Bachmann on All Cylinders
While the media go slavering through the emails of Sarah Palin, Congresswoman Michelle Bachmann steps up to the plate at the Wall Street Journal and knocks an interview on economics out of the park:
Insufficient focus on constitutional limits to federal power is a Bachmann pet peeve. "It's like when you come up to a stop sign and you're driving. Some people have it in their mind that the stop sign is optional. The Constitution is government's stop sign. It says, you—the three branches of government—can go so far and no farther. With TARP, the government blew through the Constitutional stop sign and decided 'Whatever it takes, that's what we're going to do.'"
Does this mean she would have favored allowing the banks to fail? "I would have. People think when you have a, quote, 'bank failure,' that that is the end of the bank. And it isn't necessarily. A normal way that the American free market system has worked is that we have a process of unwinding. It's called bankruptcy. It doesn't mean, necessarily, that the industry is eclipsed or that it's gone. Often times, the phoenix rises out of the ashes."
I would vote for the woman in this interview in a heartbeat. Read it all here.
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Dec '10
Re: Bachmann on All Cylinders
That's pretty darn impressive, all right.
Jun '11
Re: Bachmann on All Cylinders
It's one thing to say it and bluff. It's another to say it and understand what Ch. 11 & reorg- truly means. Let them fail? Very few who speculate on the nature of things do actually understand. Chapter 11 is something you should witness firsthand....kind of like getting your MBA from Wharton just faster. Let's see how you do in the debate, Mrs. Bachmann. If you are not elected, some persistent part of me continues to say that your lucid voice must be heard. I'd vote for you instead of Mitch Romney.
Jan '11
Re: Bachmann on All Cylinders
So what was actually unconstitutional about TARP, as opposed to being "we'd rather the market handle this." ? I understand many conservatives wish this had been handled via bankruptcy (I'm not one of them) but I haven't heard any coherent analysis that says it was actually prohibited by the constitution as Bachmann seems to be saying.
Edited on Jun 11, 2011 at 4:36pmMay '11
Re: Bachmann on All Cylinders
Very strong and forthright which is what I expected of her. She also obeyed the 11th commandment and didn't take a shot at any of her potential rivals. Her challenge will be to appear "presidential" enough to compete with Romney and Pawlenty because you know that the press is going to Palinize her unmercifully.
Jul '10
Re: Bachmann on All Cylinders
No question she's a star for the Republicans, and if nominated she'd definitely have my vote. Her background on so many points is very impressive.
From the (rest of the WSJ) article: “If she were to take her shot, she'd run on an economic package reminiscent of Jack Kemp, the late congressman who championed supply-side economics and was the GOP vice presidential nominee in 1996.”
An interesting point: Herman Cain was Kemp's economic advisor when Kemp ran with Dole, and therefore she and Cain have essentially the same outlook. Additionally, as Director of the Kansas City Fed, when it came to monetary policy he was an inflation hawk. His stated view recently is that the Fed's current dual mandate is overbroad, and that it should not be tasked with promoting maximum employment. He argued that the only role of the Fed should be to stabilize the price level, and suggested that as president he would try to end the dual mandate. He also said, as she did, that he wouldn’t reappoint Bernanke, and made it clear that he favored tighter money for the current economy.
Jan '11
Re: Bachmann on All Cylinders
BThompson: "So what was actually unconstitutional about TARP, as opposed to being 'we'd rather the market handle this.'"? "I haven't heard any coherent analysis that says it was actually prohibited by the constitution as Bachmann seems to be saying."
Well, a three, perhaps five second internet search would have yielded volumes of rational answers to your question, but I don't mind helping. See the following - more if you care to search:
http://www.newsweek.com/2008/11/21/tarp-and-add.html
http://www.freedomworks.org/files/policyanalysis.pdf
Sep '10
Re: Bachmann on All Cylinders
Appearing presidential for a woman - a relatively obscure congresswoman, may be a hurdle, but they won't be able to Palinize her.
I posted this WSJ article and addressing this aspect earlier today.
Dec '10
Re: Bachmann on All Cylinders
Ed Rollins notwithstanding, I actually think Palin is running interference for her and making herself the juicy target. I suspect they are allied.
