I was not sure whether to gag or chuckle when I heard the news that Senator Bennett wants to prevent the use of TARP money for the auto industry. To me that just sounds like he’s shutting the barn doors after the cows have escaped while insisting that there’s nothing wrong with leaving the stalls open.
Bennett said he also adding wording that would ban using Troubled Asset Relief Program (TARP) bailout money to help bankrupt car makers.
“The TARP money was sold to the Congress as acquiring assets, not as acquiring stock positions in various companies, particularly not in acquiring stock position in a bankrupt manufacturing company,” Bennett said.
“When we approved TARP the first time around, we did it with the understanding that it was dealing with the credit crisis,” he said. “Instead, the TARP money has gone into these bankrupt companies.”
It’s clear to see that Bennett is doing everything he can to show his opposition to federal overspending and government overreaching in the economy while maintaining his position that the original bailout was necessary. I don’t see any reason to even begin to pay attention until he has come out and directly stated that his vote on TARP was absolutely wrong from the beginning. Even if he does, he is wrong if he things that his TARP vote is the only thing dragging on his chances for re-election.
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