Tuesday, August 17, 2010

Tea Party book says McCain missed opportunity in 2008 to come out against TARP

Arizona Sen. John McCain missed an opportunity during the 2008 presidential election to save his “sinking Republican ticket” when he supported the Troubled Asset Relief Program (TARP) legislation, according to a new book on the Tea Party movement co-authored by former GOP leader Dick Armey that hits bookshelves today. “It was, we believe, a unique opportunity for the sinking Republican ticket to revive its standing with the American people and distinguish itself from a discredited Republican establishment,” write Armey and co-author Matt Kibbe, the president of FreedomWorks, in “Give Us Liberty: A Tea Party Manifesto.” TARP called for the government in 2008 to purchase $700 billion in assets from troubled financial institutions — legislation that is often referred to as the impetus for the modern day Tea Party movement. “But that didn’t happen,” they write of the Republican presidential candidate, “and the McCain campaign never recovered. Republicans were tarred with TARP, even though the entire Democratic leadership had carried the legislation, on their terms, to President Bush’s desk.”...more

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