I have always liked Bachmann, but I saw something change in her, two years ago, when Pelosi's minions selected her as their most desireable target for unseating in the 2010 election. Prior to that, she had appeared to be content as a hardworking backbencher. I watched her get mad, after that, but not irrational. I sense she is now fed up with the constraints of Boehner's incrementalism, when she has seen the extreme levels the opposition will employ.
I like mad, with adequate preparation.
I'm still a Palin supporter (for the same reason, [ducks]), but I like Bachmann a great deal. Pawlenty would be fine, as well, but I would prefer somebody that is on a mission, not a job search.
Sep '10
Re: Bachmann on All Cylinders
CJRun: Ed Rollins notwithstanding, I actually think Palin is running interference for her and making herself the juicy target. I suspect they are allied.
I have always liked Bachmann, but I saw something change in her, two years ago, when Pelosi's minions selected her as their most desireable target for unseating in the 2010 election. Prior to that, she had appeared to be content as a hardworking backbencher. I watched her get mad, after that, but not irrational.
I like mad, with adequate preparation.
I would prefer somebody that is on a mission, not a job search.
Palin running interference...that's an interesting thought.... leading the press on a wild goose chase, as it were. Could be. Palin could be putting herself out there to take all the arrows, which would be brilliant, with a shout-out to Christianity.
And yes, I don't understand Ed Rollins. But there is a limited pool of operatives right now and she's expecting rough....
Someone on a mission is what is required in this circumstance, agreed.
Nice to hear of her natural evolution. That's my sense. She is a citizen who is at heart trying to solve problems.
Jun '10
Re: Bachmann on All Cylinders
One of her problems with TARP was that Henry Paulson was essentially taking over Congress' job, controlling the payout of 100s of billions of dollars without much transparency, and Congress just let him do it. It set a horrible precedent. That's probably what she means by "unconstitutional." It at least it violates the spirit of it.
Edited on Jun 11, 2011 at 6:39pmDec '10
Re: Bachmann on All Cylinders
Palin/Bachmann - the two best men for the job, .. or .. Bachmann/Palin - the other two best men for the job ... Cain could definitely plug 'n play, as could Allen West ... probably not much chance that West could get in other than as a VP - West has world class leadership ability ... if one of our two best men win, then West could easily end up as Secretary of Defense,
Dec '10
Re: Bachmann on All Cylinders
As she pointed out in the interview, they've been Palinizing her for a few years now, organizing national fundraising campaigns to defeat her. She seems to be holding up pretty well.
Dec '10
Re: Bachmann on All Cylinders
barbara lydick:
An interesting point: Herman Cain was Kemp's economic advisor when Kemp ran with Dole, and therefore she and Cain have essentially the same outlook. Additionally, as Director of the Kansas City Fed, when it came to monetary policy he was an inflation hawk. His stated view recently is that the Fed's current dual mandate is overbroad, and that it should not be tasked with promoting maximum employment. He argued that the only role of the Fed should be to stabilize the price level, and suggested that as president he would try to end the dual mandate. He also said, as she did, that he wouldn’t reappoint Bernanke, and made it clear that he favored tighter money for the current economy. · Jun 11 at 4:47pm
I didn't know that about Cain.
Seems like you could put a bunch of these candidates and prospective candidates in a bingo cage, whirl it, and pop them out one by one into Cabinet and other key Administration positions, whomever wins the nomination.
May '10
Re: Bachmann on All Cylinders
She doesn't have to trash Republican opponents because she hired Ed Rollins to do it for her.
Her behavior during the TARP debates was appalling. Most conservative economists were not rigidly positive that toxic asset repurchase was a bad thing, and were genuinely concerned that there was a serious danger to the entire financial system. She ignored all that and mouthed off non-stop as a pure self-promoting camera hog yelling about "bailouts" as though she and Ron Paul were the only people who understood macroeconomics and bank finance.
Paul Ryan voted for TARP- because there was a real risk, and responsible leaders don't call for full-throated dives into an unknown abyss when we simply just don't know exactly what the right thing is to do. Irresponsible politicians pretend they know the exact right answers about absolutely everything.
Would I vote for her if she was the nominee? Are you kidding? Of course. Would I try to make her the nominee after that TARP performance and hiring Ed Rollins? No way.
