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« How To Clear ALL The Crooks Out Of Washington In Less Than 30 Seconds - Guaranteed! | Main | VIDEO - Kudlow & Coulter Call Protesters 'Criminals' While Avoiding Discussion Of Wall Street Crimes »
Friday
Oct072011

BUSTED: TARP-Loving, Wall Street Puppets - New GOP Leadership Caught On Tape

In the GOP's "Pledge to America," there's a lot of talk about bailouts and free markets, but many of those Republicans currently bitching about TARP and bailouts and claiming the Tea Party mantle for themselves, are the same Republicans who VOTED "YES" on TARP.  See here and here. Best of all, it's all on tape.

--

John Boehner (he hopes to be Speaker of the House again) begs congress and his fellow Republicans to vote for the bailout.

  • "These are the votes that separate the men from the boys and the girls from the women."

Boehner spouts cliches.  Rambles.  Calls TARP a "mud sandwich."  Opens wide.  Swallows.

--

 

Paul Ryan can't explain to Neil Cavuto why Congress has to rush to pass the bailout.  That's because he swallowed the Paulson-Bernanke story, hook, line and sinker.  In other words, he panicked and voted for Big Government to come in and save Big Business.  Oh, and Ryan claims that Ayn Rand is the single, most important influence on his political worldview.  Just disgraceful.

--

Boehner again.  Different tie, same mud sandwich.  Says bailouts are good for America.  Prays that God helps him "feel better" about voting for TARP.  Other idiots clap.

--

In this clip, a gaggle of House Republicans are "disappointed" that the bailout didn't pass, but they tried really, really hard.  First they blame Pelosi.  Then they blame the Jewish Rosh Hashanah holiday.  Eric Cantor, who celebrates Rosh Hashanah, blames Pelosi again.  Screw the taxpayer they seem to say, because they spend eight minutes whining about how Pelosi hurt their precious little feelings.  These are the very same jackasses, of course, who are presuming to lead the "resurgent," Tea Party-backed GOP.

--

TARP shill Judd Gregg rambles, resorts to metaphors, proves he has no idea what's actually in the bill.  Says the bill eliminates "golden parachutes" and high salaries and bonuses for bailed out institutions.  Disgraceful.  Glad he's gone.

Some of the Ones Who Got It Right

Ron Paul says Vote NO.

--

Bernie Sanders is not a Republican, but he gets it right.  In this clip the socialist from Vermont decries TBTF, calls Merrill Lynch "Merrill Winch," says Paulson is the fox guarding the hen house, and says to Vote NO.  Bonus points for speaking next to GINORMOUS poster of Paulson looking like an idiot.

--

Tom Coburn enters the Constitution into the record, says congress is a "cancer."  OK, that's 2 for 2.  Not bad.

 And finally...

228-205: Watch as the TARP vote go down in flames. 

Off-camera, cheers erupt in Darrell Issa's office.

 

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Reader Comments (37)

Hat tip to Cheyenne for reminding me what a hypocrite John Boehner is, and for pointing us to the first Boehner clip in this story.
Nov 7, 2010 at 11:11 AM | Registered CommenterDr. Pitchfork
no doubt about boehner's hypocrisy....great collection pitchfork...i'm still watching the last few clips now...
Nov 7, 2010 at 11:58 AM | Registered CommenterDailyBail
John Boehner Says In Order To Pay For The Wars, We Need To Raise The Social Security Retirement Age To 70 (VIDEO)

http://dailybail.com/home/john-boehner-says-in-order-to-pay-for-the-wars-we-need-to-ra.html
Nov 7, 2010 at 12:02 PM | Registered CommenterDailyBail
Jon Stewart: Boehner Is Profoundly Retarded, Deficit Monster Is Going To Eat Our Babies (Must See)

http://dailybail.com/home/jon-stewart-boehner-is-profoundly-retarded-deficit-monster-i.html
Nov 7, 2010 at 12:03 PM | Registered CommenterDailyBail
Yea, these b*stards were paid good dollars (special interest bribes) to do what they did...
Nov 7, 2010 at 12:34 PM | Unregistered CommenterJack E Lohman
Glad to see you, Jack.
--
If anyone can find a clip of Paul Ryan on the House floor begging for votes, I'd love to post it. I've seen it before, but can't find it. I think he says something about crisis turning into catastrophe (just like Obama). Down the memory hole?

