Kay Bailey Hutchison admits to mistake supporting bank bailout

Kay Bailey Hutchison said Wednesday that she made a mistake by supporting the initial $700 billion bailout of the nation’s financial industry and would change her vote if she had the chance.

Hutchison said the implementation of the Troubled Asset Relief Program was flawed and the money wasn’t being used by banks to lend money to small businesses and prospective homebuyers.

“If I had known how TARP would be spent, I would take it back in a heartbeat,�? the senator said during a taping of WFAA’s *Channel 8* Inside Texas Politics. “They spent money not on helping the housing industry, which was the problem, and helping the financial institutions lend money. Financial institutions today are not lending money to help small business get up and going.�?

The show airs at 9 a.m. Sunday.

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Kay Bailey Hutchison admits to mistake supporting bank bailout

Let me think for a minute. Where have we heard something eerily similar recently? Well, maybe not THAT recently, but within the lifetime of MY readers at least. Hmmm…

Oh yeah, I got it. It was Sen. John F’n Kerry back in ’04 as he tried to scam America into making him POTUS, “I actually did vote for the $87 billion before I voted against it,” SOURCE

Sen. Hutchison, hindsight is, as they say, 20/20. A HUGE majority of your constituents did everything they could to convince you, and Sen. Cornyn, to vote against the travesty that started the massive downhill slide our nation is on.

It was your vote, your actions, your support of this debacle, that gave the current inhabitant of the Oval Office the idea that he too could just give our money away. YOUR actions gave him the courage to stand against America in doing so.

The change comes on an issue that has dogged Hutchison for a year in her primary battle against Gov. Rick Perry. He has used the vote for the package to portray her as out of touch with Texas values and indulgent of massive federal spending. Perry’s campaign has constantly referred to Hutchison as “Kay Bailout�? to make the point.

The next paragraph is the one that I feel will bring about the political death of either Rick Perry or Kay Bailey Hutchison.

But during the show, Hutchison was forceful in her criticism of Perry, saying that as chairman of the Republican Governors Association, he urged senators to support a bailout because he feared a financial meltdown. She used a letter that Perry co-wrote to Senate Majority Leader Harry Reid as evidence that the governor wanted something done.

Where is that letter? Why is it not published along with this story? Is there anyone that has actually read the letter and interprets it’s content to be showing Rick Perry in support of the bailouts? OR, is this simply Hutchison’s perception of “the letter”?

I am personally convinced that *Bailout* suits Hutchison to a *T* regardless of the “letter” and it’s actual existence.

“Governor Perry was the first one out of the chute to send a letter to every senator saying vote for it, vote for it because we are going to look at a financial meltdown, and that’s what 70 senators did,�? Hutchison said. “We didn’t know what was on the horizon and those who are in the know on this say that it would have been a financial meltdown of global proportions.�?

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