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22 TARP Supporters Vote Against the Small Business Lending Fund

July 24, 2010 - by Donny Shaw

On Friday I wrote about a vote in the Senate Thursday evening on an amendment to the Small Business Jobs and Credit Act that sets the bill up to pass next week. Senate Republicans have been opposing a provision in the bill that create a $30 billion small business lending fund because, they say, it’s too similar to the TARP big-bank bailout program that was pushed through Congress by the Bush Administration in 2008. But on Thursday evening, Senate Democrats, with the help of a couple wayward Republicans, were able to secure passage of an amendment to keep the small-business fund in the bill.

So, naturally, I wanted to take a second to compare Thursday’s vote on the small business lending fund with the 2008 vote on TARP itself. As it turns out, a total of 22 senators voted both in favor of the TARP program in 2008, which leant $700 billion to the big banks to do pretty much whatever they want, and agains the small business lending fund, which would lend $30 billion to small banks to loan to small businesses for the purposes of creating jobs. Here’s the list:

  1. Sen. Lamar Alexander [R, TN]
  2. Sen. Robert Bennett [R, UT]
  3. Sen. Richard Burr [R, NC]
  4. Sen. Saxby Chambliss [R, GA]
  5. Sen. Thomas Coburn [R, OK]
  6. Sen. Susan Collins [R, ME]
  7. Sen. Bob Corker [R, TN]
  8. Sen. John Cornyn [R, TX]
  9. Sen. John Ensign [R, NV]
  10. Sen. Lindsey Graham [R, SC]
  11. Sen. Charles Grassley [R, IA]
  12. Sen. Judd Gregg [R, NH]
  13. Sen. Orrin Hatch [R, UT]
  14. Sen. Kay Hutchison [R, TX]
  15. Sen. John Isakson [R, GA]
  16. Sen. Jon Kyl [R, AZ]
  17. Sen. Richard Lugar [R, IN]
  18. Sen. John McCain [R, AZ]
  19. Sen. Mitch McConnell [R, KY]
  20. Sen. Lisa Murkowski [R, AK]
  21. Sen. Olympia Snowe [R, ME]
  22. Sen. John Thune [R, SD]

That’s officially more than half of the current Senate Republican caucus.

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Comments

Displaying 1-30 of 61 total comments.

  • CindyPMI 07/24/2010 2:15am

    700B vs 30M…big difference! This bill is a bit different — it’s CREATING jobs, not paying big bonuses…big difference! And oh wow, it may just help those unemployed people they didn’t want to help — actually getting them off of unemployment and back to work. Are they REALLY just trying to weed out a few million people from this earth?

  • Comm_reply
    SonsOfAmerica 07/24/2010 2:12pm

    You see, the republican’s problem with the bill is: their bosses from other countries will have competition from these small business American companies… honestly our money has been flowing out of this nation (like BP’s oil spill) since the 1980’s. When Reagan was the smiling front man for evil corruption in our country. Outragous corporate loopholes for having their business on wallstreet has made big business (owned by other countries) destroy the small business in America (they had no chance to compete because of those loopholes) … And why does BP drill oil in American waters (50 miles .. international waters is 200 miles) That’s our oil we pay world market price for…and our jobs lost! Our family members died in wars for our freedoms and resources that are sold for next to nothing!… We have a congress full of used car salesmen! … We need a revolution!

  • artledoux 07/24/2010 3:52am

    The RepubliCONS seem hell bent at destroying not only Obama’s term as President
    they also want to destroy America. Down to a point where we will work for slave
    wages, while they and their rich friends keep attaining great wealth.
    With the huge tax cuts to the rich without any incentive to invest in any
    type of new business or industry they hoard all their money. If the tax rates
    are raised back to the Clinton levels on the top 10%, I think we’ll see a large
    change in their behavior. They will do so to take advantage of tax write offs
    and thus lower their taxable income. It will have the effect of increasing jobs
    for the lower classes.
    Art LeDoux

  • Comm_reply
    SonsOfAmerica 07/24/2010 1:38pm

    You are so right, my friend and fellow American! Always remember: A republiCON’s sole purpose is to steal from the middle-classed to feed the super-rich! And make a big pay day in the process… Obama is America’s last chance… unless we revolt!..

  • Star58 07/24/2010 4:09am

    All of you unemployed: The Repubs need to be defeated this November. They have no plan to save this country. Tell your working friends and family your story. It’s gonna take the little guy to keep them out of office. Be sure to vote and tell everyone you know to vote. People don’t normally come out unless it is a really big election. This is important!

