Looks like Republican candidate for Governor Dave Spence has officially joined the ranks of freeloadin’ Republicans as the difference between his tea baggin’ rhetoric and his real life actions come to light. Per the GOP playbook, Mr. Spence like to talk about creating jobs out of thin air and personal responsibility. Back in the real world where his family can’t eat thin air Mr. Spence was busy getting what federal money he could and voting to stick it to taxpayers according to Spence Credibility Buried in Avalanche of TARP Explanations, yesterday’s editorial in the Post-Dispatch.
• Mr. Spence joined the bank’s primary board after it asked for and received $40 million from the federal government’s Troubled Asset Relief Program.
• To help the bank improve its capital position, Mr. Spence invested heavily in the bank. Other board members didn’t ante up to the same level.
• Mr. Spence and the rest of the board voted in early 2011 not to repay the $40 million in TARP money to the federal government. This was after the bank voted in 2009 and 2010 to approve loans, in approximately the same amount, to bank board members and executives. Mr. Spence received some of these loans, one for a vacation house at Lake of the Ozarks.
Considering the national controversy over the TARP bailout and the GOP’s obsession in bashing it, Mr. Spence should have been prepared to answer questions regarding his role in it when he entered the governor’s race.
I wonder if homeowners faced with foreclosure could vote not to repay their loans? Probably not unless they join the millionaire freeloadin’ Republican club – also known as the GOP.