The Norm Coleman Economy

Norm Coleman is the #1 Senator in gifts from the real estate industry and has received $586,650 from securities and investment firms. They have bought and paid for a Senator who will do their bidding and now we're in a mess. President Bush called for and Republicans passed laws that allowed banks and financial institutions who are "too big to fail" to get into risky financial dealings.

Norm Coleman believed up until our economy began to collapse that deregulation and lowering taxes were the keys solve any economic problem we face. He may still believe that, but good luck pinning him down on it.

As the economy collapsed, Norm demonstrated his cluelessness. He speculated that the federal government could make money on the bail-out.

U.S. Sen. Norm Coleman said the massive government bailout of failing financial institutions is not only necessary but could make money for the federal government.

"The government could make 10 or 20 times what it pays on this, possibly," Coleman said during a campaign stop at Christy's Cafe in North Mankato Saturday morning.

Coleman said the government takeover of Freddie Mac, Fannie Mae, AIG and others was necessary but said "I worry a little bit," about the government spending perhaps a trillion dollars or more to shore up failing financial institutions.

One of the dozens of people who showed up for the event asked where the money would come from if Coleman stayed true to his pledge not to raise taxes.

"It's not an infusion of cash," Coleman said. Instead, he said the government is incurring "shorter-term debt" through borrowing.

Coleman said the government could purchase bad housing loans and other assets from companies for 10 or 20 cents on the dollar and if those assets increase in value in the future, could profit.
[emphasis mine]
(Mankato Free Press)

He said that he supported the bail-out:

Coleman said work could continue on the plan to ensure safeguards are in place, but that expedience was critical. He recalled a conversation he had with an acquaintance about the situation. 'He told me that we have our quarterbacks in there — (Treasury Secretary) Henry Paulson and (Federal Reserve Chairman Ben) Bernanke — and they're calling the play. And we have to run the play,' Coleman said. 'We're all there, the folks in the huddle and we're working with them on the play. But we have to run the play.'"
[Morris Sun Times, 9/24/08]

Until the bail-out failed because Republican House members rejected it. Then he was opposed to it:

Republican Norm Coleman said these changes, and the strict oversight written into the bill, convinced him that voting yes was the right thing to do.

"That's why I'm willing to cast a vote for this," he says. "If I thought this was simply business as usual, I wouldn't cast this vote. The original package, to me, was not acceptable," Coleman said.

The original Bush administration plan called for the Treasury to have total control over the bailout with no oversight by Congress. Coleman said he couldn't support it.
(MPR)

Norm even knew that the economy was in trouble and admitted as much as far back a March:

Republican Senator Norm Coleman has eliminated any doubt about his view of the U.S. economy: He says it's in recession.
(Minneapolis Star Tribune)

The root cause of our economic collapse was deregulated banks speculating in sub-prime mortgage loans. Norm introduced a bill to help the banks out at the expense of homeowners. Check out all the details at the Home Foreclosure page of the Weasel Meter.