then record 777 points in synchronicity with the tarp vote failing on the floor in 2008. so far the markets have only seen modest losses over the debt ceiling. there s this sentiment out there, at capitol hill. once the markets get spooked and played out outside of the washington bubble, congress will start to act. we re close to something we ve never been close to before. it may have seemed like it, but this is much, much closer. that s why a deal could help the market. but if it comes later on or consumes more time or a strumbling block. the markets could react in a negative fashion, neil. neil: chad, i don t want to put you on the spot. leaders on both sides, democrats and republicans, they stop and clearly have great respect for you to answer your questions because they know you re not some fire breathing fool, and that even the 72 hour thing got to the point is the clock running from that moment.
april and the markets get jittery or the credit ratings agencies saying what are you co doing in washington? when they pay attention and they say something or do something, that will catch the attention here in washington and then there will be a deal. neil: normally that s what happens. in the middle of the melt down, we slid 700 plus points because they abandoned tarp or something to fix an economy that was careening. the irony was, they got that vote again, but months later we were thousands of points lower. so are they too weighted to the markets or is that the only thing that gets them off of their deficits? that s one thing. that is a real time reading that they got during that tarp vote. the bill was failing in real time on the floor. that told them how they were doing. it s very rare that they get that immediate judgment. the other thing to watch for, it s hard to believe when you have a debate over the debt ceiling that they don t come up
then you can get bipartisan support. and unfortunately i think this will come back to bite us over time. you know on the t.a.r.p. vote i was working for senator obama at the time and running for president in the midst of running for president. right. he tried to help and brought democrats along, which wasn t a popular. right. thing to do. i mention that in the book. would that happen today? i have a hard time seeing that happening today, where where john mcmahon suspended their political campaign and to come out and round up votes on their side. that was one vote i regret, because i think i basically relied on my colleagues to do what i knew we had to do. a few months later the mess was dropped in our laps and president obama s lap. right. and i remember every day weigh up and going to meetings about how we were going to keep the economy from sliding into a
february right now. neil: right. it s a long way in political dog years to november and back in 2008 when they had some problems with the tarp vote, the too big to fail stuff that occurred the markets dropped the 777 points and i was in leadership in the time in ohio senate i remember just thinking the world was ending, and i think that that neil: it was only a month or two before the election. exactly it happened in september and i believe it had a direct impact on the victory for then president barack obama over john mccain, so you know i think that at this point particularly the market volatilities and the stock market which aren t always seen by people on main street i don t necessarily think it s going to have a direct political impact but i think there are a lot of other factors that could actually help the democrats in november. neil: let s talk something that could help the republicans and this is this tax cut. some democrats are concerned that its gotten more popular and
what we did. senator so. what i m trying to get at is, did you know at the time you voted against it, you should have been voted for snit because that s a problem with politics in america? yeah, i think i mentioned there is a phenomenon vote no, hope yes. yeah. and there s oftentimes when members of congress will say, well, man, i hope this passes, but i sure don t want to vote for it. i think i was in that camp, to be honest. did you campaign in 2012 in 2012, did you campaign on your tarp vote? no, i didn t. no. did you take advantage of that? no,ioral that at all. no so i mean this, nobody likes bailouts. i certainly don t. i felt justified because i hadn t played a role in it. but i can tell you, i was glad to see my colleagues do it and then i hope we got to get away