Edited on Jun 11, 2011 at 8:06pmJul '10
Re: Bachmann on All Cylinders
Duane Oyen:
Paul Ryan voted for TARP- because there was a real risk, and responsible leaders don't call for full-throated dives into an unknown abyss when we simply just don't know exactly what the right thing is to do. Irresponsible politicians pretend they know the exact right answers about absolutely everything.
Hear! Hear!
One of the more egregious fantasies of recent vintage is the one in which: Well, anyone who is anyone flat-out opposed TARP.
What a crock. The fact of the matter is that there were, roughly, six crank Libertarians who actually had the gumption to completely reject TARP, at the time.
Good on them, for standing on principle. Maybe, maybe, they were right.
Regardless, it was no obvious call.
Dec '10
Re: Bachmann on All Cylinders
Barbara Lydic - excellent post. Jack Kemp was the real deal and supply-side economics is the key to igniting economic growth and prosperity. Herman Cain obviously is a student of Milton Friedman, stables prices is one key the elements of macroeconomic policy necessary for free markets and free enterprise to thrive - which leads to full employment.
Edited on Jun 11, 2011 at 8:49pmDec '10
Re: Bachmann on All Cylinders
Palaeologus - What a crock. The fact of the matter is that there were, roughly, six crank Libertarians who actually had the gumption to completely reject TARP, at the time.
Sorry, but the above is a total crock. Art Laffer argued loudly and strenuously against TARP as did most Suppy-Side economists. TARP is the kind of folly that Milton Friedman would have rejected with vigor.
Edited on Jun 11, 2011 at 8:48pmJul '10
Re: Bachmann on All Cylinders
Stuart Creque
As she pointed out in the interview, they've been Palinizing her for a few years now, organizing national fundraising campaigns to defeat her. She seems to be holding up pretty well. · Jun 11 at 7:46pm
Alright? Bachmann raised a ton of money for 2010 Tea Party candidates. She's one of a half dozen top figures in the movement. And when tired, broke, out of work, underemployed Americans are assessing the ballot in 2012 she and Paul Ryan and Sarah Palin and Dick Armey and Andrew Breitbart and many, many more will be singing from the same page and only the racist identity votes will go for the continued diminishment of America and the Constitution.
Electing someone who gets it is way more important than hiring the best resume this time around.
Jul '10
Re: Bachmann on All Cylinders
jetstream: Palaeologus - What a crock. The fact of the matter is that there were, roughly, six crank Libertarians who actually had the gumption to completely reject TARP, at the time.
Sorry, but the above is a total crock. Art Laffer argued loudly and strenuously against TARP as did most Suppy-Side economists. TARP is the kind of folly that Milton Friedman would have rejected with vigor. · Jun 11 at 8:48pm
Edited on Jun 11 at 08:48 pm
No apologies necessary. You're right about Laffer.
So, most supply-side economists were also opposed? How many folks are we talking about?
But, for a round-up, here you go:
Herman Cain
Sarah Palin
The Senate Roll Call Vote
Anyone paying attention to that one will note that the Dems in oppo are hardcore leftist partisans (i.e. Cantwell, WA, Feingold, WI, Sanders, VT) or Republicans in safe, red states (i.e. Senators from WY, KS, ID, MS, SC, NC, KY, OK, AL).
What (at the time, not comfortably after the fact) Tarp opponent Kevin Williamson thinks Milton Friedman would've said.
(contd)
Edited on Jun 11, 2011 at 10:03pmJul '10
Re: Bachmann on All Cylinders
Money quote from the last piece:
I suspect that many of us who opposed the bailouts did so based on unjustified optimism. Surely, we thought, the citizens of this commercial republic will have learned their lesson and will hasten to enact reforms that are consistent with their experience and liberal values. Those of us who believed that must somehow have missed the contemporaneous ascent of Barack Obama, whose election as president does not suggest that the nation is ready for a heaping helping of Adam Smith.
Professor Cowen demands:If you are a libertarian, is not our current course more favorable for liberty than would have been a repeat of 1929–1931? If not, I would be curious to hear your counterfactual version of how matters would have proceeded, without the financial bailouts. Is it that you think the regional banks would have raised the financing to pick up the entire bag and keep the banking system afloat? Or is it that natural market forces would have somehow avoided a wrenching surprise deflation? Or do you think the authorities for some reason would have not nationalized the major banks?