Don’t Blame Bunning
By Robert Scheer
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"The real issue here is the banking bailout, a bipartisan swindle that Bunning opposed and that has led to a dangerously spiraling deficit without providing relief to ordinary folk. It is the same issue that carried Texas Gov. Rick Perry to victory Tuesday in his state’s Republican gubernatorial primary, in which he defeated U.S. Sen. Kay Bailey Hutchison in part because of her support of the bank bailout.
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He has consistently blasted the bailout as a shameless gift to the Wall Street hustlers and urged that the money being wasted on them instead be spent to aid homeowners and other victims of their greed.
This is not the first time that Bunning has stood alone in Congress. He was the sole member of the Senate to vote against the nomination of Ben Bernanke to be head of the Federal Reserve. That appointment came from Republican President George W. Bush, and yet it was Republican Sen. Bunning who warned that Bernanke as a Fed governor had been allied with then-Fed Chairman Alan Greenspan in his disastrous policymaking.
That was four years ago, when Greenspan was still being lionized by most Democratic and Republican politicians as well as by much of the media. On Jan. 28 of this year, Bunning once again rose in the Senate to challenge Bernanke, this time after President Barack Obama had nominated him for a second term:
“Chairman Bernanke … bowed to the political pressure of the Bush and Obama administrations and turned the Fed into an arm of the Treasury. … Instead of taking that money and lending to consumers and cleaning up their balance sheets, the banks started to pocket record profits and pay out billions of dollars in bonuses. … So if you like those bailouts, by all means vote for Chairman Bernanke. But if you want to put an end to bailouts and send a message to Wall Street, this vote is your choice.”
He is right to point out that enormous sums always seem to exist to aid Wall Street but that assistance to average Americans has consistently been only an afterthought. And he does have a point in noting that if the latest spending extension was felt to be so important, why wasn’t it funded in a timely manner or in an orderly procedure by his congressional colleagues from both parties who are now trouncing him?
The money is always there when they want it, as we have witnessed throughout the banking bailout when enormous sums have suddenly been made available to those who least need it. The Treasury Department managed to find $200 billion last week to deposit with the Fed to increase the purchase of toxic mortgages to $1.25 trillion to make the bankers whole.
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http://www.truthdig.com/report/item/dont_blame_bunning_20100303/(personally, i think bunning should not have blocked the extension of benefits, and should have raised these issues *after* approving the stopgap measure; but Scheer raises some valid points)