Congressman Spencer Bachus of Alabama must feel like he’s experiencing déjà vu all over again.
The Ranking Republican on the Financial Services Committee last month asked the Obama Administration to explain its role in the bailout of Chicago-based ShoreBank, a lending institution favored by the community organizing and green job creating crowds. Hundreds of similar-sized others were allowed to fail, but several “too big to fail” banks (who survived thanks to TARP money) were reportedly pressured into a joint effort to rescue ShoreBank. Bachus sent the president a letter, then issued a press release:
