Scott Brown Sells Out

National Legal & Policy Center ^ | July 15, 2010 | Peter Flaherty

[jazusamo]

On the evening of Scott Brown’s election, I wrote that among the reasons for his victory was resentment of “a host of actions to prop up Wall Street firms at the expense of taxpayers.”

Who would have thought that less than six months later Brown would cast the decisive vote in favor of legislation that institutionalizes Wall Street bailouts, and whose sponsors — Christopher Dodd and Barney Frank — played key roles in bringing on the meltdown, not to mention representing everything that is sleazy and corrupt about Washington. If Brown wasn’t running against Barney Frank when he railed against the “machine,” then what was he talking about?

I can only assume that even though Brown knew how to ride the wave that swept him into office, he now fails to understand it. He seems to have reverted to the traditional strategy of “moderate” Republicans in Massachusetts, which is to make common cause with liberal establishment and then somehow claim to be “independent.” The financial regulatory “reform” bill is an odd opportunity to pursue such an outmoded strategy.

Brown did not bring people out to foot-stomping rallies in the final days of his campaign because he offered a fresh, new brand of William Weld Republicanism. Instead, he successfully got on the right side of the elitist/populist divide. With the possible exception of the monstrous spending and debt, nothing feeds this division more than the Wall Street bailouts. Votes in favor of TARP have become an unexpected (to incumbents) flashpoint of anger in primary elections all over the country and have ended a score of political careers.

The elitist/populist divide transcends political party. TARP and the auto bailouts were initiated by a Republican administration. Although Brown was considered a “moderate” in the Massachusetts legislature, it really didn’t matter. His election represented a primal scream by ordinary people who recognized that they were getting screwed by the professional political class, which in Massachusetts is even more entrenched than elsewhere. Brown has allied himself with these corrupt elites.

Judd Gregg, another New England Republican Senator who talks a good game about fiscal responsibility, on Tuesday claimed, “TARP did what it was supposed to do.” Oh really? In October 2008, then-Treasury Secretary Henry Paulson told Congress that if it did not pass the 3-page TARP bill to buy toxic assets from banks, the entire financial system would collapse.

But then Paulson turned around and used the money to buy preferred stock in banks to bolster their balance sheets. Not one cent was spent to purchase toxic assets. If getting the toxic securities off the bank balance sheets was the absolute key to avoiding total catastrophe, TARP was unnecessary because no such purchases were ever made. In fact, a lot of this junk is still right where it was in October of 2008.

If Congress knew that the money would be used for other purposes, TARP would have never passed. When Obama came into office he could scarcely believe his good fortune. Tight-fisted Republicans like Gregg left him hundreds of billions to spend on things like bailing out the United Auto Workers. Gregg has the good sense not to run for re-election, and thereby avoid all the pesky TARP questions. Scott Brown is up again in two years.

Related:

Scott Brown Victory Is Reaction to Obama's Corruption of Democracy

House Passes Financial Services Bill; Mandates Racial Favoritism

Dodd's Financial Services 'Reform' Would Mean More Bailouts

[jessduntno]

“I think I know which graphic is coming next...”

Not from me! But it will be along in 3...2....

[Gene Eric]

>> Who knew Scott Brown was supposed to follow blind folded every GOP agenda! ... I could go on ....

Your reasoning is flawed.

You deride the GOP for its obvious failures, but imply Brown should rebel when it finally attempts to represent Conservative interests.

If you’re here to defend Brown, I guess you could argue his predecessor was worse.

[Digger]

Why would anyone expect that he wouldn't sell out? Let me tell you, even if Republicans take the House and the Senate and there is a Republican president in 2012, it still will not make any difference. Both parties work for the bankers. As long as we have the financial system with the Banks and the Federal Reserve at the top, we will live in perpetual debt and be slaves to the banks

AHHHHHMENNN!!

[seoul62]

Hoots and a Holler and an Amen on that Brother Digger, you speak the truth!!!!!!!!!

[seoul62]

Hoots and a Holler and an Amen on that Brother Digger, you speak the truth!!!!!!!!!

[ronnie raygun]

WE NEED TO CLEAN OUT THE CLOSET ENTIRELY AND VOTE FOR TERM LIMITS. NO MORE CAREER POLITICIANS!

[jessduntno]

“They send a small bone every once in awhile to the conservatives but when the Biggies hit the elites get their way & usually by the ONE vote sellout.”

They sent us a BIG bone today...

[cranked]

“I’ll be the 41st vote, not the 60th vote”........can the Masshole idiot lie anymore than his voting track record to date has proven he is a liar? =.=

[LostInBayport]

Has he bettered Kennedy in anything yet? Just wondering.

He hasn't drowned anyone in an automobile yet.

I know he's better than Martha Coakley would ever be, but he still should have gotten this one right. With the comments he's made about lunching with Harry Reid, photos of him with Dusty Harry...I suspect that he has become oddly enamored with hanging out with "the majority leader of the Senate". Hey, Scott...your buddy won't be there next year, so why not think for yourself?

[Paul46360]

HEY HEY HO HO TERM LIMITS WILL MAKE THEM GO
HEY HEY HO HO TERM LIMITS WILL MAKE THEM GO

[Paul46360]

NOT A CAR..but a raised hand..

[dtrpscout]

Scum.

[chiefqc]

And where is the surprise?

[freekitty]

I can’t believe the guy can sleep at night with a wife and children knowing how he lied.

[FightThePower!]

Obama is Bush is Clinton is HerbertWalker Bush is Reagan is Carter. . .ever wonder why the government only grows no matter which party is in power?

They all serve the FED.

END THE FED.

[Irisshlass]

I knew and others..I said He was a deal maker, but we were all slammed.

[b4its2late]

Good points. Coakley. Arghhhh. And Reid, the quintessential ahole who puts on the persona of a quiet old grandfatherly type that needs to be put out to pasture in the next election for the countries sake.

[Undocumented_capitalist]

I was strongly against TARP and any other bailouts of corporations funded by taxpayers. I Sarah Palin came out in favor of bailouts I would oppose her also.

Back to Scott Brown, he is certainly better than a democRAT alternatives. I also resent jumping on him every time he does not vote for the most conservative viewpoint. So long as him and I are on the same side on 80% of issues, he is just fine by me.

[Undocumented_capitalist]

Thank you. You are thoughtful & intelligent. As opposed to many knee jerk reactions from those who say “my way 100% or the highway”. Scott Brown has and will vote on many issues much more in alignment with conservative POV compared to his democrat counterpart would have. And I am happy to accept that compromise.

[Undocumented_capitalist]

I have not examined every vote of Scott Brown in senate, but my guess is his votes are far better than the democrat alternative what’s her face who lost. And I will take him over her any day.