An Incumbent Repub gets his throat cut

[JustRalph]

http://hotair.com/archives/2010/05/08/bennett-out-in-ut-senate-race/

This bastard has been a Rino for too long.......and they aren't tolerated well anymore. This is a substantial event.For Repubs anyway.......it will serve as an example.

In a humiliating end to his career, Senator Bob Bennett of Utah couldn’t get enough of his own party’s delegates at the Utah GOP convention to get past the second round of balloting for his re-election bid. After coming in third in the first two rounds, Bennett was automatically eliminated for the third round of voting. Earlier, he had pleaded with delegates to give him a second chance after coming under fire for supporting the TARP bailouts:

[fast4522]

Good, Tarp was a joke that lined pockets of men who did not need a job! Here is someone that should join the party leaving.

[boxcar]

AMEN to that, Fast!

Boxcar

[ArlJim78]

The tea party adds another notch to its belt.

[Tom]

Take out the trash this year.

[Robert Goren]

I hope all of you people who opposed the tarp have taken your money out of the banks who took TARP and moved your loans away from them too. The amazing thing is it was not just the big banks who took, but how many small ones took it. 1 out of every 8 banks took it. Every one of those banks would have gone under. Some of the banks that didn't take could not have stood a run that would have happen if almost all the big banks and lot of the small banks had to close their doors. I very sorry to see a man who did what was the right thing for the country get booted out.

[GameTheory]

I hope all of you people who opposed the tarp have taken your money out of the banks who took TARP and moved your loans away from them too. The amazing thing is it was not just the big banks who took, but how many small ones took it. 1 out of every 8 banks took it. Every one of those banks would have gone under. Some of the banks that didn't take could not have stood a run that would have happen if almost all the big banks and lot of the small banks had to close their doors. I very sorry to see a man who did what was the right thing for the country get booted out.Every failed business that is propped up holds the economy back. The economy can't move forward until the assets from failed enterprises are allowed to go towards projects where there is actual demand. Throwing money down the drain for no positive result whatsoever is not the right thing for the country. When failed businesses are allowed to fail, they don't just disappear *poof* and that's that -- the healthy parts of them are bought up by other companies and the unhealthy parts are allowed to die as they should. This process HELPS everybody. Propping up these companies HURTS everybody -- it ties up resources and drags out the recession. WAMU was allowed to fail, and the good parts of it were bought up by Chase. Lehman Bros was allowed to fail, same thing. This process is very quick -- the recession would be over in no time if the government was hands-off. (Of course the Fed caused the whole thing in the first place, so they aren't familiar with the concept.)

[Robert Goren]

Every failed business that is propped up holds the economy back. The economy can't move forward until the assets from failed enterprises are allowed to go towards projects where there is actual demand. Throwing money down the drain for no positive result whatsoever is not the right thing for the country. When failed businesses are allowed to fail, they don't just disappear *poof* and that's that -- the healthy parts of them are bought up by other companies and the unhealthy parts are allowed to die as they should. This process HELPS everybody. Propping up these companies HURTS everybody -- it ties up resources and drags out the recession. WAMU was allowed to fail, and the good parts of it were bought up by Chase. Lehman Bros was allowed to fail, same thing. This process is very quick -- the recession would be over in no time if the government was hands-off. (Of course the Fed caused the whole thing in the first place, so they aren't familiar with the concept.) The "good" parts of WAMU was bought by Chase with money loaned to it by the government. Chase had already received some TARP( which means it would have gone under) and got a bunch more to take over WAMU. The government (FDIC) ate bunch of the really bad assets of WAMU. Nobody had enough money to buy any part of it without a government loan. I ask you who had the cash except the government to assume assets of the banks. Remember we are talking almost all of the 50 biggest banks and a lot of smaller banks. Over 740 banks got TARP money. The Fed did not cause the whole thing to happen, but they did allow it to happen. It was caused by traders creating worthless pieces of paper with fancy names and then fell in to trap of believing their own lies. The Fed should not have let this happen.

[fast4522]

It was caused by Barney and the gang, not stupidity on part of idiot's in charge but more like staged game theory. The core of the problem was lending money to people who had no chance of paying it back. If it looks like a duck and walks like a duck and quacks how can you say different. When you put something in place that can not sustain itself it becomes a sure bet what will happen. Again I say Tarp was a complete joke giving money to men who did not need a job.

[ArlJim78]

most banks did not want or need tarp money, and when they were forced to take it couldn't wait to give it back. there was no threat of bank runs, the whole thing was a scam. Treasury now has a giant revolving line of credit so it can buy whatever it wants with no oversight.

