Democratic Primaries
Related: About this forumWaPo: On the 2008 bailout, Biden is right and Sanders is wrong
SEN. BERNIE SANDERS (I-Vt.) has decided to keep running for the Democratic presidential nomination, at least through Sundays one-on-one debate with former vice president Joe Biden. That means we can probably expect to hear more from Mr. Sanders about how wrong it was of Mr. Biden to vote, as a senator, for the 2008 bill establishing the $700 billion Troubled Asset Relief Program (TARP) a.k.a., the Wall Street bailout. Joe bailed out the crooks on Wall Street that nearly destroyed our economy 12 years ago, Sanders said in a recent Fox News town hall. These guys, after destroying the economy, they came to Congress . . . and said bail us out. The democratic socialist launched similar attacks on his 2016 rival for the nomination, Hillary Clinton.
As they say in Brooklyn enough, already. The truth is that support for TARP should be considered a basic demonstration of political maturity and pragmatism, not some sort of betrayal of the working class. The TARP vote reflects well on Mr. Biden, and poorly on Mr. Sanders, who joined with 24 other senators from the left wing of the Democratic Party and the far right of the Republican Party in opposition.
Some relevant historical context: The outgoing Bush administration and the Democrats who controlled both houses of Congress had few good options for dealing with a once-in-a-century global financial collapse. As experts from the Federal Reserve and Treasury Department told the politicians, however, one sure way to turn the worst recession since the Great Depression into, well, another Great Depression, would have been to let the banking sector collapse and take millions of American households down with it. No doubt Wall Street irresponsibility played a big part in creating the crisis, as Mr. Sanders says, but the appropriate way to deal with that was to fix regulations not to make a punitive point at the expense of Main Street.
The Obama administration inherited TARP and wisely administered it so that both banking and the auto industry were able to come back. Both of these economic pillars are much better positioned financially to withstand a major shock than they were in 2008, which is why, amid much discussion about the possible need to rescue various industries from the impact of the coronavirus, no one has yet mentioned Wall Street or Detroit. TARPended up using $426.4 billion of its available $700 billion to take equity in banks, a major insurer and two of the Big Three automakers, as well as to extend various loans. By the end of 2014, it had recovered $441.7 billion a small profit which, even if not adjusted for inflation or uncompensated credit risks, still looks like a pretty good deal for taxpayers, compared to the costs of doing nothing.
https://www.washingtonpost.com/opinions/on-the-2008-bailout-biden-is-right-and-sanders-is-wrong/2020/03/12/4e47ae20-63b5-11ea-845d-e35b0234b136_story.html
primary today, I would vote for: Joe Biden
comradebillyboy
(10,473 posts)saved us from an economic calamity in '09. Guillotining the bankers just won't do the trick.
primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)...the alternative was "to let the banking sector collapse." Sanders was not against the bank bailout, he was against the terms and structure of it. Here's what he said at the time:
https://www.sanders.senate.gov/newsroom/press-releases/2008/10/01/wall-street-bailout
primary today, I would vote for: Joe Biden
comradebillyboy
(10,473 posts)be prosecuted whether or not they had broken the law. Recall all the folks right here at DU who criticized Kamala Harris for not prosecuting Steve Mnuchin even though the chance of conviction was nonexistent.
primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)If you check the link, you can see where he describes the amendment he tried to get passed to address what he saw as the bill's shortcomings. He was not arguing there should be no bailout; he was arguing about how it should be paid for.
primary today, I would vote for: Joe Biden
comradebillyboy
(10,473 posts)nagging me about what Sanders did or didn't say?
primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)...saying that Biden's vote was right and the Sanders was wrong to oppose it (falsely implying Sanders wanted no bailout and wanted the banking sector to collapse instead). Sorry if I read more into your post than you'd intended.
primary today, I would vote for: Joe Biden
c_junk
(46 posts)Who authorized illegal 'robo signing'? Who mis-represented their loans? Who actually tried to seize houses that were paid for? Mnuchin's group actually repossessed an old women's house over a 27 cent underpayment.
primary today, I would vote for: Undecided
Hav
(5,969 posts)of all those regular bank customers had the banks gone bankrupt. Or what would have happened to the auto industry. Oh wait, Michigan already told BS what they think about him.
primary today, I would vote for: Joe Biden
Wellstone ruled
(34,661 posts)the same bag of crap has not caused his arm to fall off after forty years.
primary today, I would vote for: Joe Biden
Thekaspervote
(34,683 posts)primary today, I would vote for: Joe Biden
PoliticAverse
(26,366 posts)In the report, the state analyzed last years bonuses at nine banks that received TARP financing from the U.S. government. New York-based Citigroup and Merrill, since taken over by Bank of America Corp., received TARP funding totaling $55 billion, Cuomo said in his report.
