Senate Challenger Josh Mandel: Washington “Created” The Financial Crisis

Josh Mandel. <a href="http://www.flickr.com/photos/joshmandelohio/7789763030/sizes/m/in/photostream/">Josh Mandel</a>/Flickr

Is Republican Senate candidate Josh Mandel of Ohio a bailout truther?

Mandel went on a Cleveland radio station Tuesday morning and suggested that the financial meltdown of 2008 was created by Washington politicians—not predatory mortgage lenders, lax regulators, incompetent ratings agencies, too-clever-by-half bankers, or delusional homeowners—seemingly as a way to pass the bank bailout.

Mandel’s interviewer with station WMMS remarks that the US “would be in real financial ruin if some of those banks were allowed to collapse.” But Mandel doesn’t buy it. He fires back: “This is what happens in Washington: These politicians, they create a crisis and then they come in and try to take credit for solving the crisis. And it’s exactly what’s wrong with Washington.”

Here’s the clip of Mandel’s remarks, provided by Democratic Sen. Sherrod Brown’s campaign, with a transcript to follow:

Transcript:

Host: Those banks, I mean, we would be in real financial ruin if some of those banks were allowed to collapse. You know, the credit markets were frozen. We were in a huge disaster. Now, I don’t like it. I don’t think anyone likes it. But to say that it was—look, we’re still here. We still have money in the bank. People can go in and get their checkings [sic] and get a check and use their debit card and that kinda stuff. That was a real possibility—that that may not happen if we didn’t do some of those things.

Mandel: You know, I think there were a lot of scare tactics used to pressure congressmen and senators to support [the financial bailout]. And this is what happens in Washington: These politicians, they create a crisis and then they come in and try to take credit for solving the crisis. And it’s exactly what’s wrong with Washington.

MORE HARD-HITTING JOURNALISM

In 2014, before Donald Trump announced his run for president, we knew we had to do something different to address the fundamental challenge facing journalism: how hard-hitting reporting that can hold the powerful accountable can survive as the bottom falls out of the news business.

Being a nonprofit, we started planning The Moment for Mother Jones, a special campaign to raise $25 million for key investments to make Mother Jones the strongest watchdog it can be. Five years later, readers have stepped up and contributed an astonishing $23 million in gifts and future pledges. This is an incredible statement from the Mother Jones community in the face of huge threats—both economic and political—against the free press.

Read more about The Moment and see what we've been able to accomplish thanks to readers' incredible generosity so far, and please join them today. Your gift will be matched dollar for dollar, up to $500,000 total, during this critical moment for journalism.

We Recommend

Latest

Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate

We have a new comment system! We are now using Coral, from Vox Media, for comments on all new articles. We'd love your feedback.