Senators switch stances on federal bailout

Three months after splitting their votes on the $700 billion bank bailout, South Dakota Sens. Tim Johnson and John Thune are poised to swap sides on whether to release the second $350 billion installment to the U.S. Treasury.

Thune, a Republican, originally voted in favor of the Troubled Asset Relief Program (TARP) while Johnson, a Democrat, originally voted against it.

A couple of thoughts on this:
Firstly, Johnson won his re-election, so he can climb back on board the Obamanation juggernaut of state without fear of the consequences, in spite of the poor record racked up by the previous applications of “bail-out” funding.

Thune on the other hand is showing the possibility that he is educable…inclining at least in the direction of John Maynard Keynes observation about changing one’s mind when the facts change.

But after seeing how the Bush administration spent the first half, Thune said he’s leaning against letting President-elect Barack Obama’s incoming administration spend the rest.

Thune said he’s unhappy that President Bush loaned $17.4 billion from the fund to Chrysler and General Motors to help them avoid bankruptcy.

Others have complained that the TARP fund has been used to recapitalize financial institutions rather than buying their troubled assets as initially planned. Banks have used the money to bolster their bottom lines, not to make more loans.

Sen. Johnson is no doubt beyond hope, but the Chief hopes that Sen. Thune continues to move into the opposition to what IMHO has turned out to be corporate welfare on the grandest, and most abusive scale in the history of the Republic.