Though Bachus has been a harsh critics of bailouts, guess what he voted for?
http://dailybail.com/home/hypocritical-scallywag-gop-congressman-bachus-defends-near-d.html
So guess what committee Bachus is like to become chairman of?
- JP
In 2007, Bachus made trades with a number of short term stock options, betting that stocks would rise or fall for a quick profit or loss. Bachus made up to $160,000, including a bet in March that the stock market would drop that earned him between $15,000 and $50,000. Most members of Congress hold some stocks or mutual funds, but Bachus’ rapid-fire trades are unusual for a leading member of Congress, particularly one with the key role of ranking member of the House Committee on Financial Services.
Bingo. TARP. TARP. TARP.
Bachus not only voted for it, he did so without having the first clue why, and against the wishes of the vast majority of his constituents. Your link gives a link to a clip of him on C-span explaining it. He evidently has no concept of how damning his statements are. http://www.c-span.org/Watch/Media/2010/06/13/HP/A/34131/Rep+Spencer+Bachus+RAL.aspx
(Since it’s a 32 minute clip and that’s cruel and unusual punishment to have to listen to, here are his money lines, which your link was merciful enough to provide:)
“A lot of people who I respect said you have to act. So we did act....I don’t know what would have happened if we hadn’t. I imagine most economists said it needed to be done. I think most of those same economists say now if you continue to do this you’ll create moral hazard by the bucket load.”
—and—
“People in my district were saying 99 to one, you know, I’m opposed to this. I voted for it because I felt like it was necessary.”
Summary: I don’t know. I imagine. I think. I felt like.
Bachus admits he was clueless...that he blindly went along on TARP on the say-so of people who have since been proven breathtakingly *wrong.* He proudly voted against the overwhelming wishes of the people who elected him and defied and ignored their advice. Of course, they’re the ones who were proven to have been *right* all along.
Oh yeah. Let’s all take heed of this braintrust’s counsel and analysis. His judgment’s just so superior.
Thanks... Good 2nd Link. The establishment GOP at it again:
“For Bachus, 62, an ascent to chairman would mark a comeback from a political stumble in the fall of 2008. As the senior Republican on the financial services committee, he was expected to lead his party’s negotiations on the $700 billion bailout that became known as the Troubled Asset Relief Program. Instead, Republican leaders lost confidence and removed him from that role.
Then he earned the ire of some party members when he changed his position on the bailout, attacking it in a private meeting and then voting for it, according to two Republican aides who were at the meeting...
Bachus also has engendered support through his fundraising for Republican candidates and colleagues, ranking among the top members this year in donations to the National Republican Campaign Committee, the party’s campaign arm for House races...”