In any case, it must be in the full TARP debate clip. If anyone can find it and cut it from the 4-hour clip, I would be eternally grateful. Here 'tis. http://www.youtube.com/watch?v=mxUcj4sZvbY
Nov 7, 2010 at 1:05 PM | Registered CommenterDr. Pitchfork
Now we have a new group ( or the original group, depends how you look at it ) of crooked thieves running the House. That means not one damn thing is going to change in Congress anymore then it would have changed with the old group of crooked thieves running the House.

It's going to be the same old Washington two step sh*t all over again with a new cast of actors.

Their main goal, the same goal congress always has.

How to do everything they can for the richest 10% of the country, the F.I.R.E. sector and the multinational corporations without the other 90% percent of the electorate realizing are being screwed to death and along with their children, enslaved for the rest of their lives. Of course they will only be enslaved if the system doesn't collapse. However if the system collapses the rest of their lives may be a very short time indeed.

I think if things don't change collapse in inevitable!

If the American People don't get off their lazy asses and do something about what is happening politically and economically in this country, they deserve the anarchy that shall follow when the system collapses and hunger, poverty, and fear rule.

Of course the rich elite and the politicians will have secure safe havens and be long gone by then.

But what the hell thats become the American way, lie, cheat and steal, blame it on some poor stupid fall guy and retire.
Nov 7, 2010 at 3:53 PM | Unregistered CommenterSagebrush
When TARP came up for a vote the first time, the House shot it down 228-205. The Senate took the 3-page bill, added hundreds of pages of pork, passed it overwhelmingly, and then kicked it back to the House for another vote just four days later.

Thus bloated with waste, TARP somehow passed by a wide margin of 263-171, meaning 58 congressional representatives switched their no vote to a yes.

57 of the 58 ran for reelection in 2008. (Jim Ramstad (R-MN) had already announced he would retire in 2007). Out of this field of 57 cowardly dumbshits, 55 were reelected. (Joe Knollenburg (R-MI) and John "Randy" Kuhl (R-NY) were the only two who lost.)

Flash forward to 2010 and break down the 55 remaining TARP flippers:

--Two announced their retirements in early 2010, John Shadegg (R-AZ) and Diane Watson (D-CA).

--One was appointed Secretary of Labor by Obama, Hilda Solis (D-CA).

--Four were clipped in the primaries (in one way or another) and thus didn't run, Gresham Barrett (R-SC), Peter Hoekstra (R-MI), Carolyn Kilpatrick (D-MI), and Zach Wamp (R-TN).

So 48 TARP flippers were up for reelection a second time in 2010. Out of 48, just two lost their seats, Harry Mitchell (D-AZ) and Solomon Ortiz (D-TX), the latter of whom lost an extremely close race. Check out the margins for most of the 46 "winners" over their challengers...

