“No Bank Bailouts”: Tea Partiers Take Contributions From Bailed Out Banks After Opposing Bank Bailouts
Tea Party-backed candidates swept into Washington in 2010 on a wave of opposition to bank bailouts. Now that they’re in Washington, however, their campaigns are drowning in campaign cash provided by the very banks that benefited from the Troubled Asset Relief Program.
The 10 freshmen Republicans on the House Financial Services Committee who have Tea Party backing have taken more than $100,000 from the political action committees affiliated with JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs — the nation’s five largest banks — Bloomberg reports:
Yet the anti-bailout fervor that drove the messaging of Republican candidates during the campaign cycle of 2009 and 2010 has dissipated, and those same lawmakers are now collecting money from the firms bailed out by President George W. Bush’s $700 billion Troubled Asset Relief Program. […]
The political action committees of those institutions have distributed $169,499 through March 31 to the campaign coffers of the 10 freshman Tea Party-backed lawmakers on the House Financial Services Committee, according to an analysis of campaign finance disclosure records.
The Tea Party hasn’t succeeded in ending “too big too fail” because they haven’t tried. Though the five biggest banks are now bigger than they were before the financial crisis, the Tea Party members haven’t proposed a single piece of legislation to limit their size. Instead, they’ve focused on repealing financial reform and blocking efforts to protect consumers from Wall Street’s predatory practices.
Multiple Democrats have proposed legislation to cap the size of large banks, while others have proposed new ways to unwind large banks without taxpayer-funded bailouts should they collapse. The efforts have drawn no support from the Tea Party. “No more bailouts,” Tea Party Express’ website proclaims. The candidates it and other Tea Party organizations backed in 2010, however, apparently no longer feel the same way.
By: Travis Waldron, Think Progress, April 30, 2012
“Insurgent Outliers”: The Republicans Are Burning Down The House Of Democracy
Remind me to send a thank you note to Norman J. Ornstein and Thomas E. Mann for their heralded Outlook piece sounding a fire alarm about the Republican party burning down the house of democracy in the Washington Post Sunday. Here is its essence:
The GOP has become an insurgent outlier…..ideologically extreme; scornful of compromise; unmoved by….facts, evidence and science; and dismissive of the legitimacy of its political opposition.
Washington’s leading experts have spoken. The word has come down from the American Enterprise Institute and the Brookings Institution. This is a nice way to say Republicans in Congress—every single one—have done everything they can to make Barack Obama’s presidency a failure, from day one. In historical retrospect, I am sure Obama will receive some long-delayed credit for bearing the burden of their slights and cuts gracefully and succeeding in spite of their spite.
But there’s something else long delayed here, and that’s a profound indictment of the Republican Party. The messengers are absolutely right, the elephant emperor has no clothes. But Ornstein and Mann’s belated recognition of reality could have been written years ago, and rung true.
Does the impeachment trial of William J. Clinton ring a bell? That Democratic president, too, was relentlessly hunted as prey, even though the country was doing well in times of peace and prosperity. The House Republicans led by Newt Gingrich didn’t give a damn, driven by partisan zeal—since we’re being real, partisan hatred. The difference is Clinton fought back against his enemies. Obama has chosen to act as if they’re not there, or that he can, with time, win them over. In fact, that strategy has been the worst flaw of his governing style.
As the co-authors acknowledge, outrages against the traditions of congressional conduct and engagement took off in once Newt Gingrich decided to become speaker by any means possible. He became speaker in 1995—a good 17 years ago. They also blame Grover Norquist, the antitax fiend, for taking the “Grand” out of the GOP. They left out the third man: Rush Limbaugh, whom Gingrich made the class mascot for the 1994 Republican takeover of the House. Limbaugh has poisoned the well of public “dis-coarse” better than anyone I know. He delivers the House Republicans huge doses of partisan ardor from his angry white middle-class male constituency.
