Mon 22 Nov 2010
In a piece posted on the Washington Post website this afternoon entitled Bailout vote that was deadly in 2010 to live on in 2012 , we learn that the vote on the Targeted Asset Relief Program (TARP) proved an almost-certain election loser for House and Senate candidates in the 2010 elections. Although not a complete surprise, as most 2010 election observers saw this coming, it is nonetheless a tragedy.
More than any other vote in recent memory, the vote on TARP clearly defined those who were deserving of election to the House and Senate, and those who were not. Had the irresponsible naysayers prevailed, the banking system would almost assuredly have crashed with devastating consequences for the country. Today’s economy looks robust compared to what it would have looked like but for the successful TARP vote.
That the American electorate on one hand apparently believes that government needs to focus more attention on the economy and on the other hand believes that the TARP vote was an unnecessary corporate give-away, shows the gigantic problem we have in America with informed decision-making. Our problem today is that apparently too few voters get their information or “news” from balanced sources, such as mainstream newspapers. Today, the sources are all too often the over-opinionated pontificators on networks such as Fox or MSNBC. It is impossible to make sound public policy without accurate information and we are today seeing the terrifying consequences of uninformed decision-making. Good luck America, as it appears only luck will be able to save us from the consequences of our ignorance.