstream opinion on a hypothetical, but goes to show, people can believe whatever they want.
  - jeromec 16y ago
    Plus, the "total collapse" argument was BS. Wrong, and many well respected economists will tell you you're wrong.
    - tomjen3 16y ago
      Sources?
    - Mystalic 16y ago
      I'd appreciate a citation to back up your claims. I'm pretty sure I could also find plenty of economists on the other side as well.
      - jeromec 16y ago
        Here you go... Economists agree: Legislation Reid led to passage prevented economic collapse Excerpts: Krugman: Government intervention helped avert "second Great Depression." In his August 9, 2009, New York Times column, Nobel laureate Paul Krugman wrote that governmental actions kept the U.S. from going into "a second Great Depression" ... Blinder and Zandi: Policies "probably averted what could have been called Great Depression 2.0." In July, former Federal Reserve vice chairman Alan Blinder and Moody's Analytics chief economist Mark Zandi issued a report citing analytic models to demonstrate that the "multifaceted and bipartisan" response to the financial crisis, including the Troubled Asset Relief Program and the American Recovery and Reinvestment Act - both of which passed the Senate under Reid's leadership -- had a "huge" effect on real GDP, jobs, and inflation, and "probably averted what could have been called Great Depression 2.0" ... U.S. Chamber president: Stimulus needed because "we thought we were days away from a global recession." ... AEI's Malkin: Policy response "averted" global depression. From a January outlook report by the American Enterprise Institute's John H. Malkin ... Nowakowski: Policies have "averted depression." In a September 13 column, David Nowakowski, director of credit strategy at Roubini Global Economics, wrote that the Federal Reserve's fiscal policies, "along with the fiscal stimulus," have "averted depression, reversed a short bout of deflation, and helped unemployment from reaching 1930's levels." ... Romer: Policies made difference between recovery and "second Great Depression." In her September 1 farewell speech, Christina Romer, outgoing chairman of President Obama's Council of Economic Advisers, praised the stimulus package and the Obama administration's use of TARP funds and said: "I am proud of the recovery actions we have taken. I believe they have made the difference between a second Great Depression and a slow but genuine recovery. http://mediamatters.org/research/201010220033 http://mediamatters.org/research/201010220033

Only because it was clear enough people were voting for it that he could pretend to stick to his principles. You think if it came down to him, he'd actually vote for total financial collapse?

watchandwait 16y ago
Wrong. He also voted against it the first time in the House, when the bill did go down and the Dow dropped 700 points. Plus, the "total collapse" argument was BS. We'd be further along if the feds had allowed the banks to fail (while protecting individual depositors) and reorganized them. We did it this way with the RTC in the 1980s and Sweden did it in the 1990s.
- jbooth 16y ago
  Eh, maybe, although I kinda doubt it, there's an assumption to think that because we didn't have a collapse, there was no danger of one. Vanishing 1/3 of the banking industry overnight without an organized wind-down would likely have led to disaster even in retrospect. In the moment? Anyone who voted against that bill was either posturing or a madman. I mean, we got the money back anyways, most of it. Why play chicken?
  - hrabago 16y ago
    People arguing that there wouldn't have been a collapse reminds me of people who think the Y2K problem was a myth created by the software industry to drum up some jobs.
    - jbooth 16y ago
      Well, something like 30% of the country still believed Saddam had WMDs in like 2006, and 25% of the country thinks Obama wasn't born in the US right now. Those are different than having a non-mainstream opinion on a hypothetical, but goes to show, people can believe whatever they want.
- jeromec 16y ago
  Plus, the "total collapse" argument was BS. Wrong, and many well respected economists will tell you you're wrong.
  - tomjen3 16y ago
    Sources?
  - Mystalic 16y ago
    I'd appreciate a citation to back up your claims. I'm pretty sure I could also find plenty of economists on the other side as well.
    - jeromec 16y ago
      Here you go... Economists agree: Legislation Reid led to passage prevented economic collapse Excerpts: Krugman: Government intervention helped avert "second Great Depression." In his August 9, 2009, New York Times column, Nobel laureate Paul Krugman wrote that governmental actions kept the U.S. from going into "a second Great Depression" ... Blinder and Zandi: Policies "probably averted what could have been called Great Depression 2.0." In July, former Federal Reserve vice chairman Alan Blinder and Moody's Analytics chief economist Mark Zandi issued a report citing analytic models to demonstrate that the "multifaceted and bipartisan" response to the financial crisis, including the Troubled Asset Relief Program and the American Recovery and Reinvestment Act - both of which passed the Senate under Reid's leadership -- had a "huge" effect on real GDP, jobs, and inflation, and "probably averted what could have been called Great Depression 2.0" ... U.S. Chamber president: Stimulus needed because "we thought we were days away from a global recession." ... AEI's Malkin: Policy response "averted" global depression. From a January outlook report by the American Enterprise Institute's John H. Malkin ... Nowakowski: Policies have "averted depression." In a September 13 column, David Nowakowski, director of credit strategy at Roubini Global Economics, wrote that the Federal Reserve's fiscal policies, "along with the fiscal stimulus," have "averted depression, reversed a short bout of deflation, and helped unemployment from reaching 1930's levels." ... Romer: Policies made difference between recovery and "second Great Depression." In her September 1 farewell speech, Christina Romer, outgoing chairman of President Obama's Council of Economic Advisers, praised the stimulus package and the Obama administration's use of TARP funds and said: "I am proud of the recovery actions we have taken. I believe they have made the difference between a second Great Depression and a slow but genuine recovery. http://mediamatters.org/research/201010220033 http://mediamatters.org/research/201010220033