Barney Frank is once again receiving Today’s Are You Freakin’ Kidding Me? Award for attempting to take TARP profits and spend those dollars with the distinct possibility that ACORN will be a recipient of even more of your tax dollars.
What is it going to take to stop the Terminator Party that is destroying our economy? WHAT? I got more than one answer, but nobody is gonna want to hear them.
I have learned not to have hot liquids around when watching a Barney Frank vid. When Barneyboy starts talking about a lack of a government regulator to tell AIG that they were over-extended, I have to shout, “Barney, stop acting like you do not know who owns AIG (AIC), and the reasons for their ‘we can do anything we want‘ mentality!”
In exchange for receiving TARP money, financial institutions were required to hand over shares of preferred stock that paid a dividend for the government. In theory, if a financial institution paid the dividend faithfully, and then repaid the TARP money, then the government would turn a profit. Last month, the General Accountability Office (GAO) reported that, through June 12, 2009, the government had received $6.2 billion in dividend payments. The original TARP legislation required that money made from the program “shall be paid into the general fund of the Treasury for reduction of the public debt.”
Frank, however, wants to spend the money before it can be used to pay down anything. First, the “TARP for Main Street” proposal would take $1 billion “from dividends paid by financial institutions that have received financial assistance provided under…the Emergency Economic Stabilization Act” and apply it to a trust fund that Frank has long wanted to create for low-income rental housing. (The measure, unfunded, was part of last year’s bailout of Fannie Mae and Freddie Mac.) Next, Frank would take $1.5 billion from TARP dividends for a so-called “neighborhood stabilization” fund. Republican critics have charged that both measures might allow federal dollars to be distributed to activist groups like the Association of Community Organizers for Reform Now, or ACORN.
The “TARP for Main Street” bill would also spend $2 billion, apparently from remaining TARP funds, to subsidize people who are delinquent on their mortgages, and another $2 billion to “stabilize multifamily properties that are in default or foreclosure.”
Barney! What good does it do anybody to have a home and no job to pay the mortgage? How about we give that $6.2 Billion back to the taxpayer OR BETTER YET, we give out 0% Loans to small businesses so that they can recapitalize their businesses and create jobs? That way, my boss might actually be able to actually hire the workers he needs to finish his contracts, and return me to full employment hours!
Oh damn, I forgot AGAIN that you really are trying to destroy all businesses in this country. Has anybody told the Democrats that MONEY (TAXES) DOES NOT GROW ON TREES? It comes from businesses who pay taxes and American citizens that pay taxes out of their paychecks from those very same businesses!