[GameTheory]

The "good" parts of WAMU was bought by Chase with money loaned to it by the government. Chase had already received some TARP( which means it would have gone under) and got a bunch more to take over WAMU. The government (FDIC) ate bunch of the really bad assets of WAMU. Nobody had enough money to buy any part of it without a government loan. I ask you who had the cash except the government to assume assets of the banks. Remember we are talking almost all of the 50 biggest banks and a lot of smaller banks. Over 740 banks got TARP money. The Fed did not cause the whole thing to happen, but they did allow it to happen. It was caused by traders creating worthless pieces of paper with fancy names and then fell in to trap of believing their own lies. The Fed should not have let this happen.If they didn't have enough money to buy it, then someone would have gotten it for a much lower price. This artificial propping up of prices of bad assets does no one any good. And when I say the Fed caused the whole thing, I mean at the core -- the very core. The very existence of the Fed CAUSES inflation and bubbles and the subsequent busts. (Along with tax and other policies that try to push resources into favored areas instead of letting the market decide.) The Fed's artificially low interest rates and inflationary money policy caused all this, just as it has been causing problems since it was created.

Ever heard about the Great Depression of 1920? No? That's because the government decided to let the market sort it out, and it was all over within a year (even though the initial downturn was worse than what we have had recently). But you have heard of the Great Depression starting in 1929, right? The one where the government tried to do everything possible to end it, and yet somehow it persisted for 10 years? (And then, like now, they had the audacity to say, "Imagine how bad it would have been if we hadn't intervened!")

The economy left alone WANTS to recover -- it will quite rapidly shift resources to where they need to go if only the government would allow that to happen. But they'd rather prop up the dead and starve the living. Makes no sense.

[Robert Goren]

It was caused by Barney and the gang, not stupidity on part of idiot's in charge but more like staged game theory. The core of the problem was lending money to people who had no chance of paying it back. If it looks like a duck and walks like a duck and quacks how can you say different. When you put something in place that can not sustain itself it becomes a sure bet what will happen. Again I say Tarp was a complete joke giving money to men who did not need a job. The problem was allowing the banks who made loans to sell them off. They have been making these loans forever. I knew a lady who got a loan to buy a house when her source of income was child support and it was 6 months in the rears. She never made a payment. That was in 1979. It has always been possible to get a bad loan if you knew the right people. But no one was pushing them till they allowed the banks to sell them off in large numbers. What always got me is how the people making these loans actual thought they were the only ones doing it and went out and bought some else's loans.JMO

[fast4522]

Just look at the casualties of this mess, this fool lined pockets to allow people who are living very well off pocket huge bonuses at our expense. It is very fitting to stay on topic while kicking a POS like this carp.

[Robert Goren]

If they didn't have enough money to buy it, then someone would have gotten it for a much lower price. This artificial propping up of prices of bad assets does no one any good. And when I say the Fed caused the whole thing, I mean at the core -- the very core. The very existence of the Fed CAUSES inflation and bubbles and the subsequent busts. (Along with tax and other policies that try to push resources into favored areas instead of letting the market decide.) The Fed's artificially low interest rates and inflationary money policy caused all this, just as it has been causing problems since it was created.

Ever heard about the Great Depression of 1920? No? That's because the government decided to let the market sort it out, and it was all over within a year (even though the initial downturn was worse than what we have had recently). But you have heard of the Great Depression starting in 1929, right? The one where the government tried to do everything possible to end it, and yet somehow it persisted for 10 years? (And then, like now, they had the audacity to say, "Imagine how bad it would have been if we hadn't intervened!")

The economy left alone WANTS to recover -- it will quite rapidly shift resources to where they need to go if only the government would allow that to happen. But they'd rather prop up the dead and starve the living. Makes no sense. For the record the government under Hoover did nothing for almost 4 years and the depression did not go away. Are you telling me there was anyone out there that had the money to buy these banks at even a penny on the the dollar? Remember they had to have the cash because the banks(even the good ones) had no money to lend. I don't know who those people were. Maybe you could tell me who they were.:bang:

[DJofSD]

http://hotair.com/archives/2010/05/08/bennett-out-in-ut-senate-race/

This bastard has been a Rino for too long.......and they aren't tolerated well anymore. This is a substantial event.For Repubs anyway.......it will serve as an example.

In a humiliating end to his career, Senator Bob Bennett of Utah couldn’t get enough of his own party’s delegates at the Utah GOP convention to get past the second round of balloting for his re-election bid. After coming in third in the first two rounds, Bennett was automatically eliminated for the third round of voting. Earlier, he had pleaded with delegates to give him a second chance after coming under fire for supporting the TARP bailouts:
Wow! A change I can believe in -- and encourage. Flush them all. It makes not a bucket of warm spit's difference what party affialation they have. Actions speak louder than words and the actions or lack thereof, have sealed the fate of the politically elite. Who works for whom?

