Large chunks of the debate among the Republican candidates for the Idaho 2nd district House seat - incumbent Mike Simpson and challengers Russ Mathews and Chick Heileson - are well worth a review. It was in the main, though, a conflict between Simpson and Heileson, who probably let not a sentence go by without including the word "constitution" and making very clear that he, and not necessarily anyone else to include the Supreme Court, knows what it means.
Maybe the key topic was the federal payout, in late 2008 and early 2009, in the TARP (banking) and other programs. Simpson was among those voting in favor, and that is a big part of why he has two energetic opponents this year. His take on why he voted as he did is worth running here (and worth reading) in full:
Given the same circumstances and the same knowledge we had at the time, I don't think we had a choice. I think everybody believed something had to be done. You right: I knew we would get to this tonight because both of my opponents have criticized that vote, as have many people. But I will tell you when you're standing in a room, or sitting in a room, with the secretary of the treasury and the chairman of the federal reserve, and they're speaking, and their lower lip is shaking, and you can look in their eyes - and they're scared. Because they see the economy going off the cliff. Literally going off the cliff. They see economic Armageddon coming if something isn't done. Now whether TARP was the right thing to do or not, if other things could have been done - no one has proposed what else we could have done.
Some people have said it is unconstitutional. No: It is tied to the constitution. It is tied to the first Congress tht employed these powers in 1791 to incorporate and charter the first Bank of the United States. This is what the Supreme Court said in McCullough vs. Maryland, when they reviewed that case. They said in upholding that [action], they said that although no provision in the U.S. Constitution expressly authorizes the chartering of a national bank, doing so was necessary and proper. There is a "necessary and proper" clause in our constitution. Incident to the powers to lay and collect taxes, to borrow money, to regulate commerce, to declare and conduct war and to raise armies. The financial system depended on this.
This was not a bank bailout. This was a financial and credit system bailout. We had credit being frozen in this country. We were looking at potentially, and I think most economists will agree, probably 25% to 30% unemployment in this country if we did nothing. I am unwilling to accept that. So we did what we thought was necessary. If there are other ideas out there that we could have done to free up this credit situation, we would have looked at those options also. But to just sit back and say, "let them fail," that was not an option I was willing to accept.