Incumbent ("I") I (%) C (%)
Abercrombie, Neil D-HI
 58 41
Alexander, Rodney R-LA
 79 21
Baca, Joe D-CA
 66 35
Berkley, Shelley D-NV
 62 35
Biggert, Judy R-IL
 64 36
Boustany, C. R-LA
 100 0
Braley, Bruce L. D-IA
 50 48
Buchanan, Vern R-FL
 69 31
Carson, Andre D-IN
 59 38
Cleaver, Emanuel D-MO 53 44
Coble, Howard R-NC
 75 25
Conaway, K.M. R-TX
 81 15
Cuellar, Henry D-TX
 56 42
Cummings, E. D-MD
 75 23
Dent, Charles W. R-PA
 54 39
Edwards, D. D-MD
 84 16
Fallin, Mary R-OK
 60 40
Frelinghuysen, R. R-NJ
 67 31
Gerlach, Jim R-PA
 57 43
Giffords, Gabrielle D-AZ 49 47
Green, Al D-TX
 76 23
Hirono, Mazie K. D-HI
 72 25
Jackson, Jesse Jr. D-IL 81 14
Jackson-Lee, Sh. D-TX
 70 27
Lee, Barbara D-CA
 83 12
Lewis, John D-GA
 74 26
Mitchell, Harry E. D-AZ
 43 52
Myrick, Sue W. R-NC
 69 31
Ortiz, Solomon P. D-TX
 47.1 47.9
Pascrell, Bill Jr. D-NJ
 63 36
Pastor, Ed D-AZ
 66 28
Ros-Lehtinen, I. R-FL
 69 31
Rush, Bobby L. D-IL
 80 16
Schiff, Adam B. D-CA
 65 32
Schmidt, Jean R-OH
 59 35
Scott, David D-GA
 70 29
Shuster, Bill R-PA
 73 27
Sullivan, John R-OK
 77 23
Sutton, Betty D-OH
 55 44
Terry, Lee R-NE
 61 39
Thompson, Mike D-CA
 63 32
Thornberry, Mac R-TX
 87 9
Tiberi, Patrick J. R-OH
 56 41
Tierney, John F. D-MA
 57 43
Welch, Peter D-VT
 65 32
Woolsey, Lynn C. D-CA
 65 30
Wu, David D-OR
 55 42
Yarmuth, John A. D-KY 55 44
Nov 7, 2010 at 5:25 PM | Unregistered CommenterCheyenne
>>> "The Senate took the 3-page bill, added hundreds of pages of pork, passed it overwhelmingly, and then kicked it back to the House for another vote just four days later."

Bingo! PORK was the key word. Accompanied by local campaign contributions no doubt.
Nov 7, 2010 at 5:41 PM | Unregistered CommenterJack E Lohman
Gobie says Goobermint bailouts will now be good, his herd is in charge of them now. And those with R's in front of their names being associated with the graft, corruption, and TARPinista's, is all other party lies.
Nov 7, 2010 at 6:58 PM | Unregistered CommenterS. Gompers
"These are the votes that separate the men from the boys and the girls from the women."

Looks like John had his my little princess panties on. Think about those people that have to pay for your glorious support of deregulation, and all the campaign contributions spent to make this the end result of greed, and malice, and a wanton disregard for the American way of life as the parasitic infection of these vermin have been allowed to destroy the hopes and dreams of so many Americans.
Nov 7, 2010 at 7:15 PM | Unregistered CommenterS. Gompers
@ cheyenne...that is some unbelievable analysis...did you write and research all of that..?..or is it from an article somewhere...if so, can you post the link...thanks...
Nov 7, 2010 at 8:24 PM | Registered CommenterDailyBail
sagebrush...enjoyed reading your comment...
Nov 7, 2010 at 8:33 PM | Registered CommenterDailyBail
Boehner has taken well over $3 million in campaign financing bribes for the the finance/insurance/real estate sector. Ryan's largest campaign contributors also come from the the finance/insurance/real estate sector. Boehner and Ryan work for the folks who pay them their bribes.

Boehner not only voted for TARP, he also voted for the Gramm-Leach-Bliley Act and the Commodity Futures Modernization Act of 2000 (the Enron Loophole). His first order of business will be to repeal the section of the so called Financial Reform bill that addresses the restricting of proprietary trading. Career politicians have only two constituencies, themselves and those who keep them in power. Now that the career politicians have taken over the Tea Party, nothing will change.