  • Comm_reply
    SonsOfAmerica 07/24/2010 2:48pm

    Electoral College makes voting, just about, useless; a rich-man’s vote counts for a whole-lot-more than a poor-man’s vote. And with this; the Super-rich can throw their money in the swing districts and states… (millions and millions) Brainwashing advertisements and catchy logans usually win it for them. (Look at the Tea Party (all former ceo’s) see how their winning!) …If every American’s vote counted as one… (the democrate would almost always win!… that is the truth!).. American would be in a lot better shape! P.S. if the Tea Party wins: leave America (ceo’s only cut pays, benefits and rights!) I believe they would vote in slavery (if they could!)

  • jlohman 07/24/2010 4:11am

    The best small business bailout — for 100% of businesses, not just the bankers and car makers — would have been a single-payer taxpayer-funded Medicare-for-all system. But the insurance industry’s $125 million in bribes convinced both the D’s and R’s that it was a bad idea. That, in spite of 60% support by the public.

    More than anything else we need public funding of campaigns. These bastards should be working for US and not THEM. What is it about political bribes do we not understand?

    If politicians are going to be beholden to their funders, those funders should be the taxpayers. And at $5 per taxpayer per year it would be a bargain. Even at 100 times that. We MUST lobby our senators and representative to co-sponsor the bill at:
    http://www.fairelectionsnow.org/more/summary

    Jack Lohman …
    http://MoneyedPoliticians.net

  • Comm_reply
    Chris51 07/24/2010 10:24am

    -So right. Middle income and poor Americans will see worse days if more Republican politicians get in Senate or White House.
    -Most politicians are corrupt. It’s the bribes from the Special Interest Groups that are too tempting, they see other politicians getting away with it, so they cave into to money. The Obama Admin. is trying to use our legislation to help protect average Amercians and that will help USA in the long run.
    -Americans are fed lies from the GOP, Repubs, FreedomWorks/Tea Party, FOXNEWS. Their strategy is to scaring and confusing voters. Weather they know it or not, they are only helping the economy of the 1%-3% wealthy, not of the average American. These parties and organizations say they want to save the USA from government and taxes, but they have one driving force. It is the 1% wealthy, who lead them to deceive Americans in order to protect their Special Interest Groups from REGULATIONS or having to pay TAXES.

  • Comm_reply
    SonsOfAmerica 07/24/2010 3:00pm
    Link Reply
    + -1

    Fellow American you see it for what it is! the only way to beat out money is violence… I hate to say it; but it is… we need a revolution! … I support the ‘Rock’ Obama but he is up against too many criminals and too much money! (He is one honest man against numerous thiefs)

  • Comm_reply
    Chris51 07/25/2010 12:39pm

    IT MAKES ME MAD AS HECK, but I have to disagree with you that the only way we can beat out money is with violence. Americans have evolved and know violence does not fix anything. We have people like Donny Shaw, others on this site, other web sites, and other communication sources that make information available so they can’t continue keeping average Americans in the dark.

    More and more people are getting wise to what has been going on, and they realize it’s about the “Economic Prosperity” of the FEW top 1-3% wealthy families, corrupt politicians becoming millionairs, and (BIG) corporate executives having the legal right to rip-off their company.

    Those Americans working hard to get “The American Dream”, are realizing the cost is higher for the middle class and poor. Hard working Americans spoke up in 2008 election, and they will keep speak up with their vote in November.

  • txgalnokc 07/24/2010 5:39am

    I hate to change the subject folks, but has anyone read the article on AOL about Congress’ Food Tab??? They spent $604,000 on bottled water alone! Look it up … you’ll be astonished! While we (the unemployed) worried for almost two months where our next meal was coming from … one delegate, Gregorio Sablan, the first-ever House delegate for the Northern Mariana alone racked up almost $23,500 by himself!!

    Here’s the link:

    http://www.aolnews.com/house-money/article/congress-spent-604000-on-bottled-water-397000-on-catering/19541719?icid=main|main|dl1|link3|http%3A%2F%2Fwww.aolnews.com%2Fhouse-money%2Farticle%2Fcongress-spent-604000-on-bottled-water-397000-on-catering%2F19541719

  • Comm_reply
    liamangelus 07/24/2010 9:40am

    You couldn’t be more right. Congress BS’d for months while many damn near starved andd they were busy with their government fuel cards, food expenses, etc. While many like me sat home terrified where & how we were going to provide for our families, congressmen sat in their large Washington homes eating & drinking food that we were paying for. Yet they found it so easy to give big industry 700 billion dollars (Bailout) for CEO’s who went to Congressional hearings in private jets & limo’s. but us regular citizens whom paid for those “Bailouts” with the sweat from our backs remained at home jobless because of idiot CEO’s whom spent too much, then downsized, and the government gives them more money without as so much as farting on the idea. But when us Americans needed a piece (a small piece) of that pie…. We get shut down for months, and some (the “99’ers”) are still screwed!! Way to go Congress!!

