After Bailout, Business Groups Now Turning On Former Allies

[democracy1st]

WASHINGTON — During the worst of the economic crisis, the nation's most powerful business lobby pleaded with Congress to prop up financial institutions and stimulate the economy with hundreds of billions of dollars in borrowed money.

"Make no mistake: When the aftermath of congressional inaction becomes clear, Americans will not tolerate those who stood by and let the calamity happen," wrote Bruce Josten, the U.S. Chamber of Commerce's vice president in September 2008, who at the time pressed lawmakers before their vote on a $700 billion bailout for Wall Street.

A few months later, Congress faced a similar reckoning – whether to pass an $814 billion economic stimulus package consisting of about one-third tax breaks and two-thirds additional government spending. Again, Josten wrote to lawmakers: "The global economy is in uncharted and dangerous waters and inaction from Washington is not an option."

Fast forward to the present. The chamber is now spending millions of dollars on ads trying to elect candidates whose campaigns are based on opposing the very bank rescue and stimulus law it once supported.


Kevin Freking AP reporting:

http://www.huffingtonpost.com/2010/10/04/after-bailout-business-gr_n_748890.html

[sakabatou]

1. *facepalm*