2016 Postmortem
Related: About this forumWhen President Elect Obama came Calling, Bernie said "hell no I won't go!"
Even before he appeared on the Hill, Obama was laying groundwork to avoid a TARP train wreck. In a letter sent on Monday to congressional leaders, he pledged to devote much of the second installment to assisting small businesses and helping students and car buyers get loans. In personal calls to members on both sides of the aisle he promised better transparency of how the funds are disbursed, reflecting the frustration and anger of many members regarding the Treasury Department's handling of the funds. Still, many Democrats said on Monday that Obama's letter was not enough to convince them to vote against the resolution, which was filed by Senator David Vitter, a Louisiana Republican. Most fiscal conservatives, like Vitter, opposed the TARP from its inception, and even those who voted to pass it in September have insisted that something more than Obama's vague promises is needed to win their grudging support.
So what did Obama say to charm his former colleagues into blocking the resolution? He promised to write, in a detailed manner, a letter explaining how his Administration would dole out the funds once he is sworn in on Jan. 20. "The conditions have to do with tracking the money, how the money can and can't be used, accountability for the money, what dividends cannot be spent with it, the executive pay issues," said Senator Carl Levin, a Michigan Democrat, emerging from the meeting. "In other words, there's a whole host of misuses of the first half which have to be avoided the second time around." The detailed letter, which may come from Obama's economic adviser Larry Summers, is expected to arrive before a potential vote on Thursday. Levin added that such a letter would be enough for him to vote against the resolution.
Obama Urges Congress Not to Block the Bailout
This story shows a lot about Obama, a lot about Hillary, and a helluva lot more about what a purist Sanders is, who cannot be counted on when push comes to shove. I hope Hillary whips his sorry ass all around the stage tonight over this.
arcane1
(38,613 posts)kennetha
(3,666 posts)that's what Hillary was referring to in Detroit.
"Summers, in a separate letter earlier this week, pledged that any additional funds for the automakers would not come from the TARP monies."
kennetha
(3,666 posts)and Sanders voted against releasing them
The Auto Bailout Keeps Growing, and Growing
Response to kennetha (Reply #3)
Luminous Animal This message was self-deleted by its author.
JackRiddler
(24,979 posts)The "president elect's plea" is not a reason to bail out Wall Street!
Coincidence
(98 posts)The bank bailouts were so unpopular that 8 years later it is still commonly griped about or used as an example of how broken our government is.
UglyGreed
(7,661 posts)Another very intellectual statement.......
arcane1
(38,613 posts)UglyGreed
(7,661 posts)was complaining about Sanders supporters and how they are less than astute with their critiques and replies.
nc4bo
(17,651 posts)SDJay
(1,089 posts)Adding that to my vernacular immediately...
HooptieWagon
(17,064 posts)Csainvestor
(388 posts)ordinary american citizens didn't get one cent, the billionaire class was bailed out.
JFKDem62
(383 posts)Welcome to DU... love your screen name
Love your pic!
kennetha
(3,666 posts)in the second go round.
Urged the Congress not to block the funds, despite the unpopularity of TARP. Bernie said screw main street.
NWCorona
(8,541 posts)kennetha
(3,666 posts)TM99
(8,352 posts)What you call a purist is actually a honest politician with principles. And unlike Clinton he does not lie, pander, and compromise them just for the sake of power or getting long in order to gain power latter. And unlike Obama, Sanders has put on his soft shoes and walked with union members. Obama turned out to be a massive disappointment for many as his progressive message of Hope & Change was just another Madison Avenue aware winning marketing campaign.
Hillary should come out again on this tonight. It worked so fucking well in Michigan that she lost an apparent 20 point lead in the matter of a day.
kennetha
(3,666 posts)And Sanders was so upset about it, that he was willing to sell out the auto industry.
He'd rather see no more tarp funds released, than save the auto industry.
