Professor Warren, Critic of Wall St., Says She Would Have Supported TARP

Elizabeth Warren’s rhetoric seems lately to not match up with her actions.  She’s a darling of that portion of the left that thinks evil greedy Wall St. Bankers rule the world, and put us working classes down.  She’s more likely though to be those bankers friend.  After all she did allow George Soros, who some say nearly broke the Bank of England, to host a fundraiser for her.

Now she’s come out in full support of TARP, even saying she would have voted for it.  This stands in sharp contrast to Scott Brown, who has unwaveringly opposed federal bailouts.

About Rob "EaBo Clipper" Eno

  • edfactor

    TARP, with all of its flaws and later misuses absolutely, positively, had to happen. It is easy to forget what things were like in the fall of 2008. The credit markets had seized up and the world economy was poised for a crash that would have been as bad as the Great Depression. So, yes, the banks and AIG had to bailed out so we didn’t get 20%+ unemployment.

    Yes, you can argue that the TARP was too large. (Though its size is one thing that calmed the emotions of investors.) Yes, you can argue that it gave money to some institutions that shouldn’t have gotten it. Yes, you can argue it should not have been used for the auto bailout. I agree with all of the above.

    But to say that we shouldn’t have done any TARP-style bailout at all? Anyone who believes that just doesn’t know what the country was facing then. That’s why it had reluctant, bipartisan support. That’s why any prominent Republican who has been educated in how financial markets work (from Romney to Huntsman to even Sean Bielat) will say that we had to do something like TARP, even if they don’t like how TARP turned out.

    If Scott Brown comes out and says he didn’t want to do any of the bank bailouts, then he just doesn’t get what happened or he is pandering to the anti-bailout crowd. Count me on Professor Warren’s side on this one – and it bugs me to say that.

  • call your new editor and ask her how to spell professor.