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Press Release - Michele Bachmann's Consistency Versus Rick Perry's Mixed Record on TARP

October 18, 2011

Michele Bachmann has consistently opposed the TARP crony-capitalist bailouts for banks and other companies. Michele Bachmann believes that both the Bush Administration and Obama Administration greatly overstepped their bounds when they acted to intervene in the private market, insisting on bailouts. Bachmann believes that intervening in private enterprises creates a precedent that not only contradicts the essence and evolution of a free-market economy, but it is an unsustainable policy for the future.

Michele Bachmann voted against several bailouts that intervened in the private market:

  • American Recovery and Reinvestment Act of 2009 (PL 111-16)
  • Troubled Asset Relief Program (PL 110-343)
  • Auto Industry Financing and Restructuring Act (H.R. 7321 in the 110th Congress)
  • Housing and Economic Recovery Act of 2008 (PL 110-289)

Rick Perry was inconsistent on the TARP bailout.

Perry wrote a letter to Congress urging support of "An Economic Recovery Package":

"Perry, who chairs the Republican Governors Association, wrote a letter with West Virginia Gov. Joe Manchin, chairman of the Democratic Governors Association , urging members of Congress to 'leave partisanship at the door and pass an economic recovery package.' That was widely interpreted Wednesday to mean that Perry and his Democratic counterpart supported the revised bailout plan the Senate passed." (Jason Embry, "Perry's Stand On Bailout Could Figure In 2010 Governor's Race," Austin American-Statesman, 10/3/2008)

The same day that he released the letter, Perry sent out a different statement:

"In October, Mr. Perry, as chairman of the Republican Governors Association, and his Democratic counterpart, Joe Manchin of West Virginia, issued an urgent appeal for Congress to 'pass an economic recovery package.' Congress did. But when Ms. Hutchison said she'd be voting for it, the Texas governor issued another statement: 'Government should not be in the business of using taxpayer dollars to bail out corporate America.'" (Wayne Slater, "Quick Take: Governor's Jab At Washington Pokes His Potential Political Rival," Dallas Morning News, 11/21/08)

Michele Bachmann, Press Release - Michele Bachmann's Consistency Versus Rick Perry's Mixed Record on TARP Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/298974

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