When the banks did well, their employees were paid well. When the banks did poorly, their employees were paid well, Cuomos office said in the 22-page report. When the banks did very poorly, they were bailed out by taxpayers and their employees were still paid well. Bonuses and overall compensation did not vary significantly as profits diminished.
Bank of America, which received $45 billion in TARP money, paid $3.3 billion in bonuses, with 172 employees receiving at least $1 million. Merrill Lynch, which Charlotte, N.C.-based Bank of America acquired during the credit crisis, paid out $3.6 billion.
primary today, I would vote for: Undecided
Magoo48
(5,401 posts)The millions who really took it on the chin and never got their feet back under them were sent packing by an Obama Administration that didnt bring any Justice to bare on the Greedy fucks who caused the meltdown.
primary today, I would vote for: Undecided
Cha
(305,475 posts)primary today, I would vote for: Joe Biden
Magoo48
(5,401 posts)primary today, I would vote for: Undecided
Cha
(305,475 posts)primary today, I would vote for: Joe Biden
George II
(67,782 posts)....their retirement funds.
primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)see: https://www.sanders.senate.gov/newsroom/press-releases/2008/10/01/wall-street-bailout
Short version: The terms of the bailout were too lenient on the banks. The banks got all the benefit, the taxpayer got all the risk.
primary today, I would vote for: Joe Biden
George II
(67,782 posts)primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)...which is the better vote on balance. Sometimes he voted for something that included a lot of stuff he railed against and unsuccessfully tried to get changed, like the 1994 crime bill or the Affordable Care Act. Other times he voted against something even though it included something he really wanted... like in this case, he had already voted for an auto bailout which this bill also included and he really wanted, but on balance, he thought this bill had more downside than upside. This is what EVERY member of congress does.
There was no way a bailout bill of some sort was not going to happen. If this one had failed, they would have gone back to the drawing board to try to craft something that would pass. That's what Sanders would have been hoping for. But it did pass, so that was the end of it.
primary today, I would vote for: Joe Biden
Cha
(305,475 posts)primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)He's the harbinger of 1950's socialist revolution policies... a total relic who has been left behind... out of date and antique ways of thinking do not benefit us in 2020.
primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)He introduced an amendment to address that, but it did not pass.
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)In fact there were many things he was "originally for" or "supported in principle" but ended up voting against... aren't there. His track record and legislative accomplishments aren't really something that his fans and followers should be bragging about... I guess that's why they don't. Instead it's just excuse after excuse, explanation and justification, ho-hum.
primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)...including one of my favorites, Russ Feingold.
But as I basically said elsewhere in the thread, of course "there's always an excuse" as you put it, because bills are complicated:
There was no way a bailout bill of some sort was not going to happen. If this one had failed, they would have gone back to the drawing board to try to craft something that would pass. That's what Sanders would have been hoping for. But it did pass, so that was the end of it.
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)It's always about keeping someone else from having something that they want too. Acting as if they had all the time in the world to lazily meander down the river stopping to pick flowers along the way... trying to create the "perfect" solution. Making excuse after excuse that "if this one fails, and if the next one fails, and the one after that, we'll just keep trying". Unspoken: until I get MY WAY because I'm never going to compromise.
That old "my way or the highway" and "no compromise" philosophy... the thing that he and his most vocal supporters are most proud of is the thing about him that I consider to be his worst quality. The irrational hatred of "incremental progress" (which, by the way, is STILL progress) only to quash it in favor of doing nothing at all is a monument to the preservation of the status quo. Go figure.
Those philosophies are a sign of personal weakness and political cruelty. It serves no good purpose. It benefits nobody other than to give the politician something to gloat about. I've had enough of it. I have enough of Bernie. And from the looks of the primaries and the polling trends... it's pretty damn clear that America has had enough of Bernie too.
primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)Of course he does... I gave you two examples right in that post!
