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Tuesday, October 5, 2010
Abercrombie supported Wall Street Bailouts with Main Street Money
By News Release @ 7:02 PM :: 8355 Views :: Energy, Environment, National News, Ethics

Reasons Hawaii Can't Afford Neil Abercrombie- #2

Abercrombie Supports Wall Street Bailouts with Main Street Money

From www.GOPHawaii.com  

While in D.C. as Congressman, Neil Abercrombie voted not once, not twice but three times in favor of taxpayer-funded bailouts for Wall Street financial institutions, auto companies and fiscally irresponsible state governments:

  • The Troubled Asset Relief Program bill (TARP) used up $700 billion to bailout banks, insurance and auto companies and two years later, the New York Times reports over $150 has not been allocated and may not be used at all.  (Vote 681, 2008)
  • The Auto Bail Out bill provided $14 billion to bail out American car companies (Vote 690, 2008). Though the bill passed the House, it failed to pass the Senate, which led President Bush to extend the use of TARP funds to include auto companies.
  • The American Recovery and Reinvestment Bill, also known as the "Stimulus Bill" (Vote 70, 2009) allocated $787 billion designed to stimulate the  nation's economy. Some argue that this was not a bailout, however a the Government Accountability Office found that 90 percent of the allocated money was being used to bailout state government.

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