  • Comm_reply
    KISS 07/25/2010 3:33pm
    Link Reply
    + -1

    Hungry crowd. They are doing their best to keep small business employees employed.

  • NoBodyFaultButMine 07/24/2010 6:37am

    Tier 5: Pelosi Says No To More Weeks Of Unemployment Benefits
    House Speaker Nancy Pelosi said Thursday that Congress will not take up any measure to give the long-term jobless more weeks of unemployment benefits beyond the 99 weeks available in some states. Congress is currently locked in an epic battle just to preserve the 99 weeks for the rest of the year. In a seemingly futile effort to appease deficit hawks, Dem leadership already weakened its “extenders bill,” formally known as the American Jobs and Closing Loopholes Act, by shortening the unemployment extension through November instead of December.And while a handful of senators have pledged to constituents that they will fight for more weeks of benefits, Senate Finance Committee chairman Max Baucus (D-Mont.) has said that “99 weeks is sufficient.”

    Keep voting for those dem.

  • Comm_reply
    Chris51 07/24/2010 10:51am

    Democrates are up against alot opposition. It’s ugly how much compromise they seem to have to do, so they can show they are trying to be Fed Deficit responsible, and win one or two votes from Republicans.

    This will get worse if we reward Republicans by voting Democrates out. Don’t you think?

  • Comm_reply
    artIedoux 07/27/2010 3:54pm

    We will also have a better chance of winning this November if their are no more extensions passed, the 99ers are more likely to vote for Democrats if they are hungry. It is very selfish that people would put their personal wants ahead of what the country needs. We need democrats to win even if it means that a few people will have to go a few weeks without unemployment checks. They can add a tier 5 next year when it will not help the republicans.

    Art LeDoux

  • Comm_reply
    BrandonLewis 08/02/2010 10:36am

    You don’t mean to suggest that democrats wanted unemployment extensions to fail as political leverage for November do you? Those are definitely the guys we should vote for!
    Perhaps we should look at the provisions of the small business bill that republicans are opposing and address those concerns?
    Now can we get a list of specific legislation that the Republicans passed without help from the Democrats that led to our economic meltdown?
    How about admitting that both parties have failed for longer than any of us have been alive?

  • Comm_reply
    Chris51 07/24/2010 11:08am

    2000-2008 Bush Admin GOP/Repubs controlled the White House. Sold America into believing that in the interest protecting USA and having less government to help economic prosperity, they pushed through the things on the list below. We now know it benefit the top 1-3% wealthiest in this country. This caused the TRILLION $ Fed. Deficit, and has put the burdens and suffering on Americans.
    1. Two Oil Wars (total cost 1.6 TRILLION, which helped Cheney’s former companies get big government contracts. Also, helped win approval for oil drilling bands to be lifted.)
    2. Deregulations of Banks
    3. Deregulations of Wall Street
    4. Tax Breaks (Cost 55 BILLION, and largest tax saving to $250,000+ earners, who had 6 figure savings, average american saved $100)
    5. Lifted bans on oil drilling offshore, while MME was being bribed by the same companies they were to govern over. (Took them 8 years to get it passed, but after gasoline prices hicked by $1-$2, consumers were at their mercy).

  • Comm_reply
    artledoux 07/24/2010 5:43pm

    I think the tax breaks to the rich cost more like 1.8 trillion when first
    implemented and if allowed to continue will add another 4.4 trillion to
    the national debt in ten years!
    Art LeDoux

  • Comm_reply
    sbrush 07/27/2010 7:11am

    You “think”? Got anything to back that statement up?

    Probably not, considering spending is what costs us money, not tax breaks.