He had big criticisms of the 1994 crime bill and tried to get amendments passed (e.g. he wanted to get the death penalty out of it), but ultimately he voted for it, in order to get the violence against women act.
He had big criticisms of Obamacare and thought it should at least have included a public option, but in the end, he voted for it.
So when you say "Unspoken: until I get MY WAY because I'm never going to compromise" -- the reason it's unspoken is because it's not the truth. Your post is well written, but fiction.
As I said, each complicated bill is a balance to be weighed. Sometimes the scales fall toward "vote for it despite the stuff you hate," sometimes the scales fall toward "vote against it despite the stuff you like." This is what the job entails. If he weren't willing to compromise the way others do, you'd find plenty of votes where every Dem voted one way, and he voted the other. But that's not what happens.
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)Always an excuse. I find his votes the benefit Russia the most offensive and maddening.
His fans and cheerleaders often boast that the "votes with the Democrats 99.9% of the time" (I'm sure you've heard it.) But the truth of the matter is that it's only 80% if one rounds-up.
The few times he "gets it right" is hardly a defense of the critical times he selfishly and stubbornly gets it wrong.
primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)..."the few times he got it right." And you think he got it wrong on the wall street bailout. So okay, what are others you think he got wrong besides that one, where he was not joined by plenty of Dems? (And even that one, there were other Dems who joined him on that vote as well.) I assume you're not going to say he got the IWR wrong. I'm going to guess there will be gun votes you didn't like. Anything else?
My posts have specific examples, while counter posts like yours seem to speak in generalities that, as far as I've seen, cannot be backed up with fact. Or at least they haven't been backed up yet.
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)Brady bill. (And I'm sure there's a "reasonable excuse" for that as well, eh?)
It doesn't matter what "other Dems" have done. We're vetting Bernie. I'm sick of the whatabouts.
Joe/Kamala or Biden/Harris 2020!!
Jump on the Biden Bandwagon & abandon the revolution!!
primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)I know that's his achilles heel in his voting record.
But I have been paying attention, that's how I've known about the examples I've discussed. I'm just not aware of any great litany of good bills he's declined to support because they weren't perfect, which is your accusation.
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)At least according to this:
https://www.govtrack.us/congress/votes/104-1996/h393
Are you talking about something else?
re:
Yes, but that has nothing to do with the topic of this thread which is primarily whether his vote on the wall street bailout was a good vote or a bad vote (to which I provided his rationale, to correct the mispereception here that he was against bailing them out); and secondarily, whether he is actually reasonably willing to vote for an imperfect compromise bill rather than always holding out for perfection (to which I gave the ACA and crime bill votes as evidence in the affirmative).
I'm perfectly happy supporting Biden, but I think the Bernie bashing on this board is ridiculous.
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)Nobody is bashing Bernie.
primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)Last edited Sun Mar 15, 2020, 09:18 AM - Edit history (1)
and also sometimes with stuff that's missing crucial context or just plain irrelevant.
I'm not saying that EVERY criticism of Sanders is a bash, or is unfounded. I'm not complaining about valid ones. Sanders, Biden, Harris, Buttigieg, Warren, Klobuchar are all people who I feel would make good presidents, and are also all imperfect. But when it comes to their imperfections, I'd rather discuss truthful and relevant ones, and discuss them honestly.
Again, although you keep bringing up other things (even while saying you're sick of the whatabouts!), like smearing the Democratic party or people not liking Bernie, etc., this thread is about the Wall Street bailout votes, and secondarily, whether Sanders is capable of voting for imperfect compromises or if he is too pig-headed for that. I think the criticisms of Sanders on these particular fronts are unfounded (for reasons I have explained multiple times), and are therefore examples of bashing, something there is much of on this board.
p.s. -- I still don't know what your HIPAA reference was about, what did I miss?
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)and that's why I couldn't figure out what you were talking about, since that showed his vote was the same as everyone else's.
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)If you do not know what HIPAA is, then there's nothing I can do to assist. But, I believe you do know what it is... and I believe you do know how the votes went. "Experience tells me" that smart people sometimes pretend to not understand for the sake of trying to get others to spoon-feed the information because the enjoy the interaction and the puppeteer aspect of it all.
You know exactly what I'm talking about. But in the unlikely event that you're genuinely confused... I expect you to do your own research. This is not esoteric stuff here. I have the greatest confidence that you're smart enough to look it up yourself without assistance from me.
