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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?

grant3719 07/24/2010 8:48am

Close but no cigar! This bill still does not promote the creation of new companies!! If we are going to see job growth, we need new companies. Job creation will not happen from old companies that have learned to be profitable with fewer workers. No one seems to want to take the risk with new entrepreneurs. I would have been employed over a year ago if I could have received financing. My banker said if I would have come to them 3 years ago they would have they would have been glad to work with me.
The banks won’t loan to new business because they have no track record. The Congress is too busy playing politics, fighting with each other to create a direct loan program for new entrepreneurs.
I don’t want free money, I want a loan. I can pay 6 to 8 percent interest on a 20 year note and pay it off in 10 to 15 years. I can employ 6 permanent, full time, real people and pay well above minimum wage. The market is changing fast.

SonsOfAmerica 07/24/2010 2:12pm
in reply to CindyPMI Jul 24, 2010 2:15am

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 07/26/2010 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

Chris51 07/24/2010 10:43am
in reply to jlohman Jul 24, 2010 8:05am

My understanding is that NAFTA was drafted and pushed through during Bush Sr. years, and signed off when Clinton went into office. It was and is the worse thing for Americans.

It was the big corporations’ way to get around the unions. (I’m not prounion, but I know big industry feels they stand in their way of having economic prosperity).

How can Obama Admin. touching NAFTA, the companies that have gone global and the countries that have gained jobs and improved the wealthy families of their countries, would attack Obama Admin. It could lead to another war, we are talking about MONEY. I don’t see how USA can pull back reigns on NAFTA. Do you?

SonsOfAmerica 07/24/2010 1:38pm
in reply to artledoux Jul 24, 2010 3:52am

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!..

jlohman 07/24/2010 8:05am

I hate to say it but extending the unemployment, while it should be done, is not going to fix the system. We must re-look at NAFTA and CAFTA and eliminate the subsidies we’ve given to corporations who outsource jobs to India. We need strong[er] financial reform and we need to replace ObamaCare with a single-payer healthcare system.

But before ANY of that is able to pass, we need to fix our corrupt political system. I don’t care WHAT your issue, it will not be fixed as long as congressional bribes are allowed to work against passage.

Jack Lohman …
http://MoneyedPoliticians.net

ExGOP 07/25/2010 7:18am

TO ALL MY FELLOW UNEMPLOYED AMERICANS … LET YOUR VOICES BE HEARD AND DON’T STOP FIGHTING FOR YOUR RIGHTS AND THE RIGHTS OF THE 99ERS!

PLEASE SIGN THE PETITION AT THE FOLLOWING WEBSITE:
http://uspoverty.change.org/petitions/view/the_99ers_need_a_tier_v_added_to_unemployment_benefits

THIS COULD BE YOU! ECONOMISTS PREDICT JOBS WILL NOT BE BACK BY NOV. 30TH! THEY’RE TALKING ABOUT A SMALL PICKUP IN 2012, BUT EVEN THEN THIS COUNTRY WILL PROBABLY NOT BE ABLE TO CREATE 15 MILLION JOBS BY THEN. IN OTHER WORDS, ANY RECOVERY WILL BE SLOW. LET’S START NOW TO HELP AVOID THE CRAP WE ARE CURRENTLY GOING THROUGH.

P.S. PLEASE FORWARD THE PETITION LINK TO FRIENDS AND FAMILY MEMBERS TO SIGN. WE STILL NEED 10,000+ SIGNATURES TO REACH THE 50,000 GOAL.

P.S.S. REMEMBER NOVEMBER.

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

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

jlohman 07/24/2010 4:11pm
in reply to Chris51 Jul 24, 2010 10:43am

I can see eliminating the outsourcing subsidies and adding a teriff on imports, if nothing else.

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

liamangelus 07/24/2010 9:40am
in reply to txgalnokc Jul 24, 2010 5:39am

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!!

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!!!!!!!!!!!!!!!

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

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!!

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. ■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.

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

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

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

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.

Chris51 07/25/2010 12:39pm
in reply to SonsOfAmerica Jul 24, 2010 3:00pm

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.

Chris51 07/24/2010 10:51am
in reply to NoBodyFaultButMine Jul 24, 2010 6:37am

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?

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

artledoux 07/24/2010 2:41pm
in reply to NoBodyFaultButMine Jul 24, 2010 6:37am

So you suggest we vote for RepubliCONS? If they had their way we lazy Americans
would not get anything. It would be a state of Anarchy! At least the Dems are
trying to continue what is already in place and not giving up ground.
Art LeDoux

ExGOP 07/25/2010 6:52pm
in reply to artledoux Jul 25, 2010 5:28pm

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.

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

artledoux 07/25/2010 5:28pm
in reply to KISS Jul 25, 2010 3:55pm

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

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 07/27/2010 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?

Chris51 07/24/2010 11:08am
in reply to NoBodyFaultButMine Jul 24, 2010 6:37am

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).

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