Last week’s primaries show bank bailout still has aftershocks

Despite it being over five years since the Troubled Asset Relief Program (a.k.a., TARP, a.k.a., the bank bailout) was enacted, its effects were still felt in the primaries last week (for a broader view of the night, you could do a lot worse than Jim Hoeft’s analysis).

In Kentucky, what was supposed to be an extremely competitive primary challenge to Mitch McConnell deflated like a poorly made souffle when it was discovered that Matt Bevin had glowingly endorsed TARP back in 2008.

In Georgia, nearly half the primary vote for U.S. Senate went to Congressman who voted “No” (the rest went to candidates who didn’t serve in Congress). Congressman Jack Kingston made the runoff, and appears to be winning support from what we would call “establishment” and “insurgent” Republicans, the latter in no small part due to his opposition to TARP.

The only place where opposition to the bank bailout didn’t seem to help was Idaho, where pro-TARP Mike Simpson saw off a nomination challenge. Even here, however, a bailout opponent had a role to play – none of than Steve LaTourette, founder of the anti-Teabrewer Defending Main Street PAC. LaTourette has made himself a major player on the center piece of the center-right coalition that is the Republican Party…yet he, too, voted against the bailout.

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