The last QE put over a trillion dollars into the big banks' reserves. What do you think the banks might be doing with those reserves, you know, the reserves that were created out of thin air by the Fed in the form of debt, and that were then added on to the national debt for future taxpayers to pay or default on? Well, Goldman Shachs, for instance, is now the 11th largest holder of GLD. In fact, the Gold Men have been using that free taxpayer gift money to buy all all kinds of commodities. What other entity is using USDs money created out of thin air to buy up commodities? That would be China.

In other words, the Wall Street banks are putting the American citizens trillions of dollars more into debt, and using that debt created money to buy up commodities for themselves. They are acting like sovereign wealth funds, only they are using public money to make private profits. So while the US Government is giving trillions of dollars to the Wall Street banks, so the banks can further enrich themselves by driving up the prices of the commodities they bought, the Chinese government is using its money to buy commodities directly. China has public sovereign wealth funds funded by public and private surpluses, and the US has privately held wealth funds funded by public debt. What's worse for a nation's general population, a country run by "communists", or a country run by kleptocrats?

The USD is going to be trashed at least another 20%.. The phrase, "quantitative easing" means exactly the same as the phrase, "printing money". After the 1985 Plaza Accords, when the US got Japan to unpeg its currency, the US got to pay Japan back at less than fifty cents on the dollar. How far will the Fed let the dollar drop this time, so that it can pay its trading partners back at huge discounts? The Fed can trash the USD as much as it wants, but it will still have to pay China back dollar for dollar, if China refuses to let go of its peg.

One thing is certain in the future of the US, and that is inflation. If the dollar takes a big enough hit, even real estate prices will increase (although not enough to keep up with the new inflation}. Even wages will increase, (although not enough to keep up with the new inflation}. The banksters will never allow incomes and asset values of common Americans to increase enough to allow them to escape their debtor's prisons. So, as the banksters receive more Government gifts of free money (QE2), and use that money to speculate on commodities in order to drive the prices UP and their profits up, the taxpayers will be taxed double, once on the debt from the creation of that money and then again on the inflation the bankster commodity speculators will cause.

All is going according to plan.
Nov 7, 2010 at 8:38 PM | Unregistered Commenterblack swan
Interesting read from Gary North. The GOP will sell the Tea Party down the river, but the Tea Party won't know it until it's far too late. We'll see.
http://www.garynorth.com/public/7218.cfm
Nov 7, 2010 at 9:24 PM | Registered CommenterDr. Pitchfork
Black Swan...good to see you around here again..i enjoyed reading your comment...just a minor addendum to your comments...the QE purchases by the FED don't add to the national debt...those are FED balance sheet purchases...$1.75 trillion the first time around and $600-900 billion this time...

bernanke mentioned an additional $300 billion quietly when he made the announcement last week...and of course just like the first time, this too shall fail...
Nov 7, 2010 at 9:54 PM | Registered CommenterDailyBail
nice link from gary north...here's some more color on ron paul's new job...

http://www.rawstory.com/rs/2010/11/rep-ron-paul-expected-lead-house-federal-reserve-oversight/

interview with reuters...
Nov 7, 2010 at 9:57 PM | Registered CommenterDailyBail
@ cheyenne...that is some unbelievable analysis...did you write and research all of that..?..or is it from an article somewhere...if so, can you post the link...thanks...
Nov 7, 2010 at 9:58 PM | Registered CommenterDailyBail
DB, ultimately, the taxpayer, or the future taxpayer, does get stuck with the debt. Take Maiden Lane I, for instance. That was $29 billion, face value, that has now melted down to somewhere near $20 billion on its way to zero. Who do you think will be responsible for all those millions that disappeared in the Extended Stay default, alone? The Fed may create money out of thin air, but it can't make debt disappear into thin air. The taxpayer pays the tab or there is a default.
Nov 7, 2010 at 10:56 PM | Unregistered Commenterblack swan
yes...we are on the hook for maiden lane...here are some links...

