Jim Cooper: Uncovered

Cooper: Wall Street Bailout Was "Not Big Enough," But Main Street Jobs Bill Must Be "Modest"

In a DC paper today, Jim Cooper offers some extremely qualified and tepid potential support for President Obama's jobs bill that would be funded by unused and repaid TARP funds:

Rep. Jim Cooper (D-Tenn.), an influential voice among the conservative Blue Dog Coalition, said a “modest” investment in infrastructure along the lines of the $75 billion would be entirely appropriate, especially if it’s paid for with unused funds originally earmarked for the nation’s banks.

Asked if that meant support for the jobs bill, Cooper said: “Well, we’ll have to see what gets tacked onto it.”

The $75 billion in infrastructure is roughly equivalent to what both President Obama and the leadership in the House has been discussing. It seems likely that Jim Cooper's support for the bill may come down to whether the additional proposed and badly needed funding in the bill -- energy (weatherization or "cash for caulkers"), the social safety net, etc. -- is miniscule enough to have no effect whatsoever on economic growth for unemployed Nashville workers and struggling small businesses.

But last year, when he supported the $700 billion bailout of Wall Street -- the TARP, whose repaid and unused funds will now largely fund this jobs effort for Main Street -- he was not insisting that it be "modest" or indicating qualified support based on how carefully the funds were directed. He was saying $700 Billion wasn't enough for Wall St. Bankers:

"Is the bail-out big enough? No, this is not a joke. The Administration has consistently underestimated the problem; only three days ago they thought 500 billion was enough. The fire extinguisher must be able to handle the fire. You don't want to do this twice. How convenient for President Bush if, four months from now, President Obama has to ask for the bail-out authority that Bush should be asking for today."

Last fall Jim Cooper said the "fire extinguisher must be able to handle the fire" on Wall Street. Now President Obama wants to use that same extinguisher -- which Cooper argued wasn't big enough -- to help put out the unemployment fire on Main Street in his own district. Funny how whenever legislation comes up that might help his constituents who need it most, and not the health insurance industry or Wall Street investment bankers, Jim Cooper suddenly transforms into "Mr. Fiscal Conservative" again.

pUZVZrQQBIn