Done with you. Goodbye!
primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)...you were specifically talking about HIPAA. As I said, I did look it up. And I could not figure out what you were talking about.
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)Between the personal insults and accusations about my honesty... and wanting to be entertained by ordering me about with unnecessary demands and instructions... I'm afraid I can't help you any further.
Goodbye.
primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)re:
You didn't mention HIPAA in your post #39 (the post I was replying to) so I didn't immediately realize that that's what you were talking about (as opposed to the other things that were also mentioned in my post #38, which was the post you were replying to).
The post where you mentioned HIPAA was your post #33, which I had replied to earlier.
So as I have now mentioned multiple times, I looked it up, I provided you with the link, and I have still not seen any problem with Bernie's HIPAA vote. He voted for it, like almost everyone else did. It passed 421-2. The only people who voted against it were Dems Pete Stark and John Williams. Are you saying that Sanders should have voted against the bill with those two? Was there some other HIPAA vote? I just don't know what you're talking about.
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)I may have played with you longer, but I will not spoon-feed anyone who insinuates that I'm a liar or that I'm dishonest.
primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)I only insinuated you did not know what you were talking about, and that's not the same thing, because no malicious intent is implied. And even that was edited out of my post before you ever responded to it.
To anyone else reading this thread......I've googled but haven't found it. What was Sanders' problematic HIPAA vote that NJ is talking about?
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)and so also before I could possibly have known whether or not you had seen it.
And I disagree that the only interpretations could have been liar/dishonest vs. dumb/stupid. One can say you don't know what you're talking about without it being an accusation of dishonesty OR stupidity. It means what it means and that's all that it means.
Anyway, you said you were done, and now, so am I. This is not productive in any sense.
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)I haven't called YOU dishonest. I haven't called you stupid. What makes you believe that you're entitled to call me those things? I don't deserve that from you. Editing out the insult is not the same as an apology... especially if you know that the other person has already read it. Editing is just an admission of guilt and having made a mistake. It doesn't make things right.
primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)Here's the original post NJ is taking me to task over (which had been subsequently edited):
I'm putting it here because NJ seems to feel I'm trying to pull something by having edited away a perceived personal insult (she said, "it gets the message across without having to worry about the obvious repercussions or consequences. How clever!" "Editing is just an admission of guilt" etc. ). So now people will see it, and I hope people will see I was not being duplicitous. My edit was made, not to remove an insult that I didn't want to be held accountable for, but because I realized she was probably referring specifically to something mentioned earlier in the thread (even though it was not mentioned in the post I was actually replying to), which prompted me to then put up a different reply instead.
I'm curious to know what people here think about this. Of course, I can't change how NJ feels about it, but I don't want to do a lame "I'm sorry if you were offended" non-apology apology either... if I genuinely wronged someone, I'll offer a genuine apology. So I'm curious to see if I'm truly missing something here. Was this really an egregious personal affront? Do I appear to be calling anyone a liar, or stupid? I don't see a personal insult in saying that I think an assertion is likely to be bullsh*t when no support is provided for it, this does not seem to me to be beyond the pale for acceptable DU discourse. Am I really off-base here?
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)... the fact remains that you publicly and openly insinuated that I was dishonest or a liar or dumb. Rather than apologize, there's always a justification, always an excuse, always another hair to split. This behavior is much the same as what we see when it comes to Bernie's poor decisions too. No matter what, there's an excuse, or reason, or justification, or whatabout.
I think I'm beginning to see the problem here. Ugh.
I've raise three children of my own... I've seen this type of behavior before. Denials and justifications and excuse-making and trying to play turn-about and what about. Failure to accept personal responsibility. So confident that the entire world is wrong. This is nothing new to me.
You may think I'm stupid. You may think I'm a liar. But one thing you'll come to learn is that I'm no fool.
primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)...is NOT the same as calling someone stupid or a liar. You're really so offended by this that you feel I need to apologize merely for saying that I suspect unsupported assertions are likely to be BS? This is the level of political correctness we need here? I can give you the "I'm sorry if you were offended" thing, but I still don't think I said anything wrong.
And you say you haven't insulted/attacked me? You accused me of editing a post specifically to be surreptitiously malicious! That's why in defense I was prompted to re-post the original message/explanation. But whatever...
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)You seem to misunderstand the reason I edited the post.
