Johnson: Don’t tie the hands of federal officials.
Rest of us: Is he kidding?
The Capitol Journal Blog “Behind Government Lines” is reporting today that Senator Tim Johnson wants to maintain government control over private companies indefinitely, and stands in opposition to the Thune plan to get Government out of the business of private companies:
Sen. Tim Johnson today told reporters he thinks Sen. John Thune’s efforts to end spending on the Troubled Asset Relief Program (also known as the “bailout”) are “premature.”
Thune is calling for ending the TARP program and directing all remaining funds toward paying down the national debt. He has also called for mandating that all repaid TARP funds go toward paying down the debt and for setting a legal date by which the federal government is required to end its ownership stake in private companies such as General Motors and Chrysler.
But Johnson said he believes that’s bad policy.
“I think it’s premature to tie the hands of the Treasury Department at this point,” he said. “I think some flexibility in the TARP program is still necessary at this point.”
and…
Johnson said he agrees with Thune in principle but thinks his Republican colleague is acting prematurely by setting deadlines and tying the hands of federal officials.
Can I see a show of hands about those with an overabundance of concern over “tying the hands of federal officials?”
Exactly.
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Comments
The TARP loans have made billions for the US Treasury — much unlike the low-interest gift loan Thune tried to give to his former employer, DM&E RR.
TARP is one thing. The loans are fine so long as the companies continue to pay them back. It’s in their interest to pay them back as quickly as possible so they can cut the “strings” that are attached to the money (and take themselves out of any illegally retroactive ones the Feds add on).
As far as ownership of GM, Chrysler, etc; we need to get out ASAP. It was and continues to be completely inappropriate for the government to have an ownership stake in a private company, particularly when their competitors don’t have the advantage of huge capital infusions from the Fed.
Well, it is Johnson, so what can we say. He didn’t care about his constituents during recess, so the feeling is mutual. He can think whatever he wants; it’s immaterial to me except for the fact that he has a vote in Congress.
Is there a way to recall your Senator? Johnson is a lame duck and will vote his true colors, LIBERAL, lock step with Reid.
Strange roll reversal here, don’t you think, folks?
John voted FOR the TARP and Tim and Steph against.
Were any of you upset with Thune then?
Because he’s the one from SD who made TARP happen, not Johnson.
Or is this Thune’s way of telling us the economy is ok now?
Anyone believe that?
The parrot John Tune saying one thing in South DAKOTA AND ANOTHER IN D. C. TUNES train I think can I think I can.
The Hoghouse blog had a great piece a few weeks ago on Thune’s vote for the TARP when Bush was in office. It’s a great read! 5:32 is right, Thune says one thing here in an attempt to get re-elected, and votes the other way in DC.
Reagan forgot the modifier, “bad” government is the the problem. And the king and queens of producing it are lassez faire Republican legislators–who don’t know what the term means–financed by corporate and religious zealot overlords.
Unless we mandate term limits upon Congress, America will not survive. 35 states must in my opinion radify their own state constitutions to force the change, as it will never come from a body of government Hell bent on maintaining “Status Quo”.
Thanks for posting that PP! I wish I would’ve been old enough to live through the Reagan years!
If I had to say one thing dissapoints me is that The GOP is still leaderless. I don’t see one person who has taken it upon themselves to stand up to Barack Obama. I have not yet seen one person who embodies the passion I see from the average voter.
Maybe the only one is Sarah Palin. I think someone else will emerge in 2010 or 2012 but I don’t think it will be John Thune. He does not seem to be driven by issues. I still like him but he doesn’t seem to feel what the average person is going through. If he would’ve had the understanding he wouldn’t have voted for TARP under Bush. Lets just say I don’t know what John Thunes reason for being elected is other than he was a 100% better than Daschle. I like Thune don’t get me wrong.
Actually I’d say the only person right now is Newt Gingrich.
Bill you are right: JT voted for TARP and TJ and SHS voted against.
And, I praised TJ at the time and criticized JT at the time.
This was a bad idea at the time and is still a bad idea. It did nothing and is doing nothing. Let’s get the money back. And while we are doing it, let’s cancel the ill-advised, ill-defined, and counter-productive stimulus.
All the stimulus package did is prove that Obama is capable of being more clueless than Bush.
Together these two mistakes are impeding recovery and job opportunities for those unemployed (predominantly lower and middle class Americans).
Troy, you’re dead wrong about TARP. I’m pretty sure it saved the world — or at least the world economy. That’s not an overstatement. Most credible economists agree.
(I admit, however, that I was originally opposed to TARP. I was wrong. If it weren’t for TARP, things would have gotten much, much worse than they did.)
The stimulus is another thing entirely…
I wish someone could explain who and where all the TARP funds went to and why that money seems to be locked up and not traversing into our econ through our banking system. Gov is now demanding solvent banks to finance FDIC. All it would take right now is a couple of Arab nations to run our banks.
Boy President Reagan sure screwed things up for us, didn’t he? “Government is not the solution to our problems, government is the problem.” That created a generation of conservatives with the irrational idea that government can’t do anything, so it shouldn’t even try. To me, that’s very irresponsible.
In my opinion, the best way for our country to work is a combination of private companies and government regulations that direct those companies to serve the best interests of the people. Most corporations need to be motivated into doing something that may not be super-profitable, but will end up helping people. Republicans seem to live in a fantasy world where letting megacorporations run free with no rules will somehow not bankrupt the country. Try “no rules” on a 5 year old and see what happens.
John, the five year old would be your own party. Only dems feeding off the system would pick the government over private industries. Only some unproductive slacker would whine about super-profits from companies run by intelligent, hardworking, motivated people.
Ivan, I have no problem with companies making a profit. What I have a problem with is them making a profit while raising their rates to a point that people are going into bankrupcy. Usually, if a company raises the price of its product too high, consumers might go to another company or just not buy the product. Unfortunately, health insurance is not like other consumer goods and treating it like one is hurting a lot of people.
That’s why I think it’s very important for our government to get involved with health insurance. At the very least, I want to see strong regulations on health insurance companies. But my ideal solution is a strong public option that can fairly compete with insurance companies and for that competition to get them to lower their prices.
John you can’t be that naive! Companies earning so much to bankrupt someone??? That is why free trade and capitalism works, another company will start up and people will switch to that company. What do you do when gas is 5 cents cheaper across the street? You go across the street!
John I will personally pay you to move out of our Country and move to your uptopia of government run worthless companies and private businesses, France?
That last comment was pretty jerky, feasant.
This is just a difference in our political philosophy. I’m guessing you believe that a completely free market will naturally balance itself out if the government gets out of the way. My philosophy sees government regulation as a way to move companies in a direction that can best benefit citizens.
I get the feeling that this is something we’re not likely to ever agree on.
Reagan, Reagan, sounds familiar… oh yeah! Isn’t he the one who tripled the federal debt? Or do I have him mixed up with another Republican whose rhetoric doesn’t match his policy?
Anonymous Sept. 24 @ 6:53 p.m.:
I disagree that TARP saved the system from collapse. I believe that it was a hatchet where a scapel would have been more effective. I stand by the posts I wrote at the time entitled “Stop the insanity” and I think “Stop the insanity II.”
I understand Thune’s vote for it even if I disagree. I do agree however with the wisdom of Thune to unwind this program ASAP.
However, there is no intellectual honesty or consistency with regard to Johnson/Herseth. Stupid is the best term I can use to describe them. All other words are an attack on their character.
More proof Tim has brain damage. Voters remorse!