Please remember that the IICA goes to people who exhibit “sheer ‘slap Americans in the face’ stupidity” instead of unbelievable escapades like The Fed losing $9 Trillion dollars.

Today’s IICA goes to Nancy Pelosi for comments made at a Florida senior center while she was trying to rename the “public option” to “competitive option”; probably on the advice of some focus group that really did not understand how dense this lobotomized walking meat suit actually is.

Here are the money quotes from Breitbart:

“You’ll hear everyone say, ‘There’s got to be a better name for this,'” Pelosi said. “When people think of the public option, public is being misrepresented, that this is being paid for with their public dollars.”

So the public option is not being paid for by American Taxpayers and Small Business?  All monies that flow from the government come from the taxpayer, or in our case, The Federal Reserve that just cannot stop printing money which we have to pay interest on.  How does that work again? Yes, that’s right; we pay interest to a private banking cartel who prints our money and loans it to us, all with the blessing of Congress.  (And people wonder why there is an IICA.)

Pelosi said that was a misconception and that any taxpayer money used to start up the public option would be repaid. She also said such an option would ultimately drive down government health care costs.

Any taxpayer money used to start up the public option would be repaid?  Kinda like the T.A.R.P. money which has not been, and the amounts that have are already being eyed by Barney for Main Street TARP?  Does that not mean that our hard earned money is going bye-bye, never to be seen again.

Like I said, lobotomized walking meat suit surrounded by more lobotomized walking meat suits.  Had a recent look at the Debt Clock lately? I have the link on speed dial.

On another note, I wonder how much of this is going to ACORN?

HR 3766 Main Street TARP Act of 2009 (Barney Frank)

HR 3766 IH

111th CONGRESS

1st Session

H. R. 3766

To use amounts made available under the Troubled Assets Relief Program of the Secretary of the Treasury for relief for homeowners and affordable rental housing.

IN THE HOUSE OF REPRESENTATIVES

October 8, 2009

Mr. FRANK of Massachusetts (for himself, Ms. WATERS, Mr. KANJORSKI, Ms. VELAZQUEZ, Mr. CARDOZA, Mr. FATTAH, and Mr. CUMMINGS) introduced the following bill; which was referred to the Committee on Financial Services

---

A BILL

To use amounts made available under the Troubled Assets Relief Program of the Secretary of the Treasury for relief for homeowners and affordable rental housing.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Main Street TARP Act of 2009’.

SEC. 2. HOUSING TRUST FUND.

(a) Use of TARP Funds- Using the authority available under sections 101(a) and 115(a) of division A of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(a), 5225(a)), the Secretary of the Treasury shall transfer to the Secretary of Housing and Urban Development $1,000,000,000, and the Secretary of Housing and Urban Development shall credit such amount to the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4568) for use in accordance with such section.

(b) Tenant Rent Contribution- Subparagraph (A) of section 1338(c)(7) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4568(c)(7)(A)) is amended by inserting before the semicolon the following: ‘; and except that all rental housing dwelling units shall be subject to legally binding commitments that ensure that the contribution toward rent by a family residing in a dwelling unit shall not exceed 30 percent of the adjusted income of such family’.

SEC. 3. EMERGENCY MORTGAGE RELIEF.

(a) Use of TARP Funds- Using the authority available under sections 101(a) and 115(a) of division A of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(a), 5225(a)), the Secretary of the Treasury shall transfer to the Secretary of Housing and Urban Development $2,000,000,000, and the Secretary of Housing and Urban Development shall credit such amount to the Emergency Homeowners’ Relief Fund, which such Secretary shall establish pursuant to section 107 of the Emergency Housing Act of 1975 (12 U.S.C. 2706), as such Act is amended by this section, for use for emergency mortgage assistance in accordance with title I of such Act.

(b) Reauthorization of Emergency Mortgage Relief Program- Title I of the Emergency Housing Act of 1975 is amended–

(1) in section 103 (12 U.S.C. 2702)–

(A) in paragraph (2)–

(i) by striking ‘have indicated’ and all that follows through ‘regulation of the holder’ and insert ‘have certified’;

(ii) by striking ‘(such as the volume of delinquent loans in its portfolio)’; and

(iii) by striking ‘, except that such statement’ and all that follows through ‘purposes of this title’; and

(B) in paragraph (4), by inserting ‘or medical conditions’ after ‘adverse economic conditions’;

(2) in section 104 (12 U.S.C. 2703)–

(A) in subsection (b), by striking ‘the lesser of $250 per month or’; and

(B) in subsection (d), by inserting before the period at the end the following: ‘, except that such interest rate may exceed such maximum rate but only as necessary to comply with rules under a program operated by a State that otherwise complies with program rules under this title’;

(3) in section 105 (12 U.S.C. 2704)–

(A) by striking subsection (b);

(B) in subsection (e)–

(i) by inserting ‘and emergency mortgage relief payments made under section 106’ after ‘insured under this section’; and

(ii) by striking ‘$1,500,000,000 at any one time’ and inserting ‘$2,000,000,000’;

(C) by redesignating subsections (c), (d), and (e) as subsections (b), (c), and (d), respectively; and

(D) by adding at the end the following new subsection:

‘(e) The Secretary shall establish underwriting guidelines or procedures to allocate amounts made available for loans and advances insured under this section and for emergency relief payments made under section 106 based on the likelihood that a mortgagor will be able to resume mortgage payments, pursuant to the requirement under section 103(5).’;

(4) in section 107–

(A) by striking ‘(a)’; and

(B) by striking subsection (b);

(5) in section 108 (12 U.S.C. 2707), by adding at the end the following new subsection:

‘(d) The Secretary may allow funds to be administered by a State through an existing program that complies with program rules under this title.’;

(6) in section 109 (12 U.S.C. 2708)–

(A) in the section heading, by striking ‘AUTHORIZATION AND’;

(B) by striking subsection (a);

(C) by striking ‘(b)’; and

(D) by striking ‘1977’ and inserting ‘2011’;

(7) by striking sections 110, 111, and 113 (12 U.S.C. 2709, 2710, 2712); and

(8) by redesignating section 112 (12 U.S.C. 2711) as section 110.

SEC. 4. REDUCING TARP AUTHORIZATION LIMIT TO OFFSET COSTS.

Paragraph (3) of section 115(a) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5225) is amended by striking ‘$1,259,000,000’ and inserting ‘2,259,000,000’.

Barney on CNN; OMFG!