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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.

Spam Comment

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BrandonLewis 08/02/2010 10:53am
in reply to admiralj Jul 29, 2010 9:34am

S. 900 the ‘GLB’ act
senate vote on passage:
yea: Dem 1 Rep 45 Ind 1
nay: Dem 39 Rep 0 Ind 0

senate vote on conference:
yea Dem 34 Rep 44 Ind 1
nay Dem 6 Rep 1 Ind 0

house vote on conference:
yea Dem 153 Rep 207 Ind 0
nay Dem 50 Rep 6 Ind 1

Kind of paints a different picture, eh?

BrandonLewis 08/02/2010 10:36am
in reply to artIedoux Jul 27, 2010 3:54pm

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?

artledoux 07/29/2010 6:05pm
in reply to beenblue Jul 29, 2010 1:40pm

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

beenblue 07/29/2010 2:18pm
in reply to seanurse Jul 28, 2010 4:38am

Dear seanurse, soo happy to see your spirits up. Keep up the fight, and encourage others always to look the devil in the eye, while you cut him off at the knees.“REMEMBER NOVEMBER” We need legal representation to put our fate back in our own hands !!!!! LOVE YOUR WORK..

Chris51 07/29/2010 2:15pm
in reply to sbrush Jul 27, 2010 7:11am

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.

beenblue 07/29/2010 2:02pm

Fact, Clinton left office with a surplus. Fact, Bush spent it ALL. Fact, Bush Admin. gave out ill-legal no bid contracts to companies in an ill-legal war that has killed American soldiers, and civilians. Fact, the contractors are inept at the service they provide. Fact, it was considered unpatriotic if you voiced decent at the Bush policies. Fact, the GOP has done everything possible to make Government handicapped as to out-source it`s functions to private corporations, and contractors. Fact, this barely scratches the surface.

beenblue 07/29/2010 1:40pm
in reply to admiralj Jul 29, 2010 9:34am

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.

admiralj 07/29/2010 9:34am
in reply to ExGOP Jul 25, 2010 6:52pm

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.

admiralj 07/29/2010 9:24am
in reply to artledoux Jul 27, 2010 12:17pm

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.

artledoux 07/28/2010 5:26pm
in reply to freedog Jul 28, 2010 2:16pm

key phrase “false claims”. I did not say all his claims were false.
I showed that #2 was false, you state #3,4,5 is true(I’ll take your
word for now) that leaves #1,6.and 7.

  1. is a matter of opinion as is #7, since I don’t agree with him, I
    think he is wrong
    That leaves #6 read this we lost far more!
    http://www.cbpp.org/cms/index.cfm?fa=view&id=2116
    Have a great day, nice doing business with you!
    Art LeDoux
freedog 07/28/2010 2:16pm
in reply to artledoux Jul 27, 2010 6:11pm

Nice answer. You completely missed my request for additional links to fact-check items #3, 4 and 5 as reported by KISS above. Guess that your comment “We could easily pick apart all
of your false claims if we wanted to but that might not help you in the
educational process” is not so easy after all. Why else would you not have provided some counter-arguments. If you are going to respond, please respond to my original request for further information. Sheesh!

seanurse 07/28/2010 4:38am

HAPPY DAYS!!!!!!!!!!!!!!ILLINOIS HAS RELEASED THE CASH. CHECK YOUR ACCOUNTS. MINE WAS HERE AT 6:00 AM. THANK GOD. HE HAS ANSWERED OUR PRAYERS. NOW EVERYBODY REMEMBER NOVEMBER,KEEP BLOGGING, AND KEEP FIGHTING WE HAVE TO HELP THE 99ERS BEFORE ELECTION TIME NOT AFTER. THESE FELLOW AMERICANS HAVE BEEN WITHOUT LONG ENOUGH AND WONT LAST MUCH LONGER. SO LETS FIGHT AGAIN STARTING TOMORROW. FIRST TODAY EVERYONE SIT DOWN AND TAKE A DEEP BREATH AND RELEASE ALL OF THE STRESS WE HAVE BEEN CARRYING FOR 8 WEEKS. GOD BLESS EVERYONE AND BE SAFE OUT THERE. SEE EVERYONE TOMORROW.

vote4whoandwhy 07/28/2010 3:12am

For every 99er, is ONE less tax dollar..and one less dollar stimulating our economy..So how many MILLION people are there now who DO NOT HAVE any more unemployment benefits?? Add that up and see how many tax dollars are government is NOT collecting..assholes. Come November, there will be many more millions to add to that equation and many more ANGRY AMERICANS screaming at the government for an extension..so they thought the current 99ers were a pain in their assess..well, wait to this stupid current extension EXPIRES and then hear the cries of millions more!!

vote4whoandwhy 07/28/2010 3:06am

VOTE THE REPUBLICANS OUT!!!!!!!!!!!!!!!!

artledoux 07/27/2010 6:11pm
in reply to freedog Jul 27, 2010 3:44pm

Everything I wrote about was a fact, I don’t need a source when it comes
to the fact of when elected officials took office. You can find that
out pretty easy. How’s that for an editorial?

artIedoux 07/27/2010 3:54pm
in reply to Chris51 Jul 24, 2010 10:51am

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

freedog 07/27/2010 3:44pm
in reply to artledoux Jul 25, 2010 5:28pm

Toss your links into the hat. Let’s see your sources that counter those offered above. I fact-checked #3, 4 and 5 and all ring true. Don’t know if I agree, but at least he tossed out some sources. I am open-minded so I am awaiting additional factual information. However, you can spare the editorial.