http://www.ny.frb.org/markets/maidenlane.html

http://www.bloomberg.com/news/2010-07-01/fed-s-maiden-lane-made-taxpayers-junk-bond-buyers-without-congress-knowing.html

http://www.bloomberg.com/news/2010-04-01/fed-reveals-bear-stearns-assets-swallowed-to-get-jpmorgan-to-rescue-firm.html

...and i get your point...and i'm not trying to pick it apart..just wanted it to be clear that the national debt didn't increase at at all under QE1 and also won't under QE2...these are Fed balance sheet risks and if the Fed takes losses it can print more to make up for them...and printing also doesn't get added to the debt...it destroys the dollar of course...but doesn't add to the national debt... just trying to clarify...
Nov 7, 2010 at 11:10 PM | Registered CommenterDailyBail
DB--

I've been waiting for two years for someone to look at the flip floppers on TARP. I mean in four days you're telling me that 58 representatives just upped and changed their minds about the most massive single transfer of money in human history? It's an issue that deserves, well, further scrutiny.

All I found was this:

http://consultingbyrpm.com/blog/2010/01/persons-of-interest-congresspeople-who-switched-tarp-vote-then-left-office.html

I started with that and did the rest myself with excel and google searches.

A few things jump out. First, the bailout was clearly a bipartisan con job. Second, I figured the flip-floppers would've come from up-for-grab districts--the ones that could be bought with some well-timed pork. Not the case at all. You can see from the voting margins that many of the flippers are locks, not in danger of going down in a general election. If they didn't need pork to stay in power, and didn't get any, it makes you wonder what exactly motivated them to change their votes.

I don't have any answers, I just threw it out there because I never read anything about what went on those four days leading to the cancerous final vote on TARP.

Btw, great piece, Dr. P.
Nov 7, 2010 at 11:11 PM | Unregistered CommenterCheyenne
cheyenne...i'm going to publish this as a guest post authored by you...i appreciate the effort you put into it...and it's something i have wondered about myself but have never taken to do a thorough analysis...really great stuff...
Nov 7, 2010 at 11:13 PM | Registered CommenterDailyBail
Great work, Cheyenne. After DB gets your piece up, it will be a great opportunity to discuss why's and what for's.
Nov 8, 2010 at 12:19 AM | Registered CommenterDr. Pitchfork
This ploy by this hypocrite writer is not going to work.... Almost everyone was fooled, very few were not, by the alarm sounded by the media and government hype starting with Bush being fooled by his economic advisers . i was once for it myself because of the alarm.... Obama and the Democrats have tried to use the:" well the Republicans did it" nonsense that you are still trying to pull.
Nov 8, 2010 at 8:14 AM | Unregistered Commentermlculwell
mlculwell,

If you can show that I was ever taken in by the bailout hysteria, I'll buy you an ice-cream sundae. I might be a hypocrite about some things, but not about TARP.

And no, almost everyone was NOT fooled in 2008. Why do you think people were protesting in the streets and calling their congressmen to say Vote NO? I'm sorry you were snookered, and it IS hypocritical of Democrats to blame Republicans for TARP, but it's equally hypocritically of the GOP leadership to complain about TARP at this point, when THEY PUSHED FOR IT.

We call 'em like we see 'em here at The Daily Bail. No partisan bias. No hypocrisy.
Nov 8, 2010 at 8:31 AM | Registered CommenterDr. Pitchfork
Frankly, I am at the point where I believe we should take this personally. The full faith and credit of my country includes the character of its people, and I'm sorry, but--I'm not quite ready for Ben Bernanke, or any other con artist, to debase MY character ... are you?
http://letthemfail.us/archives/6469
Nov 8, 2010 at 11:52 AM | Unregistered CommenterWil Martindale
("This ploy by this hypocrite writer is not going to work.... Almost everyone was fooled, very few were not,")

@ mlculwell
The people who sent the letter referred to below weren't fooled and their "fatal pitfalls" have surely come to pass, nor were the people who endorsed it. I don't think the 65 to 75% of the people polled at that time who thought the bill should not be passed were fooled ether.


