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

For indispensable reporting on the coronavirus crisis, the election, and more, subscribe to the Mother Jones Daily newsletter.

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.

DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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