artledoux 07/27/2010 12:26pm
in reply to sbrush Jul 27, 2010 7:11am

http://www.brookings.edu/articles/2004/0919useconomics_gale.aspx

artledoux 07/27/2010 12:17pm
in reply to sbrush Jul 27, 2010 7:11am

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

sbrush 07/27/2010 7:11am
in reply to artledoux Jul 24, 2010 5:43pm

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

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

sbrush 07/27/2010 6:21am

Skip the bailouts; just cut taxes. There’s no need for the government to act as a middleman here. We don’t need them to take our money via taxes and then dole it back out as they see fit – it doesn’t make any sense. If these small businesses can keep more of their revenues, they can put it back into the growth of their businesses, which will boost the economy. There’s just no need for this much government involvement.

seanurse 07/26/2010 2:15pm

WOW JUST READ THAT STUPID ARTICLE ON 99ERS. THIS IS JUST THE REP TRYING TOGET IDEAS THRU TO GET VOTES IN NOVEMBER. REP MUST THINK THE 99ERS AND THE CURRENT UNEMPLOYED ARE GOING TO CHANGE THEIE VOTES TO REP IF THEY PASS 99ERS EXTRA WEEKS. WE ARE NOT THAT DUMB. IF THIS IS HAPPENING I SAY GET DEM SENATORS TO PUT FORWARD A BETTER AND LONGER BILL FOR ALL UNEMPLOYED BUT ALSO AND MOST IMPORTANT A TIER 5 AND 6. IF THIS IS NOW AVOTE THING TO THEM WE HAVE THE PULL SOLETS RUN WITH IT. HAVE YOU ALL NOTICED ALL THE REPORTS ON UNEMPLYMENT AND POVERTY ON T.V. THIS WEEKEND. WE NEED TO FIGHT BACK WE HAVE SOMEBODY ATTENTION!!!!!!!!!!!!!!!

seanurse 07/26/2010 2:01pm
in reply to Abaratarrr Jul 26, 2010 11:23am

THIS NEEDS FACTS NOT FICTION . IF YOU HAVE A STORY TO REPORT PUT WHERE YOU GOT IT FROM. THE 99ERS DON’T NEED FALSE HOPE.,THAT WOULD BE BEYOND CRUEL AND I FOR ONE WOULD HAVE YOU KICKED OUT OF THIS BLOG. SO BACK UP YOUR STORY OR DO SOME REAL APOLOGIZING TO THE 99ERS .

artledoux 07/26/2010 12:04pm
in reply to Abaratarrr Jul 26, 2010 11:23am

This is not even in the real news, this is only the opinion of some undercover
want to be political strategist! Hell for all we know it may be you.
Give us some real facts here!
Art LeDoux

Abaratarrr 07/26/2010 11:23am
Link Reply
+ -2

Hell just froze over! the republicans are trying to pass 16 additional weeks of unemployment benefits for the 99ers.

Republicans to “Turn Ninety-Niner Help into 15 Million Votes this November”

http://www.prlog.org/10814032-turn-ninety-niner-help-into-15-million-votes-this-november.html

thank you Jesus

Chris51 07/26/2010 8:58am
in reply to KISS Jul 25, 2010 3:55pm

Is that the acronym for Keep It Simple Stupid? So, I will.
#6Tax Breaks?! Most Americans got scraps in comparison to Big Corps. Factor in INFLATION on food, GAS, medical, Americans have had to endure (BUSH 2000-2008). No wonder the economy crashed.
- Meanwhile, BIG CORPORATIONS have seen a decline in their tax percentage. Taxpolicycenter.org list this info. â– Changes in the shares of the various taxes in total federal revenue reflect these historical shifts. The individual income tax has consistently provided nearly half (50%) of total federal revenue since 1950, while other revenue sources have waxed and waned. Excise taxes brought in 19% of total revenue in 1950 but only about 3% in recent years. The share of revenue coming from the corporate income tax dropped from about one-third in the early 1950s to less than one-sixth in 2008. In contrast, payroll taxes provided more than one-third of revenue in 2008, compared with just one-tenth in the early 1950s.

food4thought 07/26/2010 8:42am
in reply to grant3719 Jul 24, 2010 8:48am

To Grant – I was a business developer for SBA 7a , USDA and microloan programs. With fair credit, a sound business plan and 20 % equity injection, you should qualify for a loan under one of these programs. Don’t go directly to banks, especially these days as all they want is 0% money from the Fed to invest with the likes of Goldman Sachs. Call Dan Gilliland in CA, he is a BDO with a Non Profit development agency in Redding CA – He can direct you accordingly if you are in another state. His number is (530)227-4963 – Mark

food4thought 07/26/2010 8:41am

To Grant – I was a business developer for SBA 7a , USDA and microloan programs. With fair credit, a sound business plan and 20 % equity injection, you should qualify for a loan under one of these programs. Don’t go directly to banks, especially these days as all they want is 0% money from the Fed to invest with the likes of Goldman Sachs. Call Dan Gilliland in CA, he is a BDO with a Non Profit development agency in Redding CA – He can direct you accordingly if you are in another state. His number is (530)227-4963 – Mark

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