A tip o' the hat to the delegates and voters in the beehive state.

Now, it's likely not to happen, at least from the MSM, but getting this revelation socialized with the rest of the country will enbolded others.

[Robert Goren]

Just look at the casualties of this mess, this fool lined pockets to allow people who are living very well off pocket huge bonuses at our expense. It is very fitting to stay on topic while kicking a POS like this carp. I think a lot of bankers and politicians belong in jail. That is easier said than done. When the Goldman crooks were before congress, they were people here on this forum saying I just didn't understand when I said they were lying through their teeth. I am saying that if we didn't bail the institutions ( not the CEOs , etc), commence in this country would have come to screeching halt.

[Robert Goren]

most banks did not want or need tarp money, and when they were forced to take it couldn't wait to give it back. there was no threat of bank runs, the whole thing was a scam. Treasury now has a giant revolving line of credit so it can buy whatever it wants with no oversight. That is just a plain lie. There were some banks who claimed this at the beginning. Wells Fargo for one claimed that they were force to take 20 billion, at first, but had to go back for another 25 billion. WAMU was a bank that had a run on it and had to close because of it. There were a few others too. I do agree there does to be need more over sight of the loans given out by the government.

[bigmack]

I do agree there does to be need more over sight of the loans given out by the government.
In a demented 'perfect' kinda world we could have government oversight to the loans they themselves give out. That would make things so much better.

Government involvement. They know best and are most qualified to get the job done right. :D :D

[GameTheory]

For the record the government under Hoover did nothing for almost 4 years and the depression did not go away. That is a myth. Hoover was a huge interventionist. From Thomas Woods book "Meltdown" (which explains the Austrian school economic theory -- also known as The Truth -- better than I can and explains the recent and past catastrophes quite clearly and succinctly):

Hoover expressly said that the laissez-faire approach to the economy was a thing of the past. No peacetime president in American history intervened in the economy to the extent that Hoover did. Among other things, he launched public works projects, raised taxes, extended emergency loans to failing firms, hobbled international trade, and lent money to the states for relief programs. He sought to prop up wages at a time when consumer prices were falling dramatically, thereby calling on firms in effect to give raises to their workers at a time of great business vulnerability. This is why Franklin Roosevelt accused Hoover, during the 1932 presidential campaign, of having presided over "the greatest spending administration in peacetime in all of history," and derided him for believing "that we ought to center control of everything in Washington as rapidly as possible." FDR's running mate, John Nance Garner, declared that Hoover was "leading the country down the path to socialism."

More on Hoover:

http://mises.org/rothbard/AGD/chapter7.asp

[prospector]

I very sorry to see a man who did what was the right thing for the country get booted out.
it wasn't just the tarp...he never meet an earmark he didn't like...
are you watching john? when can we get rid of lindsey graham?
i don't care if they're replaced with a democrate..as long as they're conserative and listen to the people and not party..

[pandy]

It was caused by Barney and the gang, not stupidity on part of idiot's in charge but more like staged game theory. The core of the problem was lending money to people who had no chance of paying it back. If it looks like a duck and walks like a duck and quacks how can you say different. When you put something in place that can not sustain itself it becomes a sure bet what will happen. Again I say Tarp was a complete joke giving money to men who did not need a job.

Barney Frank is so bad at his job, yet he still has it. That shows you how inept the government is. If he held a similar position in the private sector he would've been fired long ago.

[fast4522]

Mr Frank was part of the Kennedy machine in Massachusetts, without uncle Teddy your going to see big change in the gimmie State of Taxachusetts. Scott Brown was just the wake up call.

[JustRalph]

Mr Frank was part of the Kennedy machine in Massachusetts, without uncle Teddy your going to see big change in the gimmie State of Taxachusetts. Scott Brown was just the wake up call.


Brown hasn't the balls. His was a symbolic win. Taking teds seat was just pissing on his grave. It really won't get much done, but sure felt good

[DJofSD]

To continue the phallic metaphors: does that mean Brown is not beholden to the voters and in the long run, we just going to get screwed over -- again?

[fast4522]

What it means is Ted is dead, Taxachusetts was once conservative, watch this gimme State in the next few years, the Governor has been spending like Greece and its only a matter of time to see the fireworks.

[JustRalph]

Brown was never conservative. He was a better option than a Dem though. He has proven that he is wishy washy already. He was never considered a conservative. He has already said he would vote with the Dems on a few issues. I think those in Mass new exactly what they were voting for.

[fast4522]

We are a republic for which we stand right? Brown's boss is the people he represents right? I do not expect the man to rail against the people he has to answer to, also I will give this guy a chance. Consider the monster who held the seat before him.

[Tom]

Hoover?

DAM!


All incumbents - out every election.
No exceptions.
No one is fit to serve more than one term. No one.