Emily Ekins on the Bailout Anniversary
Six years ago today, President George W. Bush signed into law the Emergency Economic Stabilization Act of 2008, which of course included the bailouts for large financial institutions, banks, and eventually Chrysler and GM automakers. While many think of the tea party as beginning with President Obama's stimulus plan, TARP under President Bush was the initial catalyst.
From the perspective of tea partiers, six years ago today, writes Reason Foundation Polling Director Emily Ekins, the joint forces of Republicans and Democrats in Washington sent a clear message to the large, rich, and politically connected: they really are too big and too favored to be allowed to fail and that poor decision-making and excessive risk-taking may be chided but will ultimately be rewarded.