Mann and Ornstein observe, “Divided government has produced something closer to complete gridlock than we have ever seen.” Yes, and please pass the potatoes. Republicans are acting the same way they ever did (late in the last century) in opposition to a Democratic president. It’s just that they took a half-time break, easing up during the long years of the George W. Bush presidency and its wars. The Mann-Ornstein analysis (published in a new book available this week) is sound and welcome. At last an “official” acknowledgement that there is no center in national politics, so therefore it cannot hold. To wit, Obama waited for snow to melt all summer, so anxious was he for one Senate Republican vote for healthcare reform. And no, the moderate Sen. Olympia Snowe did not melt his first summer as president.
Climate change is perhaps the most urgent issue where Congress has fallen down on the job because Republicans refuse to face the evidence all around us: The earth is warming and changing. Give them this, they are good team players.
But party discipline goes only so far in a hurting country, Mann and Ornstein could have helped us more by speaking out sooner. They take the liberty of scolding the press for trying to achieve false balance by presenting two sides of a story as equally legitimate. They also say the press should take arms against the 60-vote trend in the Senate—meaning 60 votes is necessary to cut off invisible “filibusters.” They rightly note, “The framers certainly didn’t intend it to be [routine].”
We’ve all been watching the elephant emperor with no clothes and we all let the parade go on too long. By golly, I’ll write that thank you note, and hope Ornstein and Mann will understand if it’s a little late.
By: Jamie Stiehm, U. S. News and World Report, April 30, 2012
“Spewing Horsepucky”: Dear Republicans, Contraception Is An Economic Issue
Republicans on the Sunday talk show circuit spent a lot of time insisting that contraception isn’t a real issue for women voters, that it’s unimportant and will take a back seat to the economy. Colorado Republican Chair Ryan Call said much the same thing on a local Colorado political show Friday night when he insisted access to contraception was a “small issue.”
Horsepucky. There is no more fundamental economic issue for women than determining if and when they will have children. Fertility is destiny. The Pill was the catalyst for the sexual revolution and the full entry of women into the American workforce because, for the first time in history, women could themselves control their own reproduction. Approximately 99 percent of reproductive age American women have used birth control—and something used by almost every woman in America isn’t a small issue, it’s huge.
A March 6, 2012 blog post in the New York Times, “The Economic Impact of the Pill”, summed it up:
Those changes have had enormous impacts on the economy, studies show: increasing the number of women in the labor force, raising the number of hours that women work and giving women access to traditionally male and highly lucrative professions in fields like law and medicine.
A study by Martha J. Bailey, Brad Hershbein and Amalia R. Miller helps assign a dollar value to those tectonic shifts. For instance, they show that young women who won access to the pill in the 1960s ended up earning an 8 percent premium on their hourly wages by age 50.
Such trends have helped narrow the earnings gap between men and women. Indeed, the paper suggests that the pill accounted for 30 percent—30 percent!—of the convergence of men’s and women’s earnings from 1990 to 2000.
Republicans have also argued that when it comes to reproductive healthcare, affordability and access are two separate issues. Right, and I suppose Dick Cheney paid for his six-figure heart transplant by washing dishes in the hospital commissary. Furthermore, pregnancy prevention programs, including subsidized contraception, save taxpayers money—anywhere from $2 to $6 for every $1 spent, according to a study by a Brookings Institution scholar.
Republican strategist Alex Castellanos, a repeat winner for the Mad Men Chauvinist of the Week Award, undermined his own spin on Meet the Press when he falsely stated that women don’t earn less than men do. Some single women without children are able to close the income gap in some metropolitan areas for precisely that reason—they don’t have kids, and can replicate men’s hours at the office. Women with children often fall behind economically because they’re working a double-shift, at home and at work, and our child care system in this country is wildly inadequate.
Contraception isn’t just a big issue to women voters, it’s obviously a big issue to Republicans, despite their protest to the contrary now that it’s costing them with women voters. It’s big enough that they threatened to shut down the entire U.S. government over it last spring. It’s big enough that Republican governors like Mitch Daniels have made defunding Planned Parenthood a top priority, as has their presidential candidate Mitt Romney. Romney even wants to eliminate federal funding for Title X, which provides family planning funding for five million low-income Americans.
Which begs the question: If contraception is key to women’s economics, why are Republicans trying to keep women from getting it?
By: Laura Chapin, U. S. News and World Report, April 30, 2012
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