  • Comm_reply
    artledoux 07/27/2010 12:17pm

    I guess for someone like you I have to be real specific instead of using
    the word cost, I should say lost revenue.
    You can google enough info to see how much revenue was lost with the Bush
    (temporary)tax cuts. The thing is under Bush they did not stop spending
    either, to compensate for the lost revenue. When the economy tanked
    due in large part to Bush’s policies there was no extra room to spend
    on programs to help kick start the economy. That’s why there is so much
    deficit spending right now. Were you as concerned then as you are now?
    Art LeDoux

  • Comm_reply
    admiralj 07/29/2010 9:24am

    artledoux is right sbrush. Unfunded tax breaks (Bush tax cuts to the wealthy) do cost revenue. Ever watch Rachel Maddow? Good show on this, check it out online @ MSNBC.

    Art has it right.

  • Spam Comment

  • Comm_reply
    Chris51 07/29/2010 2:15pm

    Here is a great commentary on the tax breaks subject from The Ed Show, MSNBC. http://www.msnbc.msn.com/id/21134540/vp/38437816#38437416

    Republicans are blocking anything that will help 98% of American. They blocked help to millions on unemployment benefits, and now they block help to the Small Business. They block anything that will help with transparency i.e. Disclosure Act.

    Republican Senators’ actions are hostile toward the middle class and the poor, They believe that as long as they have the Tea Party supporters they will win November’s election. They might, money wins elections. They have money from Big Corporations, $pecial Interest Group$, the top 2% wealthiest families/individuals in USA, and FreedomWorks (funds Tea Party).

    Obama Administration needs to stop the tax breaks to the top 2% wealthy; they are costing us the most, with little return benefit for our nation. They are a ticking time bomb.

  • Comm_reply
    KISS 07/25/2010 3:55pm

    1. There is no such thing as an ‘Oil War.’ Yes, the Iraq and Afghanistan wars have cost a lot more in lives than in money, so why doesn’t Obama just stop it! http://www.usatoday.com/news/military/2010-05-12-afghan_N.htm
    2. Dems took control of Congress in 2005, and was in charge of the country from Jan 1993 to Jan 2001.
    3. Banks and Brokerages were deregulated by Clinton (GLB Act)
    4. Lending standards were lowered by Dems Community Reinvestment Act (Carter’s CRA) during Clinton’s Admin. http://www.cato.org/event.php?eventid=6603
    5. Clinton was warned in mid-90’s about the risk derivitives posed to the financial system. Clinton, Greenspan, Larry Summers, and other choose to ignore the Options regulator. http://www.pbs.org/wgbh/pages/frontline/warning/
    6. During the Bush tax breaks, everyone benefited even those making less than 150K, and by a far greater amount than $100.
    7. Off shore drilling is necessary. Doing with a mitigation plan is absolutely required.

  • Comm_reply
    artledoux 07/25/2010 5:28pm

    First of all the Democrats had a minor Majority starting January 2007, it
    became the major majority in January 2009. We could easily pick apart all
    of your false claims if we wanted to but that might not help you in the
    educational process. When you post, post facts you do that by research.
    Not from one source.
    Art LeDoux

  • Comm_reply
    ExGOP 07/25/2010 6:52pm

    Art -

    I think KISS is aka NobodyFaultButMine aka bigbuffordsdad. His next alias should be BigZero. He’s not too smart or hard to figure out with his pro Republican opinions. I beginning to think he works for the RepubliCONS (that’s how desperate they are to regain seats this November).

    Don’t waste your time unless you can’t resist slam dunking him like me.

  • Comm_reply
    admiralj 07/29/2010 9:34am

    You nailed it. Just look at #3. He claims that it was done by Clinton. It was done while Clinton was Pres. but the bill was led by Sen. Phil Grahamm (R-TX).

    And lets start with the #1 on his list, Oil wars. Cheney himself stated “we will pay for the war with Iraq’s oil revenues.”

    Repubs are desperate to regain power and will lie,cheat,steal or anything that will place them back in power. Or in other words, “make this president fail”, in the words of the head of the GOP, Rush Limturd.

  • Comm_reply
    beenblue 07/29/2010 1:40pm

    I like your style, but if you want to start with #1 with this fellow, explain in no unequivocal way the reason we invaded a sovereign nation that was of no threat to us, other than to exploit their resources, and divide them up with other corporations down the road. Yes, there was " WMD" it stands for WORLD MARKET DOMINANCE, and the corporations that created an ideological threat to our fragile existence, was perpetuated by FOX NEWS CORP. the right arm of the GOP propaganda machine. Who ever heard of tax breaks, and refunds during a time of war, it`s never been done and for good reason, plus the BLOW-BACK that will haunt us for generations to come.

  • Comm_reply
    artledoux 07/29/2010 6:05pm

    I could not have said it as well as you did! Thank’s for helping out.
    Art LeDoux

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