Matt Bevin who is the primary opponent of Senate Minority leader Mitch McConnell isn’t what he’s all cooked up to be. Bevin who has based a big part of his campaign effort on the fact that McConnell voted for the TARP bank bailout, was also supporter of the program. POLITICO is reporting that back in 2008, as an investment fund president, Bevin backed the $700 billion Troubled Asset Relief Program, the 2009 $780+ billion stimulus bill, as well as the government takeover of troubled mortgage giants Fannie Mae and Freddie Mac.
An Oct. 28, 2008, report for investors of Veracity Funds obtained by POLITICO — signed personally by Bevin as president of the fund — praised the federal government’s unprecedented intervention in the U.S. financial markets at that time.
“Most of the positive developments have been government led, such as the effective nationalization of Fannie Mae and Freddie Mac, the passage of the $700 billion TARP (don’t call it a bailout) and the Federal Reserve’s intention to invest in commercial paper,” wrote Bevin and Daniel Bandi, chief investment officer and vice president of the fund. “These moves should help to stabilize asset prices and help to ease liquidity constraints in the financial system.”
Bevin and Bandi added: “The government actions to date have been reasonably swift and substantial. The Federal Reserve seems to understand the magnitude of the problem and the underlying issues involved.”
A Bandi-signed report from April 10, 2009, praised the Democratic-backed $787 billion stimulus bill — which McConnell opposed.
“Some of the positive developments include the numerous programs from stimulus to the various Treasury acronyms (TARP, TALF, PPIP) to the Fed’s aggressive balance sheet growth. To what degree is open to some debate, but our government has taken the challenge head on and has responded like no other country,” Bandi wrote.
Bevin later filed a Securities and Exchange Commission certification — as required by law — saying he had reviewed both reports and that they were accurate.
I have said this before and will say it again, there is no perfect GOP candidate and If I had to construct one from scratch it would not be Mitch McConnell. That said the guy has 90.1 lifetime conservative rating from the ACU (100 in 2012) not perfect but good enough.
The real question is why is the senate conservative fund and some tea party groups wasting their limited resources on dividing conservatives with the support of a guy whose record is worse than McConnell’s (Bevin supported the bailout, McConnell voted against it).
There are no “moral victories” in politics, just wins and losses. In a year where the GOP has a chance of taking the senate and controlling the agenda, why are these groups spending money to go after an incumbent Republican with more of the same, rather than helping a conservative win one of the empty seats or win a seat from a vulnerable Democrat.