Political elite establishment favorite Governor Mitt Romney defended bank bailouts in tonight’s Republican Presidential Economic debate.
in real time by BrevardTimes.com, Governor Romey dodged the question on whether he would rule out another bank bailout.
And why wouldn’t Romney rule out giving more taxpayer dollars to the banks that ruined the global economy?
After all, as reported
by BrevardTimes.com, Romney just received the favor of lawyer-turned-Senator-turned-Banker Mel Martinez who voted for TARP
and then landed a lucrative job with TBTF Chase.
According to the Orlando Sentinel, the former Orlando attorney-turned-U.S. Senator-turned-banker has endorsed Mitt Romney for the Republican Presidential Primary.
The spin given in the Sentinel article is: “…Martinez left the Senate in 2009, without completing his first term, largely because he was discouraged over this party’s refusal to consider immigration reform…”
But in reality, Mel Martinez voted for TARP in 2008 which sparked the powder keg of the Tea Party movement.
Martinez, whose name plate once graced a more-unoccupied-than-not Ackerman-Senterfitt* corner office in Downtown Orlando, resigned early from the U.S. Senate in August 2009 because he had a snowball’s chance in hell of being re-elected due to his TARP vote and the resignation would accelerate his possible employment opportunities with the banks which he had helped against the majority of his constituents wishes.
Ex-Senator Martinez then bode his time for two years in order to avoid the 2 year prohibition under U.S. Senate ethics violations, and immediately thereafter took up a very high position with TARP recipient Chase Bank overseeing Latin American operations even though he had no prior banking experience.
Ironically, Martinez’s vote paid more to his employer on the taxpayer dime than what his “employer” is now paying him.
So, does Martinez’s endorsement help Mitt Romney (who has been the mainstream media and party establishment favorite) or does it hurt Mitt Romney given that the Tea Party purportedly hates bank bailouts?
*Ackerman-Senterfitt, LLP is one of just a handful of powerhouse law firms in Florida that is at the nexus of political, legal, and financial influence in Florida.
Senator Mel Martinez: Wikipedia
Cain: Throw out the current tax code, go with my 9-9-9 plan.
Moderator: U.S. Banks have $700 billion exposure to Europe. How do we avoid a financial meltdown?
Romney: That’s a hypothetical question.
Moderator: Would you be open to another bank bailout?
Romney: No one likes a bank bailout. Preserving our currency and financial system is essential [Romney avoids ruling out another bailout].
Moderator: Any institution TBTF?
Romney: You don’t want to bail out anybody [Romney avoids completely ruling out another bailout].
Cain: Implementation of TARP was wrong.
Gingrich: There is a possibility that a meltdown could occur next year. We are not any better prepared today for a financial crisis as we were then.
Paul: We’ve been living in a Keynesian economy for decades. Austrian economists predicted these bubbles. The middle class lost their jobs, lost their houses.
A free market with sound money and without the Federal Reserve is the only way you put a stop to these bubbles.