The Auto Bailout Keeps Growing, and Growing
TM99
(8,352 posts)that was already debunked after the debate?
http://www.politifact.com/truth-o-meter/statements/2016/mar/07/hillary-clinton/michigan-hillary-clinton-says-bernie-sanders-was-a/
Just stop it. You aren't doing you or your candidate any favors. Grow up!
kennetha
(3,666 posts)Clinton said Sanders "was against the auto bailout" and "voted against the money that ended up saving the auto industry."
Sanders did vote against a set of funds that financed most of the auto bailout though the funds primary purpose was bailing out Wall Street firms, which Sanders strongly opposed.
NWCorona
(8,541 posts)67% rated untrustworthy for a reason.
TM99
(8,352 posts)not just your cherry picking dude.
Clinton said Sanders "was against the auto bailout" and "voted against the money that ended up saving the auto industry."
Sanders did vote against a set of funds that financed most of the auto bailout though the funds primary purpose was bailing out Wall Street firms, which Sanders strongly opposed.
The claim, though, leaves listeners with the impression that Sanders opposed bailing out the auto industry. But he voted in favor of providing auto companies with $14 billion, which was separate from the Wall Street bailout funds he opposed. That standalone measure failed.
So stop, really, you have lost this argument. Your side lost this argument. It cost you Michigan it was such a lousy smear.
kennetha
(3,666 posts)Sanders voted for something that had no actual effect on the auto industry. It didn't become law.
He'll stand up for you, when it doesn't count. But when it's time to actually put money where his mouth his, his principles matter to him more than saving you.
Can't vote to same you, cause of my precious principles.
TM99
(8,352 posts)That is called being congruent and principled.
I know you are supporting a pathological liar so it might be hard to comprehend.
You do know how government works right? Not everything that is voted upon or supported becomes law. Read a book, learn a think or two, and then come back again for round three.
kennetha
(3,666 posts)is when you don't let the perfect be the enemy of the good and you are willing to get your hands soiled sometimes to achieve things in that will make peoples lives better in the real world.
it's more than just a debating society for ideologues.
TM99
(8,352 posts)The phrase, if you bothered to look it up, actually speaks to this: if we have decided to not stop until something is perfect, then we may never complete a task.
Sanders is willing to compromise and work on real life legislation. He is called the amendment king for that very reason. He wasn't debating as an ideologue, he was voting, along with other Democrats, against very bad legislation.
Please just stop. You are looking foolish now.
Bluenorthwest
(45,319 posts)over Bush legislation. Good for you and for your candidate!
Did you see this? In your own damn link? " Summers, in a separate letter earlier this week, pledged that any additional funds for the automakers would not come from the TARP monies."
kennetha
(3,666 posts)Bluenorthwest
(45,319 posts)Many Democrats opposed that deal. They were right to do so. The Republicans were insisting that the auto makers be left out, Summers was promising this. It is therefore impossible to claim that bill was all about saving the auto makers. It's a bogus claim and the voters know it.
Mnpaul
(3,655 posts)As the Obama Administration carries out the Emergency Economic Stabilization Act, our actions will reflect the Acts original purpose of preventing systemic consequences in the financial and housing markets. The incoming Obama Administration has no intention of using any funds to implement an industrial policy.
azurnoir
(45,850 posts)date January 14 2009 -
that's what Hillary was referring to in the debate. President elect Obama, wrote to the democrats asking them not to block Tarp funds, promising greater transparency, promising to use them to aid main street more this time around.
Sanders say hell no
azurnoir
(45,850 posts)apparently they weren't impressed either
azurnoir
(45,850 posts)kennetha
(3,666 posts)In October 2008, Congress approved the $700 billion Troubled Asset Relief Program (TARP). The money was intended to assist financial institutions, but it also ended up bailing out the auto industry.
Doctor_J
(36,392 posts)Bluenorthwest
(45,319 posts)command, not Presidents nor Presidents elect. It's sort of sad that you feel that they should do so.
arcane1
(38,613 posts)ibegurpard
(16,685 posts)Obama's pushing the TPP too.
arcane1
(38,613 posts)Or something
pangaia
(24,324 posts)Doctor_J
(36,392 posts)Maybe he just doesn't like handing working people a bill for corporate criminals