What is Obama’s original sin in the eyes of the Tea Party? What’s the unpardonable act that led to his fall from grace?
The original sin is the giant bank bailout, says Ben Smith in Politico: “The Troubled Asset Relief Program is widely viewed as the original sin of the Obama administration.” This month is the second anniversary of the Wall Street Crash that resulted in the $700 billion bailout. TARP was signed into law in October 2008.
Indeed, the bank bailout is one of ignition points for the Tea Party movement. It was one of the unforgivable acts that prompted the very first Tea Party action, as I discussed Monday. (Scroll down on the right to see this post and a photo of the original Tea Party activist, Keri Carender.)
If you’re fussy about accuracy and details, you’ll note that the pen that signed TARP into law wasn’t held by Obama. It was held by George W. Bush. Obama did support the new law, as did many political leaders on both sides of the aisle. And, if you are really fussy, you’ll also note that the bank bailout was a raging success. Not only are economists convinced that it kept us from sliding into a deep recession, the banks have paid back most of the money and the Congressional Budget Office forecasts that the government will eventually make money. In other words, TARP won’t cost us a dime.
Today, notes Smith, politicians on the left and right are scrambling to disavow any support of the bank bailout. I guess a sin is a sin, even when things turn for the better.
What do you make of Obama’s “original sin”?
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