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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 31-60 of 61 total comments.

  • Comm_reply
    BrandonLewis 08/02/2010 10:53am

    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?

  • Comm_reply
    freedog 07/27/2010 3:44pm

    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.

  • Comm_reply
    artledoux 07/27/2010 6:11pm

    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?

  • Comm_reply
    freedog 07/28/2010 2:16pm

    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!

  • Comm_reply
    artledoux 07/28/2010 5:26pm

    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
  • Comm_reply
    Chris51 07/26/2010 8:58am

    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.

  • Comm_reply
    artledoux 07/24/2010 2:41pm

    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

  • 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

  • Comm_reply
    Chris51 07/24/2010 10:43am

    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?

  • Comm_reply
    jlohman 07/24/2010 4:11pm

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

  • 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.

  • Comm_reply
    food4thought 07/26/2010 8:42am

    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

  • skeltoac 07/24/2010 6:57pm

    Did any of these R’s say why they opposed the bailout? Is there any chance that one had an honorable reason? Such as, that they have learned from recent experience that unfunded bailouts are bad for the economy? That their constituents would rather incur personal debt than national debt?

    But you don’t ask why, Donny. You just need somebody to be the villain in your new-media dramatic production. You can be as bad as Fox News sometimes.

    Lower the barriers to business: unfair subsidies, onerous reporting requirements, red tape for investors, etc. If you want business to thrive stop preventing it.

  • 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.

  • Spam Comment

  • Spam Comment

  • NoBodyFaultButMine 07/26/2010 8:32am
    Link Reply
    + -3

    I think ExGOP new name should be The Blind Leading The Blind. Why is so hard to believe that other people have their own opinion and are not the same individual.You should lay off the kool aid. I am not a RepubliCON or a DemoCrap. They are both crooks in my eye. I am Revolutionary who believes in real change.

  • NoBodyFaultButMine 07/26/2010 8:41am
    Link Reply
    + -1

    Correction: I am a Revolutionary who believes in real change.

  • 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

  • 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

  • Comm_reply
    artledoux 07/26/2010 12:04pm

    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

  • Comm_reply
    seanurse 07/26/2010 2:01pm

    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 .

  • 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!!!!!!!!!!!!!!!

  • 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.

  • vote4whoandwhy 07/28/2010 3:06am

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

  • 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!!

  • 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.

  • Comm_reply
    beenblue 07/29/2010 2:18pm

    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..

  • 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.

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