The Spectacle Blog
In recapping the GOP primary runoff in South Carolina, Jim Antle neglected to mention the result that rendered this a trifecta of good news for limited-government conservatives: The defeat of Rep. Bob Inglis, who voted for the 2008 TARP bailout and lost Tuesday by more than a 2-to-1 margin to Trey Gowdy. As National Journal’s Reid Wilson notes, the TARP vote was also a factor in the gubernatorial primary:
Also Tuesday, Rep. Gresham Barrett (R), once the front-runner in the race to succeed SC Gov. Mark Sanford (R), finished way behind state Rep. Nikki Haley (R) in a runoff election. Haley beat Barrett, who voted for TARP, by a 65%-35% margin.
Inglis’ and Barrett’s losses come a month after Sen. Bob Bennett (R-UT) lost his chance at winning a fourth term when he finished third at his state’s GOP convention. Bennett was one of 34 GOP senators to vote in favor of TARP legislation in Oct. ‘08 — a vote both his opponents used to campaign against him.
The defeat or retirement of TARP-tainted incumbents like Inglis and Bennett is the best way for Republicans to repair their party’s Bush-era “brand damage.”
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http://spectator.org/blog/2010/06/23/good-bye-bailout-bob-inglis
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Spicy Joker| 6.23.10 @ 2:15PM
Meanwhile, conservatives celebrated liberal Scott Brown's victory in Massholechusetts.
A Balrog of Morgoth| 6.23.10 @ 2:57PM
Meanwhile, liberals didn't.
Rob Davis| 6.23.10 @ 5:02PM
I think there's a pretty broad consensus (Ben Stein included) that TARP, while not perfect, was the most important tool in avoiding a financial meltdown. Not sure why I should celebrate ousting someone who made the right call.
Rob Davis| 6.23.10 @ 5:06PM
Just to clarify, it seems that many people are confused about TARP. Perhaps that includes Mr. McCain.
See this from Matt Continetti at the Weekly Standard.
"The TARP is not the stimulus. The TARP was an emergency measure to inject confidence into the financial system. It seems to have done its job, and the government is recouping some of the money it spent to bail out the big banks. (Problems remain with GM, Chrysler, AIG, and Fannie and Freddie.) The stimulus, however, was meant to spur aggregate demand, and thus employment, through government spending. It failed."
Derek Leaberry| 6.23.10 @ 5:15PM
Inglis was also a big amnesty supporter. Adios, mi amiga Roberta. Can we get luscious Lindsey in 2014?
Brian Garst| 6.24.10 @ 12:45AM
The only reason the government is "recouping" any of the TARP money is because they forced it down the throats of many banks that neither wanted nor needed it. How any can see it brought "confidence" to the system to make banks that were in no trouble look as if they were is beyond me.
That the world did not end is neither proof that TARP worked nor that it was necessary. Maybe, just maybe, the hysterical predications of the big-government-must-save-us crowd were without merit.