McCain: I was misled into supporting TARP

posted at 3:32 pm on February 22, 2010 by Allahpundit

See what I mean about why it’s usually smarter to defend a bad political decision than to try to pass the buck? Crist comes off as a guy who does what he thinks is right even if it’s unpopular. Maverick — who, ironically, is famous for being that same type of pol, especially vis-a-vis foreign policy — comes off as a panderer or easily suckered or both. J.D. Hayworth must be rubbing his hands with glee.

I don’t know what Palin has planned for when she’s stumping for him, but that speech had better be a barnburner.

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.”…

But McCain stopped short of calling the TARP a mistake.

“Something had to be done because the world’s financial system was on the verge of collapse,” he said. “Any economist, liberal or conservative, would agree with that. The action they took, I don’t agree with.”

This pitch is right in her wheelhouse, so the boss emeritus swings away. Question from Michelle to McCain: Who’s “they”?

[T]o this day, McCain refuses to admit his own individual responsibility for supporting the pre-socialization of the economy started under George W. Bush and continued under Obama. And fellow Republicans continue to whitewash McCain’s fiscal irresponsibility record.

McCain has never admitted he was wrong about his support of:

*The $700 billion all-purpose, earmark-stuffed TARP bailout;

*The $25 billion auto bailout;

*The $300 billion mortgage entitlement bailout; and

*The first $85 billion AIG bailout.

Exit question: When push comes to shove, given his record, even Sarahcuda’s not going to be able to do much to sell him to grassroots conservatives, is she?

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“Who else can claim Romneycare which the Dems have used as their model for Obamacare. You know the most unpopular healthcare polled now!!! Mandated healthcare which is certainly NOT a Conservative position!”

Romneycare will be very well known if Romney becomes the Republican nomination for 2012.

davod on February 23, 2010 at 8:18 AM

BTW, Mike Huckabee was the only Republican who voted against TARP and all the bailouts.

VFT on February 23, 2010 at 1:10 AM

Pretty neat trick, voting against TARP, considering HE WASN’T EVEN IN CONGRESS.

There’s something you need to resign yourself to: Huckabee will not be President. Maurice Clemmons’ bad behavior sunk any aspirations Huckabee might have still had.

And while it’s a lovely talking point that Huckabee was against TARP from the beginning, from what I can see that’s what he’s saying *now.* What was he saying in 2008 about it? More to the point…what was the alternative he was pushing? Remember TARP in 2008 was a very different thing than what it was corrupted into becoming, and as allowed before, as sold it was the best of a bunch of bad choices. I can’t seem to find any statements by Huckabee contemporary with the passage of TARP.

JohnTant on February 23, 2010 at 8:55 AM

DrMagnolias on February 22, 2010 at 10:13 PM

I think we can still refer to ProudRINO as “Dumbot” though.

Chris_Balsz on February 23, 2010 at 10:22 AM


This idiot suspended his foundering campaign to support TARP.

He personifies TARP.

If he had suspended his campaign to oppose TARP he may have a different address today.

If he was misled on this matter, it was being misled by his brilliant campaign advisors who told him that this nonsense was a good idea.

This is why many of us don’t trust much of anything coming from the GOP establishment these days.

Sarah is campaigning for this old nag because she is loyal.

Maybe loyalty in the political arena is a good thing or maybe it’s not, but that is why she will be appearing for him.

I disagree with her about this, but it is based on her loyalty to someone who was good to her.

molonlabe28 on February 23, 2010 at 10:49 AM

Chris_Balsz on February 23, 2010 at 10:22 AM

I’ve been at work all day, so am just now logging on. I think it is the understood “Dumbot.”

DrMagnolias on February 23, 2010 at 3:37 PM