From Wikipedia, the free encyclopedia
Emergency Economic Stabilization Act of 2008

In an open letter sent to Congress on September 24, over 100 university economists expressed "great concern fo
for the plan proposed by Treasury Secretary Paulson". The letter, endorsed by 231 economists at American
universities within a few days, has been described as "the emerging consensus from academic economists".
Its authors described three "fatal pitfalls" they perceived in the plan as it was initially proposed:

1) Its fairness. The plan is a subsidy to investors at taxpayers’ expense. Investors who took risks to earn profits must also bear the losses. [...] The government can ensure a well-functioning financial industry [...] without bailing out particular investors and institutions whose choices proved unwise.
2) Its ambiguity. Neither the mission of the new agency nor its oversight are clear. If taxpayers are to buy illiquid and opaque assets from troubled sellers, the terms, occasions, and methods of such purchases must be crystal clear ahead of time and carefully monitored afterwards.
3) Its long-term effects. If the plan is enacted, its effects will be with us for a generation. For all their recent troubles, America's dynamic and innovative private capital markets have brought the nation unparalleled prosperity. Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted.
Nov 8, 2010 at 11:16 PM | Unregistered CommenterSagebrush
@ wil...enjoyed your post...
Nov 9, 2010 at 3:09 AM | Registered CommenterDailyBail
Nonsense. Boehner was clearly emotional when making his TARP speech and felt forced into a corner.Amazing that you pretend to think that a bunch of politicians are expected to have the experience and knowledge to unravel wall street overnight and not "believe" what they are told about a impending depression if they refuse to vote yes. That doesn't mean that they cannot in hindsight, continue with their original values and attempt to correct the past.
Nov 9, 2010 at 9:30 AM | Unregistered CommenterNovElection2012
NovElection2012

You had me going there for a minute. I actually thought you were serious. Thanks for the good laugh to start my morning.
Nov 9, 2010 at 9:38 AM | Registered CommenterDr. Pitchfork
The only corner Boner was in was how to ram the TARP through without the taxpayers learning how bad they were going to be screwed and raising enough hell to stop it. As for his very emotional speech, he is the best actor in the house next to Chris Dodd. That speech was scripted theater, nothing more.
Nov 9, 2010 at 9:54 AM | Unregistered CommenterSagebrush
Sage, you're exactly right. In preparing this post, I came across two other clips of Boehner in which he said almost the exact same things. But I'm pretty sure NovElection2012 was just trying to pull our leg ;-).
Nov 9, 2010 at 10:01 AM | Registered CommenterDr. Pitchfork
You ought to live in Boehnerland.
Nov 9, 2010 at 11:19 AM | Unregistered CommenterS. Gompers
Cheyenne,
Great work !!
If the PORK hadn't passed the universe would have been destroyed.
Got to go. My Guillotine needs sharping.
Apr 17, 2011 at 1:31 PM | Unregistered CommenterTR
There is only one person in goverment that has Neaver "Flip-Floped
' and thats Ron Paul........But dont look for him to save us any-ol-time soon........? The GOP, is almost as bad as the 'Dem.-Unions"...............and out to take all they can for them self's. Ron Paul, would end this shit.

The "SOB"......BoNNer, is one of the best Flip-Flop'ers, we have in goverment. That Crying little flopper sold us out, and is gona do it again in just a few days..................?

You know the end times may be neer when everything is caveing in on its self. We'll see how this one plays out.........
Apr 17, 2011 at 11:08 PM | Unregistered CommenterTexas Dar
Leader of Big Mortgage Lender Guilty of $2.9 Billion Fraud

Will He Realy Do Any Time behind bars, im sure he wont as the rest of his buddys. Only the little person that sells $25. worth of Pot, go to prision............................

http://www.nytimes.com/2011/04/20/business/20fraud.html?_r=1&ref=todayspaper
Apr 20, 2011 at 4:13 PM | Unregistered CommenterTexas Dar

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