Remember, the entirety of the post of yours I was responding to was: "You've got a computer, look it up yourself." (Which comes off as kind of obnoxious in its own right, if you ask me... which also provides more context for my initial response.)
My first quick impression of that post (in context of what had come before) was that you were disagreeing with my main points (about Sanders' positions on the bailout and willingness to accept a "good enough" bill that is not perfect), but refusing to provide backup to justify that disagreement, and I typed a response to that. Then it hit me, oh, you were probably talking about the HIPAA thing. In that context, my response was different, so I changed it accordingly. THAT is why the post was edited. You happened to see it in the brief interim.
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)I guess there's always an excuse. Always another reason. Always one more justification for being personally insulting to me and accusing me of being a liar or of being dumb. See? Here's the thing: even when you realize you were wrong, or that you misunderstood, or that you were confused... you STILL think it was justified to say that to me.
Okay, whatever. Fine. I'll be the bigger person and take you at your word that (maybe) you didn't mean it... even though you did say it. I just think it's a real shame that a grown man (or woman as the case may be, who knows) refuses to accept or to take personal responsibility for their own insulting words and smear.
Perhaps you're complete prince (or princess) who is simply charming in real life, but I've seen no evidence of that here. Whatever... have a nice life.
Goodbye.
primary today, I would vote for: Joe Biden
thesquanderer
(12,350 posts)re:
I told you, I *did* google it. I posted the relevant link I found. It did not support the assertion you appeared to be making (hard to be sure, since your entire assertion was "HIPAA" with no further explanation). I asked for you or anyone else here to let me know what I missed, since Sanders did support HIPAA in that vote. Crickets so far.
re:
For the fourth or fifth time, saying that someone who asserts something without evidence might be pulling it out of their ass is not the same as saying they are dishonest or stupid. After four or five times, have I really not been clear about this, or are you trolling me? But for example, sometimes people just pass along something they heard (or think they heard) without ever confirming it for themselves. They believe something because it "feels" right ("truthiness" as Colbert calls it), but they have no actual knowledge to support the belief. To me, that's an example of someone pulling something out of their ass. But such a person is not necessarily dishonest or stupid.
I think most people probably pull something out of their ass at least a little, every now and then. Not because they're liars or dishonest, but because our off-the-cuff knowledge base tends to be something of a "close approximation" of reality, and we fill in the gaps as we go best we can, with varying degrees of success. But that's probably a mental processing and philosophical conversation for another place and time.
Anyway, I never even actually said that you were pulling it out of your ass, but rather that, if you were unwilling/unable to backup an assertion, that's what I would be inclined to think. And I still don't think that is so insulting that one must demand an apology. But I understand people can read things typed online with a different feeling than what was intended. Maybe you didn't mean "You've got a computer, look it up yourself" as the kind of borderline "F.U." I thought it came across as.
primary today, I would vote for: Joe Biden
Blue_true
(31,261 posts)at heart, is an unabashed Socialist who holds deep contemp for capitalist systems. Some of that contempt is justified, there have been are are excesses in the worldwide brand of capitalism. But people like Senator Sanders take the issue to a level that is both impractical and if imported, gravely damaging to all of society.
primary today, I would vote for: Joe Biden
Happy Hoosier
(8,420 posts)We cannot let perfect be the enemy of good enough in such circumstances.
Bullshit purity standards can really hurt people. In general, how as many people as you can, as best you can.
primary today, I would vote for: Joe Biden
iwannaknow
(213 posts)primary today, I would vote for: Undecided
SunSeeker
(53,731 posts)And they were correct to do it. It saved our economy. Even if it did not bail out all the homeowners. There were various state and federal programs that helped many homeowners stay in their homes, particularly here in California.
primary today, I would vote for: Joe Biden
BidenBacker
(1,089 posts)When Biden becomes POTUS he oughta open up a big can of Teddy Roosevelt whoop-ass on some of these financial firms and do a little trustbusting to reduce future risk and stop them from holding us all hostage every 10 or 12 years.
Doubt he would do it but would be fun to watch. In lieu of that maybe put a small fee on all stocks and bonds and options transactions and stick that into some kinda "Save Wall Street" fund for when the greedy dumb SOBs fuck up again which they will surely do. Then when they need a bailout it'll come outta a pool that they themselves paid into and not outta normal people's pockets, many of whom own zero annuities of their own and don't personally profit during bull markets.
primary today, I would vote for: Joe Biden