Fox's Wallace didn't challenge falsehood on Republican opposition to TARP
SUMMARY: Chris Wallace did not challenge Rep. Paul Ryan's false claim that all Republicans opposed the release of "the second half of the TARP."
On the June 21 edition of Fox Broadcasting Co.'s Fox News Sunday, host Chris Wallace did not challenge Rep. Paul Ryan's (R-WI) false claim that all Republicans opposed the release of "the second half of the TARP [Troubled Asset Relief Program]." Ryan stated:
RYAN: I do believe the TARP was necessary. What bothers me is the way the TARP was deployed afterwards. The whole idea here was to go get these toxic assets to free up credit. What happened? Starting with the last administration is that we started buying banks, and now we've gone outside of the financial credit markets to owning auto companies.
This is why I and all other Republicans didn't support the second half of the TARP. But I do believe, at that time, we had an extraordinary moment that had to be met.
In fact, six of the 41 Senate Republicans and four of the 178 House Republicans supported the release of the second half of the TARP funds by voting against resolutions disapproving the release of the funds. Moreover, Wallace did not mention that the Bush administration asked Congress to release the funds, an action the Bush administration reportedly took in consultation with the Obama transition team.
From the June 21 edition of Fox Broadcasting Co.'s Fox News Sunday with Chris Wallace:
WALLACE: All right. Let's look, though, at some specific policies that you seem to object to in principle but haven't always in particular.
You voted for the original $700 billion financial bailout plan, although you opposed releasing the second half. The major banks didn't collapse. Credit markets have eased. And just this last week, some of the major banks repaid more than $60 billion in their federal bailout. So, in fact, didn't that help us prevent an economic collapse?
RYAN: No, I agree. I still think that was the right vote to take at that time. I think we were on the verge of an economic meltdown. This was a once-in-a-generation kind of a crisis, and I do believe the TARP was necessary.
What bothers me is the way the TARP was deployed afterwards. The whole idea here was to go get these toxic assets to free up credit. What happened? Starting with the last administration is that we started buying banks, and now we've gone outside of the financial credit markets to owning auto companies.
This is why I and all other Republicans didn't support the second half of the TARP. But I do believe, at that time, we had an extraordinary moment that had to be met.
WALLACE: All right. Let's talk about the auto companies and the bailout there. Chrysler has sped through bankruptcy court. It looks like it's going to remain a viable company, maybe on a smaller scale, but something of a viable company.
At first i giggled, but then i said hmmm, maybe this guy is in the know.
Thank you Paul Begala for exposing this Journalistic Blight.
We should all join Paul Begala and stay in this fight.
Speak truth to power.
Mr. News
Sort of like Cheney saying, I thought Powell already left the party.
You almost have to stand in admiration of the Republicans' unity, organization and discipline when it comes to implimenting bad ideas. And it just barely exceeds the Democrats' incompetence when it comes to implimenting good ones!
I'm afraid that doesn't make sense. Can you explain what you mean?
Democrats do crappy job of impliemting good ideas.
while
Republicans do a good job of implimenting crappy ideas.
I imagine there MUST be some legislation (between 2000 and 2006, related to spending, maybe?) that you disagreed with the 'Pub's on, yet saw then line up lock-stock to vote it in anyway. That's a case (from a POV you can probably appreciate) where a little party in-fighting might have resulted in better legislation. (Less deficiits, potentiallt more popular, or at least more conservative appeal.) Instead, for 6 years (and really 12) they were all about getting stuff passed, whether or not it was good for the country, good for their party, or represented their "core values" and principles or not.
THEY LOST THEIR WAY. And THAT'S what we're talking about here. Party unity is not always a good thing. But the Republicans continue to treat it like it's even more important than the quality of what they're trying to get passed or trying to oppose.