the 2008 vote for tarp and privilege against redistributive policy

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Hugh E. Sansom 22 December 2011 1 The 2008 Vote for TARP in a Context of Insulating Privilege Against Redistributive Policy In late 2008, a month before the election that brought Barack Obmaa to office, Congress engaged in one of the notable acts of delegation in American history. In a hasty, near-panic rush to address the developing U.S. financial crisis, the House initially rejected proposals that would have granted extraordinary discretion to the executive branch. In the bill that was approved, considerable discretion was still granted to the executive and to the Federal Reserve. This paper analyzes the September and October 2008 votes for the Emergency Economic Stabilization Act in the context of trends toward greater accumulation of power in the hands of a very small, very wealthy minority and against redistributive policy. Despite popular perceptions of the EESA and TARP as handouts to Wall Street, it emerges that, if there is solid legislative evidence of such a capitulation to non-governmental power, it lies beyond the scope of EESA and TARP. While the votes of September and October, 2008, are consistent with a view of U.S. legislative behavior as increasingly captured by an American oligarchy, a sound case to that effect must examine a far broader array of policymaking. Introduction — The Puzzle of 2008 What reasons are there to suppose that robust democracies cannot become less democratic, or even cease to be democracies altogether ? A vast literature exists analyzing transitions to democracy. How democracies like the United States might transition to something else might be purely speculative, but there is a growing current of discussion regarding American trends over the past three decades. The financial collapse of 2008 is part of this. Paul Krugman characterized the body of governmen t action from 2008 through 2009 as “the largest transfer of wealth” in history. The “great compression” of the 1940s characterized by Goldin and Margo (1992) and redistributive economic policies that developed into the 1970s have been halted or largely undone. What implications this has for American democracy is a puzzle. The policy responses to the financial collapse are part of the puzzle. The Emergency Economic Stabilization Act and Troubled Assets Relief Program are still smaller pieces. Other pieces of varying sizes include the history of American attitudes to inequality, changes in the financial industry in recent decades, the

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