On Friday I wrote about a vote in the Senate on an amendment to the Small Business Jobs and Credit Act that sets up the bill for a successful vote on final passage next week. Senate Republicans have been opposing a provision in the bill to 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 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, 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:Read Full Article